All Forum Posts by: Shawn Burns

Hey @Connor Duff, great question. I am also looking for a house hack opportunity and was asking myself the same exact question the other day. I am far from an expert but I would say it is not enough to just start with a cash reserve and it is necessary to set aside money each month for vacancy, repairs and cap ex. My thinking is that while it is really smart to start with cash reserves, I also want that bucket to fill itself back up when it inevitably does get hit with unexpected expenses.

@Brit F. Thanks for the insight, that is really helpful. Seems like I have a couple options and it might not be as urgent of an issue as I initially thought.

Hello BP,

So about a year ago I had a licensed and insured plumber install a shower in my basement, making the half bath into a full. I was clueless about permits at the time but now I have confirmed that one was never pulled for that job. Now that condo is fully rented.

What are the down sides of not pulling a permit? Is that usually a contractors job or mine? And am I venerable legally since the unit is rented out now? Would you guys pull the permit now or wait until you wanted to sell it?

All advice and input welcome! Thanks!

@Thomas J. Budka I am looking to buy in south eastern CT.

Hi there, I am beginning to look for a multifamily property to househack and am searching for a great real estate agent. I have been trying to prepare a list of things to ask my potential Realitor such as comparable property prices and rent pricing. What are other important things I should expect a Realitor to know about the property and the area?

Hey everyone, thanks so much for your input. I’m personally more concerned with the prospect of being stuck with a bad tenant rather than having a tenant move out with short notice. So I think I will stick with the M2M leases for now.

Thank you all for your time, it was very helpful.

Hi there, I’m a newbie just starting out with my first rental in southeastern CT. I’m curious to know what the folks on bigger pockets think about month to month leases compared to longer term leases.

Hoping to get insight that I haven’t thought of so please don’t hold back. Thanks!

Hello BP, I’m a newbie landlord and have recently been renting out two of the rooms in my three bedroom condo. I plan on moving out and getting another tenant. Both tenants are currently on a month to month lease and, because of this, I have had a hard time finding an insurance company that provides landlord coverage.

Does anyone have suggestions for insurance companies that would provide me coverage for month to month leases?

Hi, I purchased a 3 bedroom condo and have been living in it while having 2 roommates. I’m going to move out in a couple weeks and put another renter in my spot.

During this transition I want to revise the way I collect rent. Recently it’s been very easy to collect it in person since I live with them, but that is about to change.

What is everyone’s favorite way to collect rent that is convenient for both me and the tenant?

Also note that one tenant doesn’t have a checking account but is respectful and pays on time, so I want to make sure to accommodate his abilities.