All Forum Posts by: Timothy Boyd

Hey @Adam Benenati!  It was a bit pricey for us to insure our small duplex also.  Insurance company said it is effectively two homes so it will be more expensive.  We have that policy in place then we put an umbrella policy over all of our assets for the additional coverage.  We also require tenants to carry renter's insurance for their possessions, and those policies need to have 300K in liability coverage also.  Hope this helps, and good luck!

Hey @Evan P Stegman !  Below are some sites specific to travelling nurse housing.  Best of luck to you!

https://www.furnishedfinder.co...

https://www.travelnursehousing...

https://transplanthousing.com/

Hey @Grant Hasting!  I agree with @Rami Ibrahim about having an honest conversation with the tenant.  When we bought our duplex, I put the inherited tenants on a 2-month lease at their current rent and told them that in 60 days the rent would be increasing and by how much.  Told them the reasoning for it all and that I wanted to give them 60 days in case this increase would not work for them and they needed to figure out something else.  The one set of tenants did not even bat an eye (had not had a rent increase in 7+ years prior), and the other set appreciated it and moved out about 2 months after the rent increase (with proper notice).  Having a face to face conversation often seems like the best way to share what might be bad news to people.  Best of luck to you!

Hey @Riley Sanders!  Maybe start cruising Craigslist and for small multifamily apartments available for rent.  Call the landlords and ask them if they're willing to sell that property or any others in their portfolio.  I imagine you'll get a bunch of no's, but might be worth it for the one yes.  Best of luck!

Hey @Account Closed! You're already in the right place. Between the forums and the blog articles, I think this website is the best place to gain some REI knowledge. Start listening to the podcast too; wealth of knowledge can be gained there also. I didn't know a thing about REI 3 years ago (and still arguably don't), but spending time here got me to the point of jumping into the game. Good luck!

Hey @David Petikyan!  I am by no means an expert, but I would go with option #3.  With interest rates as low as they are, I don't think using leverage to buy a income producing asset is a bad idea at all.  Best of luck!

Hi @Anthony Spitaleri!  Welcome to the community.  Loads of excellent information on here.  Best part is you ask a question in the forums, and get some priceless wisdom from much more experienced investors.  Best of luck in your property search and in your future!

@Nathan Gesner  Thanks Nathan.  That's a great idea and I will do that.  Much appreciated!

@Jaron Walling  Thank you so much Jaron!  This is exactly what I needed to know.

Hi BP Community,

We have a duplex where we inherited the existing tenant on one side.  When we put the existing tenants on a new lease we did not charge a pet fee for their small dog and cat.  We are now screening tenants for the other side, and I wanted to put in a $25/month pet fee.  Am I allowed to charge them a pet fee if the other side (existing tenant) is not being charged for their pets?  Or would I need to have the existing tenants pay a pet fee also to make this legal?  I would plan on revising the existing tenant's lease next year to include a pet fee, but want to make sure I am on the up and up in the meantime.  Any insight is greatly appreciated!

Thanks!

Tim