All Forum Posts by: Carl W.

We're ready to close on our first investment property (a house hack) but the sellers say they need until the first to get the tenants out. The contract states the property must be vacate for the property to close and so they claim they have given the tenants notice to vacate by that date. We've spoken with the sellers throughout this process to say the property must be vacated. I'm willing to wait until the first for the tenants to move out but we want assurances that will happen because we're getting mixed messages. At one point, they said the tenants were going to leave immediately when we were ready to close and then they flipped the script. Of course, that did not happen. Now we're asking for them to confirm the tenants will be out when they say they will and it's been nothing but dead silence from the seller's side. I'm really losing my cool here because I don't know what's going on.  

This is literally the vilest thing I've read on any forum in a long long time. I cannot believe you are a landlord. Unbelievable!

I'm doing a lot of research before I start my journey into being a landlord real soon. I'm seeing a lot of people advising that it's a good idea not to reveal to tenants that I own the building. However, I simply don't get the benefit of lying, especially in the case of a house hack. Can someone help me better understand this? A quick Google search shows who owns a building so it all seems pointless to me.

Dare accepted. This is a game-changer! It leaves me open to a sea of possibilities. I did some research though and in my area Artist Lofts are considered living spaces. Artist Workspace and Flex Space seem to be the terms used around here for non-living spaces.

My only concern is would there be anything to prevent anyone from moving into the space and just living there if they wanted. I guess I'd have to create a lease stating the place was strictly for work purposes because it's in a residential neighborhood. If it was commercial, it'd be different. Heck, when I signed my lease for my office my landlord told me I could put in a bed and live there. I looked at him like he was crazy. Who lives in their office? Actually, I discovered that a lot of people do. In commercial zones around here, no one cares, it's whatever. But in residential zones, neighbors talk and word quickly spreads and complaints are filed. I would want to avoid that as much as possible. Thoughts?

Artist loft? Never heard of that before. It sounds like the perfect idea. So an art would use it as a workspace but wouldn't actually live there?

I'm purchasing a duplex with a 3rd floor that is mindblowing. Very spacious! I understand that I legally cannot rent it out as a 3rd apartment because it's a legal 2-Family, which is probably why it was never fully finished. But what should I do with all of that space? There's no way I'd allow it to just sit empty like it is currently. I'm looking for ideas of what to do with the space that could possibly net me some additional income. The plan is to fit the space with a full BA, BR, mini kitchenette, and a large open living/dining space. 

An Airbnb is one idea that I'm tossing around. The second idea is renting it as a long-term "room" that is an extension of unit 2. Another idea I had was moving into it myself and then renting out the rooms on the 2nd floor. It would still be my apartment, I'd just live above it mainly. Any other ideas of things I could do to monetize the space without getting into any legal issues would be appreciated. At the end of the day, even if none of these ideas pan out, I'd still have an epic 3rd floor for family and friends when they visit.

It's because this is MY deal and everything falls on ME at the end of the day that makes this entire process so difficult. One can only do so much alone, we all need help at times. After reading your first comment and giving it some thought the other day, the right choice became obvious to me. Thanks for providing me with some clarity in my decision-making. 

That's where I'm struggling. Both properties would pull in the same cash flow. However, property #2 would pull in more over the long-term (the location has rents 18% higher than area averages) and has a bigger pool of renters looking for housing. I was hoping that my RE agent would help me in comparing my options objectively and going over the "hard data" but all they seem interested in is showing me the properties. I feel confused and abandoned at this point. Also, when I run the numbers they look good but I need that outside person to break it down for me. Someone to convince me that I'm not making a huge mistake. I'm very indecisive when I want to be and I don't want to give up just because I feel stuck, but that's where I am right now. 

Hi all,

I really need help deciding between 2 potential properties. Both are in the same price range within my budget, same county, and both less than 3 miles from my workplace. I’m going to be house hacking and plan to live in the home long-term. I want to make a good business decision but I also want to love where I live. I didn’t think this would be so difficult.

Property #1

Huge at over 5,000+ sq ft, 2-Family, 2 block walk to the town shopping district, 10-minute walk to the park. The property is located on a packed street with other multifamily homes. Large garage. Mainly geared towards families and grad students.

Pros:

• In the town that I want to live in.
• Highly desirable location.
• High rents.

Cons:

• Wacky interior layout.
• Zero outdoor space.
• Needs rehabbing of multiple spaces.
• High taxes (Double the taxes of Property #2)!

Property #2

Slightly smaller at 3,000+ sq ft, 3-Family, a 5-minute drive to the city center with many amenities, 10-minute walk to the park. Corner lot property shares street with 3 other homes on a quieter block. Mainly geared towards students and professionals. 

Pros:

• All units are very nice with good bones.
• Nice manageable backyard.
• Minor rehab needed.
• High rents.
• Low taxes (Half the taxes of Property #1)!

Cons:

• Not in the town I want to live in.
• No garage and limited parking options.