All Forum Posts by: Watson Hilaire

Hello @Michael Hartman,

Welcome to the realm of Landlords! The $1,000 maybe fair. You can ask a realtor to give you comparable rents for your home. Tell them you are considering listing your home for rent and would like to get comps for your home and what they would charge to list your home. Or you can www.rentals.com, Craigslist's housing wanted section, www.realtor.com to get idea of the rent. By the way realtors typically charge 1st month rent for their services to list a rental. 

As for vacancy rate, it depends on area, supply and demand, and time of year you are listing your home. This time of year homes can sit three months or longer vacant due to holidays and families not wanting to move during a school year. Typically you want to assume your home will be vacant two months out of the year. The most important thing is to focus on getting good long time renters whose gross monthly income is at least three times the monthly rent.

Good luck!

Pablo Garcia 401k allows you to borrow money for a home purchase. I would borrow the money and purchase a duplex if I was you. You don't pay taxes on the borrowed money from the 401k. The administrator will deduct the loan loan from your paycheck. Basically you would be getting a loan from the bank of Pablo Garcia / loaning yourself money and paying yourself interest.

Landlord insurance (from USA) would pay you the lost rent if tenant had to stay in hotel while repairs are made. I would have tenant pay for hotel since they would not be paying rent during repairs. 

Thanks @Linda Weygant for getting back to me. Back in college I rented a by the room the apartment. It was three bedrooms and three baths. The bathrooms were only accessible through the bedrooms. We all shared a common fridge but could purchase small mini fridge to put in our rooms. The apartment complex furnished the apartments. They provided sofas and a tv for the living room and provide each room with a single bed. There policy was to only place same gender into an apartment unless the tenants indicated they had no preference. 

Must admit hard for me to see strangers willing to share a bathroom especially in B+ neighborhood. Who will be responsible for cleaning the restroom? 

I would like to try this out myself.

Hello Linda Weygant, Could you share more details about how you are renting the rooms out? Does each room have its own bathroom? Are you installing mini fridge in rooms? Are you allowing couples to rent rooms? What is the parking situation? Are you planing on to change the first tow home you bought to this model once lease is up? Thanks, Watson

@Michael Iuculano don't have a rehab yet. Iooking to research lenders so when a deal comes I know which lenders to turn to.

Has anyone used bridgewell capital?

hello @Dom Lombardo,

Normally your property tax is included in mortgage payments if you have a mortgage. For example my New Jersey house property taxes are $4700 a year with a mortgage balance of $220k and monthly mortgage payment of $1560. I am renting it out at $1600. I know $40 cash flow isn't attractive but before I was adding $500 on top of rent to make mortgage payment. This is the first home my wife and I purchased at the height of bubble and now upside down. We were able to refinance which lowered our mortgage payments $500.

Basically when looking at properties you want to account for all expenses; mortgage payment, property taxes, homeowners ect. So make sure the rent will cover all expenses and leave you with with a few hundred a month in cash flow.

Congrats Jason Clark on first deal.

Congrats on pursuing your goals!