All Forum Posts by: Louis P Lessor

Give notice and then get your attorney involved; let them handle it from their.  

 I have been using Facebook, Roomster and AirBnb. 

I would say I can't speak for that area, but I am having some short-term luck with renting by the room. 

It does require some more up-front work and managing some other aspects, such as personalizing all the roommates' getting along and ensuring extra security is in place to ensure everyone feels safe. 

But it has created more income then renting it out as a single family at least in my area. 

Great strategy but where are you finding these types of deals?

Also what type of tenants are you going to be getting in for that price? 

I agree with your approach of keeping it fair to both parties since they have been solid tenants so far.

If they have renters insurance, I agree with most others that they should try to go after that first. 

Second, I would then work with them to cover the deductible and any insurance cost increase that results from that. 

After that, I would work on putting in stud guard plates to prevent this from happening in the future when you open up walls. 

I would start working with professionals early and establishing that relationship; even if it seems early, it will pay off in the long run as they can help guide you and help you avoid mistakes that will set you back. 

I have saved myself more money with using CPA then what I have paid them. 

I would say having a parent as a co-signer would be the best bet, plus working with an experience property manager that deals with student rentals will help ensure you have cash flow coming in. 

I would say start with hands-on learning and continue to network with people who have been there and done that before moving. 

A great way is house hacking, building your network with a real estate attorney and solid G.C., and then going to a local real estate meet-up to see what is working and not working before you jump into your next investment. 

It is possible. I would advise that you do the unit that needs the most work first and get the other unit rent-ready. 

I am speaking from experience. Only if you are planning on doing the work yourself will you burn yourself out from living in a construction zone for too long. You still need that other unit to keep you profitable, and that starts with giving the renters a great place to live. 

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