All Forum Posts by: Simone Montague-Jackson

Hey Justin, 

My property is near medical facilities, so I've thought of short-term rentals during periods where vacancy is a possibility. Been learning a lot from this experience, and I love everyone's input as well. I'm new and open to learning from everyone. 

I’m renting by the room because it’s the most effective strategy for me compared to renting out the entire house. After consulting with my realtors and doing an analysis, we discovered that it typically takes a year to rent out an entire home in my area. In contrast, renting by the room has proven to be a much quicker process.

I’ve also been living in the house while renting out rooms, so I have firsthand experience in managing and screening tenants. This has helped me become more confident in handling different situations, which is something I wouldn’t have if I hadn’t had that experience. Renting by the room also makes it more affordable for tenants, as the rent per room is lower compared to renting out the entire house. The market value for a whole home in my area is lower than what I would charge to cover the mortgage, especially when compared to newer communities like Sunfield, which can command higher rents due to their amenities.

Thank you for your input! I truly appreciate all the advice and will take it into account when considering my rental strategy. However, renting by the room is the strategy I’m most familiar with and have had success with. I’m also requiring all tenants to get renter's insurance and I’ve been carefully researching different landlord insurance policies. After speaking with my lender, realtors, and other property managers, I believe this is the best fit for my situation.

Thanks again for your thoughtful responses – they’ve been really helpful!

I've checked out padsplit and ran into some issues because my city wasn't listed, but I spoke with a rep who informed that isn't true. However, he informed me that I need to turn my 3/2 into a 4/2 somehow with renovation to earn more money. So, that put me off a bit. 

Hey everyone, 

I'm renting out my entire house, but I wanted to try and rent out the space myself to save on property management costs since the rental rate I wish to charge is a bit higher than the rental rate area. So, my plan was to rent out each room and use an online property management platform. But I feel this might be harder than I thought because within our current market, I'm not attracting tenants like I used to (This could be due to mostly using Facebook to advertise my house). 

I'm currently in Austin/Buda area and want to know if there are any property management companies that deal with separate tenants OR someone who is managing their properties on their own and using other methods to attract tenants. 

I'm open to both and truly need help because I'm unsure what's going on. Just feeling lost and need some help. 

Thank you BP community. 

Hey there, 

Thank you for the information. I tried using PadSplit, but it doesn't operate in my area. Otherwise, I would definitely use it. 

Hey everyone, 

I'm located in south Austin, TX and planning to rent and manage my first property by the room instead of the entire house because the rental rate I wish to charge is higher than the average rate in the neighborhood where my property is located. 

Currently, I plan to get landlord insurance, require renters to get renter's insurance, and make some minor improvements and repairs in the house before fully moving out. 

I'd like advice on the best way to manage my property (I will use Innago for collecting rental payments), obtaining landlord insurance, tax write-offs, and maintenance. 

Thanx BP community :)

Hey everyone!

I’m currently house hacking and planning to buy my next property in about 6 months. However, I’d like to have a space of my own before living with others again (I plan to house hack again with my next property).

I’m seeking advice on how to move forward, as I need to consider things like utilities, taxes, landlord/umbrella insurance, and managing the property, especially with someone renting my garage.

Specifically, I’m curious about renting out individual rooms and living on my own for a little while. Nothing is set in stone yet, so I’m open to suggestions on how to navigate this situation.

Thanks in advance, BP community!

The podcast is called "all-in"?

Hey everyone, 

I was researching financial and real estate podcasts aside from bigger pockets that discuss the market condition in the US (and maybe the world). But there are too many to choose from. Are there any you all would recommend ??

Lastly, had anyone heard of this website ?? If so, are you, or someone you know, investing ?? 

https://fnrpusa.com/landing-aff?utm_source=wisepublishing&am... you! 

Thanx everyone. I have a photographer lined up already to take professional photos of my place. I'm going to get some stuff from Goodwill and Walmart this week to dress up the room and put artwork on the wall. 

I've tried advertising on Zillow and didn't get much attention with the current rental, so I may just use airbnb and furnished finder for now VRBO won't work since I'll need to rent out the entire place, and I'm only renting a room. 

I currently use Innago, which helps me use and distribute applications, lease agreements and roommate policies, collect rent, security deposits, and has an accounting system. So, I'll probably continue to use that platform. 

MY OTHER COUPLE OF QUESTIONS:

1. Do you all have tenants that rent pas 28 days only fill out a lease agreement or do you also have them complete an application?

2. Do you require a security deposit?

3. How do I prevent someone from staying past their stay without pay? Is it through the lease agreement? Will I need to call the police?

4. Does Airbnb and other platforms have a good screening process?