All Forum Posts by: Matthew Morrow

Hello allI just had someone reach out about renting one of my properties to use as a group home or adult care home housing adult males.

Has anyone done this and what has your experience been?  Are there addition conditions I should consider if I do lease to them?

Hi all, 

I'm hoping someone more experienced can provide some guidance for me. My fiancé and I have a SFH that we just finished renovating to list for rent. While working on the house last week, a woman and her adult son stopped by to ask if we would be renting soon. We explained that we would be listing this week and allowed them to look around. In the course of talking with them, the son mentioned separately to both me and my fiancé that he lived with his mom, had done so for a while, and was planning to take the smaller bedroom. He also made comments about taking care of the lawn, etc.

We listed the house last night and the woman immediately applied.  We advised her that her son also needed to apply and she replied that her son was not going to live with her and was out of town through the end of the year. 

I'm not sure how to respond given that he was quite clear that he intended to live there. Our form lease forbids any adult from living in the house who is not on the lease, but am I just setting myself up for a fight later?  

Kristine 

I lease out a place occupied by an unmarried couple and a young child belonging to one of them.  The lease expires in couple months.  They are not getting along and one has told me they plan to leave the relationship.  I'm sure that each one wants to keep the place on renewal though, obviously, not together.  Together, it worked out for me as their combined income allowed them to always make rent.  However, one of them is much more responsible and a much better financial risk (I'll omit details). I would be content to let that one remain by themself, but not the other one by themself.

It will be awkward to tell them that, as they aren't renewing *together*, I am not renewing the lease as it is, but that I am offering it to just one of them.  Anything I need to be particularly cautious of before I communicate this to them?

Hi all, 

I have a tenant couple who moved in 4 months ago. They are requesting an addendum to their current lease because their relationship has changed. They were supposed to pay the rent jointly, as stated in the lease agreement. However, it appears they agreed to split the rent 50/50, and one of them is not meeting this agreement. They are now requesting an addendum stating that each person is responsible for their own rent, and payments are not mutually exclusive. Please advice on what to do. Much appreciated. Thank you. 

Hey guys, I needed some advice on new construction here in NJ.

Me & my wife want to purchase a second home as our primary home but prices on houses are super over priced and just not worth it especially with inventory being so low & the market just all twisted.

My thought was to maybe pick the town I want to live in and potentially see if I can get vacant land to build on obviously.

I wonder if maybe it will cheaper to do this strategy instead of getting a loan for 600-700K home that still needs work and I’m not happy about it..

thoughts?

Hey BiggerPockets crew! 

I’m Todd, the newest addition to the real estate circus. 

Why I'm Here:

I’m here to learn, share, and maybe even drop a few dad jokes along the way. If you see me asking questions like, “How do I unclog a toilet with a shoelace?” or “Is it legal to build a treehouse on a duplex roof?”—just know I’m serious.

Goals:

Short-Term: Survive my first property acquisition and placing a tenant. 

Long-Term: Own enough properties to build a monopoly board. (I call dibs on the “Boardwalk”!) 

Looking Forward:

I can’t wait to connect with fellow investors, landlords, and anyone who knows how to fix a leaky faucet without summoning a plumber. 

Feel free to drop me a message, share your wisdom, or challenge me to a property-pun showdown!

Cheers

-Todd

Just

Recently I've seen a massive increase of homeowners rolling up their sleeves and taking on DIY projects either on their primary homes or on their rental properties. Maybe money is tight, maybe it is the summer and people are feeling more inspired to make the recurring Home Depot runs, or maybe people are taking more initiative to round their skills on Youtube University. 

I am certainly guilty of biting off more than I can chew when it comes to taking on projects that I was not skilled enough to properly move forward, and have used professionals on a few of the projects to get me to the finish line. There are things I know I will never look at doing myself: plumbing, electrical, roofing, installing hardwood flooring, bathroom remodel, and I'm sure many more! At times, I wish I hadn't even touched certain things as it cost me more to hire out a contractor to fix my mistakes, and other times I have saved myself a few hundred dollars on maintenance costs. My biggest mistake was thinking that I could lay down new LVP on the main floor of my last house hack, 1 month out of shoulder surgery and I quickly pivoted to a local professional. My inability to understand the time it would take doing it myself at the pace I was moving the project forward set me back a few weeks at best; slowing down the turnover and listing it later than I expected. 

What are some projects you have been able to move forward that you did not expect you could do?

AND

What are some projects you have turned over to professional help after you realized you couldn't do it? 

I am an experienced real estate professional who is expanding into investment properties. My role involves raising capital and collaborating with investors interested in leveraging my business to facilitate their acquisitions. I am currently seeking funding and establishing partnerships with agents who are knowledgeable in alternative financing and real estate investment strategies.

I have some properties in mind that I think would work well (both short and long-term) but I don't have money for down payments. Advice on getting started? Two properties already have tenants and the other has a strong short-term rental history with property management already in place. One property is in Charleston, another is in Fort Worth and the other is local to me in Maine. The one in Maine is a 3-unit while the other two are singles.

Hi there, my name is Aram, I'm a financial advisor and a newbie real estate investor! I'm currently moving my investing activity to a different area and working on building my power team in that area. 

I've come across this real estate "consulting" company. Initially I had thought that this company only does property management, but as it turns out they help the investor from A to Z, when it comes to finding appropriate agents, lenders, contractors, handymen, managing rehabs, management, providing advice on the best investment strategy, etc. 

I've interviewed the owner of the company and he is a real estate investor himself and clearly knows what he's doing. 

From an initial impression, this makes the process of long-term investing much more convenient, and the only fee (apart from regular agent/lender commissions) is the property management fee!

My struggle is the prospect of potentially giving up control, having the choices of team memebrs made by this company for example.

Obviously, at the point where I see the potential members of the team to not be suitable anymore, I can definitely look for others, but i'm still finding it to be uncomfortable.

What do you guys think of potentially partnering with this type of company, and what would you do if you were in my shoes?

Thanks!

Aram