All Forum Posts by: Lee V.

Hi John K, What other info would you need for it to be more thorough”?

thanks for the tip. I’ve considered that. But my wife really like the “big” house lol

On the surface, it looks good for sure. But I’m interested in what the hardcore investors have to say. Those knowledgeable number crunchers... please chime in guys. Very interested In hearing your feedback. Thanks

Hi all,

I purchased my first property earlier this year. It is a triplex set up. However, it’s quite Unique. It’s 3 single family homes (bungalow style) on one piece of land. The homes do not share any walls. I’m living in the main home and renting the 2 others out. The property is in an up and coming area” of Houston. 3 miles from downtown. Lots of older homes around but new town homes being built all around. 

Now onto the numbers.

I bought this home for $243,000. I went with an fha Loan with 4.5% interest and 3.5% down payment. 

My mortgage is $1,812.00. I currently rent one of my homes for $900 and the other for $700 respectively. If I were to rent the main home that I’m living in too, it would rent for about $1200-$1300 or so, market value. 

My question is... did I do well on this deal? Or was it a bad deal? I figured, it’s not so bad since my rental income is covering most of my mortgage note. Since I’m living in one of the units, it’s like living for free practically. 

What are your thoughts on this deal?? 

I bought a triplex earlier this year and am currently living in one of the units and renting out the others. I used an fha Loan with 3.5% down. I’d like to purchase another multi family property. What are my options? I don’t have 20% to put down, so I can’t obtain a traditional or investment loan. Is there anything else I can do?

This is just out of pure curiosity. What would happen if one decided not to report rental income? Let's say the tenant paid in cash each month. 

How would the IRS find out?

This is purely hypothetical, I'm not suggesting anyone do this. But curious of the reprocussions 

thanks for your input 

hi all

I'm renting a duplex that shares on meter. Can you tel me the correct wording to put in the lease contract to make sure this sticks? 

I want one tenant to pay 60% and the other to pay 40% of the electric bill. One side has more occupants. And I think this is fair. 

could I ask a realtor to draft one up for me? Would it be binding? Or is this not recommended 

so I found my first tenant, ran backround check, credit check, all due diligence. Now ready to sign lease.. only problem is, I have no idea what I'm doing. Is there an online lease form that I can download and send to tenant to e-sign? 

1. Is there any wording you can put in to say "no parties"?

2. What other disclaimers, wording should i add in the lease that doesn't come standard in a lease document?