All Forum Posts by: Account Closed

@Allen Gross It's commendable that you want to perform such a service for your tenants! I'm not sure I would personally give a "free month of rent" each year but would perhaps look at other options to show appreciation for the tenants. Hosting a yearly summer BBQ and holiday party could be a great way to accomplish this without getting into the weeds of legal factors of gifting rent at the end of the year. Just being personable, fair (but stern at the same time), and displaying empathy goes a long way and would set you apart as a good landlord.

@Jesse Richardson Congratulations! Well done and thank you for your service. Big things are coming your way!

@Moshe Friedman Good stuff! Do you have any friends/family who might be suitable for the role? If not, post a job posting online detailing what skills and traits you are looking for and you might be able to mold someone directly to your needs.

@Brittany Chesley I would be highly interested in an online meeting group in a smaller setting. I think it would be great to track goals and progress plus allow us to be accountable to certain metrics.

@Pacom Tsague Welcome! Regarding wholesaling the property, I would search for a REIA local to your area. There will be experienced investors who have completed deals that will be highly familiar with your market, contracts, title companies, etc. They would most likely split the deal with you as a wholesale because they are helping but half of something (splitting the profit) is better than all of nothing (not making the deal). Just remember wholesaling is purchasing at a discount. Could the deal cause any rifts in your friendship?

Regarding your GF's grandmother's home, you should consider setting up a recorded legal agreement with an attorney in the matter that benefits everyone that is part of the deal. You don't want to mix friendship/family relationships and cause bad blood later if the deal does not work. You said you guys have a great relationship so you don't want someone to become resentful later because you conducted a successful house hack and stand to make money and perhaps someone thought they deserved more. The legal agreement would spell everything out and helps to prevent later drama.

@Vu TruongHave you paid the entire amount up front? Paying in installments in the future can certainly help and I believe it was David Greene in his book who used a "penalty/bonus" method that either penalized the last draw to the contractor or awarded them extra money by finishing on time. It sounds like the contractor took advantage of your niceness. There might be locals on this board to give recommendations but is there a REIA in your area? They would be sure to have a quality recommendation for you. I hope it works out soon for you!

It's refreshing to hear such enthusiasm at a young age, I wish I had started at 21! You might be in the perfect position to begin house hacking and begin the snowball to build assets and wealth. Check your inbox for my contact info, I'm looking forward to speaking in the near future.

@Daniel Kevin Lara Have you looked at Craigslist or Facebook for single room rental costs? That might provide a general idea of the acceptable rental rate for a single room.

@Gia S. Would the costs be prohibitive to turn a profit in the future? It appears to be a large-scale project when you start digging down and potentially disrupting the foundation. If you do the entire project, what is your estimated cash flow after all expenses? If it's significant, it could be worthwhile. At the same time, if you were to direct the funds you would have used for the renovation, could you purchase other cash-flowing properties that might appreciate faster over time and cash flow better? IMO the best idea might be to write all of the numbers out and see what works for you.

@Hunter Melton Welcome! If you believe the property would provide a source of income based on location, I would say it is worth it. Is there any way to modify the driveway or utilize a different entry point on the property to make "newbies" comfortable with the ascent? If you're concerned about them "driving off," maybe install structural steel cable as a guide? I can see it being tough to rent in the winter though if a normal vehicle has trouble getting up the hill.