All Forum Posts by: Matt B.

It varies depending on the person. Some people cash out refi to but addition properties in cash, some have large down payments, some have large cash reserves in the bank they are taking the loan from, some people just have a really good relationship with the bankers they are borrowing from, some use portfolio loans that don't need to conform to fannie and freddie standards etc. Find out which one of these works best for you. 

I would stay away. I know in the financial industry the SEC has laws against doing this. I would imagine its a ligit crime in most areas.

Your biggest gain over most people is that your starting off young. Time is the biggest compounding factor in financial gains. Congrats on your smart decision.

I allow pets in my rental. Most people don't but I'm a big pet guy. I only allow cats and dogs. No "dangerous breeds" as determined by my insurance or other type of animals. My current tenant has 2 cats which he takes care of very well. The house always smells amazing and is always cleaner than I keep my own house. In my area allowing pets pretty much eliminates vacancy. My house was rented in NYC in less than a week from the time my RE agent did an open house. Do what you feel is best for your business. 

I allow pets because it works for me and I am a pet owner myself. To me they are like children but you should do what works for you.

I do it, you can too. It will save you 10% plus it's a great learning experience. 

I think you would still have to file an eviction just to protect yourself. you should have an easy win if they are gone.

@Ramon Wilson you might have jumped the gun on giving up the W2 income, but as long as you bust your butt and put your mind into it, I'm sure you will succeed. 

@AL-Teef Jones I smell a possible lawsuit coming your way for not identifying your self as the owner. I'm not an attorney nor have I ever done anything like that but I can totally see a tenant your trying evict coming to the court room claiming deceitful practices because you pretended to be a common neighbor meanwhile you were the owner. Just food for thought. This may not be an issue at all but I would hate to read about you loosing 6 months of owed rent in a court room. 

Also, how would you get around this? an LLC? My tenant writes me a check in my name so i don't see how they wouldn't put two and two together.

I would also expect your taxes to increase if you were able to increase the square footage by almost 25%. Just food for thought.

My understanding is that it is much easier and most municipal AirBNB laws don't apply to renting room's in your primary residence. For example, NYC just put laws into effect about short term rentals on AirBNB because they were hurting the hotel industry in Manhattan. I don't use AirBNB so I didn't pay to much attention to the law on it but my understanding is that it mostly applied to vacant rental properties, nothing really about renting out your spare bedroom in your primary residence.