All Forum Posts by: Chris Jeub

Quote from @Brandon Plombon:

Hi @Riggies B tang I would recommend looking at local community banks or credit unions in the Cleveland, OH area as they will often be the most flexible as far as rate/terms go.

I found the exact same thing. In fact, Wells Fargo closed their entire HELOC devision when I tried to apply. I found a local bank and they gave me the HELOC without any issue.

I'm in a very similar boat! I suppose I could have relied on cash to keep my credit pure, but I took a HELOC out ($200k) to manage my current developments. It has been easier to manage and take large draws as necessary. Once I get to the point of refinancing for my next purchase, I realize the banks will look at my balance (not my line of credit) against me. In other words, spending out of my HELOC is, to me, considered the same as spending my cash.

Quote from @Jim K.:

Quote from @John Fakish:

OK, John, let's put our big-boy pants and speak frankly here. You knew from DAY ONE of your basement reno with kitchen added was going to be trouble. Be honest now, you're on this forum trying to find out how much trouble you could get in, not because you feel an ounce of remorse for what you've done. You're looking for forgiveness after the fact, when you should have been asking about permission before the fact. This wasn't an "oversight." That's total BS. Admit it, at least to yourself. You deliberately went ahead and did this and are playing stupid now.

This is out of line, Jim. I'm enjoying this spirited conversation, and I think all of us are learning from John's honest question. Calling people "stupid" or dishonest because they don't align with your views isn't reflective of the BP community. I suggest you delete your rude comment.

Quote from @Bruce Woodruff:

Quote from @Chris Jeub:

Nope, you're wrong. I've been through this maybe a 'time or two' :-) 

Heh, me too. It isn't fun getting visited by the "yellow jackets" and asked to inspect something you didn't ask to be inspected. In this specific case, though, the kitchen is built and the owner is wondering if he's "screwed." I don't think he is, far from it. In a perfect world, get a permit and get everything done right, but there are a bajillion unpermitted projects out there and owners (as well as municipalities) just roll with it. My experience has been Code Enforcement Officers are more interested in compliance and safety than they are in "getting permits." At least the good ones are.

Quote from @Bruce Woodruff:

Quote from @Chris Jeub:

I sync them both with an inexpensive-but-awesome program called iGMS.

Why do you sync with a program when they do it themselves? Just curious....

Manual would be cumbersome, and syncing avoids double booking. I'm able to allow instant booking on both Airbnb and VRBO (and Hipcamp...I run glamping units). There are more portals, but I haven't included them. Other advantages include ability to see the entire calendar with all portals, send automated emails to all platform renters, have all my management from one portal, and some more. They charge something like $2/rental, and I think it's worth it.

I'd encourage you to "house hack." Find a property you can buy that has potential to rent out rooms or ADUs. As you learn you'll branch off to other properties and grow your empire. I'm on that path now and I love it!

Gosh, I don't really agree with the other comments on VRBO. I have found them to be clunkier and more difficult to deal with than Airbnb, but maybe that's just my anecdotal experience. More to your question: I don't spend an awful lot of time inside the STR admin portals. I sync them both with an inexpensive-but-awesome program called iGMS. Depending on where you host, you may be leaving a lot of money on the table by sticking with just one portal.

Quote from @Bud Gaffney:

@John Fakish yes. Adding a kitchen to your basement is a huge no no. Call the town/city and speak to the inspector.

Permits are a monitoring tool, not enforcement itself. If a permit is not drawn, government has jurisdiction to inspect to make sure code is followed. We don't have an "inspector" in our county, but we have a building department who issues permits and they inspect to approve development. They are called "code enforcers" here, accurately so. If I were John, I would make sure code is met to the best of my ability, and if the county got on my tail I would allow them to correct my mistakes and I would rewire/replumb/whatever. If they demanded I tear it up even if it was built to code, I'd get a lawyer. There is a very strong legal argument that says government should enforce code, not their bureaucratic process. 

I have big problems with city/county rules that restrict landowners from renting out their own property. There is a good case to be made for civil disobedience. That said, trying to get away with it is "flying under the radar." You could be called to the carpet. Therefore, I always (ALWAYS!) feel better doing business with proper permits and licenses, and that's where I center my time and energy.

As long as you built to code, you will be okay. If or when you decide to put your house up for sale, an inspector will perhaps check for permit history, but they won't call the municipal or county on you. There is no enforcement arm for self-improvements. Inspectors likely just check to see if it's built to code and flag anything that isn't, and then those things will likely become negotiating items (whether to fix or reduce price). In other words, you aren't in an ideal situation, but you're far from "totally screwed."