All Forum Posts by: Todd Dexheimer

As jeff said it is the class of the property that maytets. I wouldn't worry about liability as much, just be sure your insurance is good and you operate it properly/safely 

Check out Emerging real estate markets by David Lindahl for. Also, I posted an article recently on linked in. If you search my name you should be able to find it 

Congrats on saving money and having the desire to further invest/expand. I have a military buddy that has been investing in duplexes, while active duty and overseas. He may be a great resource. PM me if you want to connect with him 

line of credit is probably the best way to go, possibly the only way

Electric baseboard is not at all hazardous, electric space heaters are.

as @Tom S. said, use a local lender. It will be recourse, but will allow you to get 10% and possibly 15% seller carry back. The debt service still will need to be at 1.2. You could also raise the purchase price and have the seller provide for the closing expenses and a reserve fund. 

I would advertise now for the school year for the whole house (probably could get close to $1800). If you get a group, then sign it as 1 lease for a year. At the same time I would advertise it by the room. Also, make the tenants responsible for the utilities. You can have them put in in all of their names or send them a copy of the bills each month to pay you. If you sign an individual room, require the security deposit and require them to sign the year lease. I would also require each of them to get renters insurance with a $100k liability policy and name you on the policy. 

Also, my lease states that and I tell them that up front. 

If a tenant has lived in the house for over 30 days and then the problem arises, I make them pay for it. 

I like real wood if you can afford it. You can get it discounted online if you search and install is not much more that vinyl planking. I am usually around $4.50-$5/sqft for installed pre-finished wood floors (I get quotes for $4-5/sqft installed for vinyl). I run it in the living room, dining room and beds. It will far outlast the vinyl product. I have real wood floors in my places and haven't had to re-sand them in over 9 years even with frequent move outs.