All Forum Posts by: Mike Hottinga

Things to consider living with roommates: -door locks with different keys on all rooms (I like to know they cant walk in and murder me or steal things. Vise versa) Have a copy of each just in case. -in my house in AZ I learned the AC doesn't work with the doors shut, I installed vents for air circulation. -be EXTEREMLY selective who you choose. (I am a pretty clean and go to bed early, a roommate that is a party slob would be a nightmare in my own home.) -month to month for first year in case things go south or they are not who they said they are. -if sharing food in the fridge/kitchen is a problem, put a mini fridge in their room and tell the to keep their stuff in there. -define in the lease that they must supply their own consumables like tp, hand soap, laundry soap, etc. -I split all utilities equally between all roommates so everyone has skin in the game. In AZ electric can run $300-500/month in summer and $50/month in winter. If they demand flat rate you better believe they will be paying ALOT more for that convenience. -if roommates share a bathroom think about wrapping a cleaning service into the cost for avoid the complaining that WILL come. Possibly into the whole house? That is all I have for now.

"I assured him I would be transparent and act in good faith throughout the process"

I see what you are wanting to do, but I think you answered your own question. Submitting a Pre-qualification letter with redacted information would seem super shady to me personally if I was the seller in your scenario. There is a chance that the seller may just be looking for a  newbie buyer that is a sucker and will overpay. Show him the real letter and negotiate the price, move on if he asks to much.

BP guide to tenant screening

https://www.biggerpockets.com/renewsblog/2013/01/2...

Great thread. I am getting more interested in Notes lately.

To clarify, the actual roof of the property or the ceiling inside? Either job would be a large expense to not really make an actual sqft size difference in the property

Just installed a set on my house, rekeyed my master bedroom when I rented out a room in my house. This might be easier for all you landlords that have to change locks every time, now you just change keys.

 Kwikset SmartKey

http://www.homedepot.com/p/Kwikset-Tylo-Satin-Chrome-Entry-Knob-Featuring-SmartKey-400T-26D-SMT-RCAL-RCS/202099346

I second @Joe Villeneuve, select your area and let them come to you. I recommend that you read Jay Scotts book on Estimating Rehab Costs (good quick reference to have on hand) and Flipping Houses. They will give you some good info to judge a property by the photos to see if it is worth a walk. You also need to have some reserve in your budget for unforeseen expenses because walls and floors can hide a lot of expenses.

Always get 3 quotes or more and do not tell them your budget for the project until they give you a written estimate . I had a landscaper ask me my budget for the job and magically the quote was within $100. I got 2 other quotes and they were $500 to $700 cheaper by simply not telling them how much I could spend. 

I know everyone tends to recommend multi family units to house hack, but do not look past single family homes. I just bought my first property as my primary residence and now rent a room out. I plan to rent the entire home out in the future when I purchase a different primary residence. You should focus on building/correcting your credit, saving as much as possible within reason, and get rid of any debt you can. Reading Brandon Turner's book is a great start and I second reading Set for Life by Scott Trench and Investment Property Analysis by BP. Focus on setting yourself up for success with lenders. FHA loans are handy for low money down, and 203k loans for fixer uppers but you need to analyze and present the offer well to lenders.

In June I started to write every expense I spend down in my phone and every month end I am entering it into an excel sheet to 1. give me a visual of my over all expenses per month 2. I have hard data that I can analyze into categories for expenses like fuel costs, boat expenses, food, etc 3. I can figure out where I can cut back to save more.

I am interested in someone also for future matters. Thank you @Account Closed for the reference.