All Forum Posts by: Aaron Scott

@Joseph Stern Re: Seminole Heights, do you know anything about the requirements for the main house to be owner Occupied? It appears that is at least the intent, know if they are enforcing this?

https://www.tampa.gov/city-planning/accessory-dwelling-units#:~:text=Tampa's%20code%20allows%20ADUs%20to,residence%20must%20be%20owner%2Doccupied. 

Hi there, 

I've not had much luck with nurses in the area and furnished finder has been a bust so far for me in Huntsville. I did just barely miss an insurance claim on the site, so that was interesting and was going to pay well. I reached out to a few people who had listed on the site and most said they hadn't had any luck either unfortunately. 

I have a friend who is a travel nurse who did some digging for me, and apparently, although we have the right size hospitable for it, the hospital is actively trying to keep travel nursing at a minimum so they don't have to pay the higher prices. There are more travel nurse contracts here since COVID happened but they are low paying (and generally for our smaller non-level 1 trauma hospital) and don't bring in enough to cover even your typical long term rental rate. I have had some luck with people contacting me for internships, but the pay they can offer is typically not in line with what I wanted. Honestly can get more by renting out through a short term rental mostly to people on business travel, but I'm in the city center so figure that into your situation. Again, STR are not technically allowed for "tourist homes" in very many places in the city as most, but not all, R2B zoned areas are limited in the number of residential houses in them, but are many times commercial spaces such as small dental offices.

On a plus side, I did just land a little over 3 month contract with a person coming in for temporary contract work for a defense contractor...we shall see if it becomes a steady thing, or a one off.  Best of luck!

So I've been renting as I'm recently out of a divorce and I've got to say i really enjoy not having much to take care of, even if it costs me some money. I feel like it's saving me time that I can use to further my investments. Here is the situation: I've purchased a home in the path of progress in my city. The area hasn't completely taken off but looks to in the next few years if things keep moving the way they are. Lots of breweries in the area, largest privately owned art complex in the southeast, and multi-use entertainment/living/work areas already in place with more in the plans, also centrally located just outside downtown. I plan to keep long term either way, but I'm contemplating 3 options. The home is an old mill home built in 1908, so it's old but has good character. Most are tearing down in the area and rebuilding new, but I really don't like taking all the old materials to the dump (unfortunately I've had to do that a lot already). The house was originally a duplex at about 1200 sqft, but was converted to a single family home by way of cutting doors into the wall separating the two units. This is a gut rehab to the dirt floor, only keeping the shell. Original intent and still the desire was to implement a BRRRR deal.

a. Convert back to two units, one of which I can airbnb and the other I would covert the attic to two bedrooms/baths and live in to have a downstairs/upstairs unit. The home is in a central location right outside of downtown (formerly a run down area). I'm fairly confident that I can get 1k/month per unit based on testing it out over the last year renting the front part of my house on and off  and same central location but actually in downtown (have gotten over $800.00/month in high season while only renting 8 nights a month in a shared space). After rehab, I'm projecting to have about 130k in it, doing so this way. It looks to cover the mortgage plus some if it does better than my conservative projections. Essentially this one becomes a house hack.

b. Do the attic conversion and airbnb out both sides so I'd have a 2 bedroom (somewhere around 1000sqft unit and a 1 unit bedroom around 650sqft.

Note: in both a. and b. I'd be going to permit department with justification that this is an in-law suite, which very likely in the the future it may be for my folks.

c. Do a 3 unit with the attic unit having a separate outside entrance from the back side. The two lower units would be one beds with large living room, decent size kitchen and bedroom with bath. The upstairs would be more of a loft style, with kitchenette connected to a good sized bed/living space by open air space with bath. Lots of parking potential in the back as these are alley homes with very long lots. Essentially a driveway in the front and then room for several cars in the back. Issue here is, this area isn't zoned for multi family, and while I could get away with in-law suite in the other options, I doubt I could do that for 3 units. Technically it would still be a single family home as I won't be separating out power water etc. but I could see the city having some heartache with it as it may be a grey area (zoning is residential office = a transition zone between warehouse/industry/commercial and full on residential).

Both options b. and c. would mean I continue to rent my two bed place at $950.00/month (yes I'm bnb'ing a place I'm renting currently).

Anyway, hope this all makes sense and I haven't left out too much pertinent information. Like I said, just looking for opinions on what you all might do in this case. Anything to make me think of something I might of missed. Gut says to pull out the most possible value and make it a 3 unit, but that  might be risking too much. (Another option is building out the two units, while prepping the "structural" items for attic conversion, and then wait and see how the first two units play out, before making a decision whether to convert the attic.

Some further info on the area: homes are sellin off-market for around 60k but there is a company in out of Nashville developing lots (tear downs) and selling from $250-325K for 1800-2200 sqft new homes.

Any feedback appreciated, and look forward to your responses.

@Jonatan Barbera Enjoyed meeting everyone tonight. Thanks for hosting. Good conversation and company. Will see you guys next time when I'm in town and an event coincides.

Awesome, see you there. Appreciate it guys.

Hello Chad.  I'm not from the area but spend a fair amount of time here for work. I see from the meetup page there appears to be a meeting tonight. Are you guys open to having out of towners join your discussion and if so do you still meet at Big Hops? We don't have any meetup's in my area and I'd kind of just like to get out there and see what you guys are doing here in San Antonio. Also enjoy a good craft brew! 

 All good info! And thanks for the reminder on Capital Gains, I haven't been around in a while and really need to spend some time digging back into the site and all its wealth of info.

 Yes, under a year. So I believe yes on the short term Capital gains. Not sure how or if that part will affect my portion here though.

 Thanks for your response Brandon. This was structured only verbally, and as is often the case, we moved quickly on a deal, which could have been structured better had we the time. I believe I have acted as a sole proprietor and understood myself to be acting as so from the beginning (to go further, I understood my "partner" to be acting in the same manner), but I'm also no expert on the particulars of how that is determined and how my situation may be perceived by those that are. My "partner" owned 100% of the property, hence I had no equity unless it could be defined in some other means. I did keep and file electronically copies of all receipts as well as descriptions of all work done and materials required to complete the work. Only some material was purchased by myself and some by my "partner", but all is documented by who made the purchases as well.

I guess the question comes out as, what does it take for someone to consider it a partnership? Could it be considered so, what are your thoughts with the additional input?

Thanks again.

And to clarify, profit is defined as what's left over, after my partner was paid back for buying the house and his part of rehab expenses, and I was paid back my half of the rehab expenses. Thanks again.