All Forum Posts by: Byron Law

 That makes sense to me and is in line with what I was thinking. I would likely segregate each floor as a separate dwelling unit. Rethinking the design, the basement would likely also only have two bedrooms (perhaps each with their own bath for a higher rent) in order to accommodate the utilities. Given the size of the lot, it might facilitate the parking with fewer spots needed. 

How would a house that is rented out by the room be classified? Would it be a single family structure or a multi-family structure?
Scenario: I wish to procure a lot near a university and build a house that would be rented out to students by the room.  The floor plan would entail 4 rooms and a shared living space (per floor) for the basement and the main floor and possibly two larger higher rent rooms on the third floor (w/ their own living space as well).
Also, would each bedroom I rent out be considered a dwelling unit or would that be dictated by shared living spaces (one per floor)? Zoning requires 2 parking spaces for each "dwelling unit" (not tenant). Since each room would have a max of 1 tenant, 2 parking spaces for each tenant seems excessive. Two per shared living space would be more reasonable, although I would ensure a minimum of one per tenant if the 2 per living space standard came in lower.

 I like the way you think (unfortunately, it counters a goal or two of mine, but my son approves).

 
Application support has been my bread and butter for a long time. Long enough that 1) I'm interested in doing something new and 2) I'm maxed out in salary, which limits those willing to pay what I'm used to without my upgrading skill sets (most likely into coding or certifying in some type of administration).

Currently, I am working with a friend doing mobile notarizations (mostly R/E closings) trying to help him build up something akin to a brokerage, which is hit and miss, but it does afford me occasional time I can put to use (upgrading skills to get a better paying position or possibly hiring out with a rehabber so I can learn some skills from an experienced R/E investor). 

The time is probably better spent on upgrading skills, as juggling the dress shirt and tie notary job that can come at anytime of the day with a rehabber investor who would want someone a bit more consistent may be a bit too much. I've also considered getting a 3x12 position instead that could give me a few days a week that I could spend helping a rehabber while I learned the ropes. Oh, and re: your suggestion...as a mobile notary, I do have a sweet printer.

Thanks for the responses. Both (in conjunction with a couple BP articles I read) offered me something regarding the various forks in the road I am considering pursuing. I know R/E investing can be pursued with very little or nothing, but a lot of the discussions I read from BP, seem to operate from a more solid and prudent foundation. Exercising a little patience and taking a year to better establish that foundation before launching into the shell of my R/E portfolio seems appropriate. I have options. 2020 has been challenging, but it does offer its own opportunities, even if I am reluctant to pursue them. I'll finish out the year developing my patience and perseverance as I work on structuring the foundation from which to launch into REI. Sorry Brandon. You'll get the sale. Just later.

OK. Currently, I am a little cash crunched as I contemplate how to best develop a passive stream of income, but I happened into an unexpected $20, so I want to use this towards getting some education (as opposed to padding the tight budget, which for the near future is going to remain tight. Something I would like to fix). A book from the Bigger Pockets store seems like a good investment of $20. I also recognize that it is not the only possibility for $20. BRRRR intrigues me. That is one of a number of possible strategies. What says the community? How would you recommend an aspiring R/E entrepreneur put Andrew Jackson to use? A book (which one)? Save it for ____? Other?