All Forum Posts by: Account Closed

@Chad D. ,

I see agents post listings with misleading descriptions stating the potential for duplex or ADU. I don't think they really know what that would entail or simply preying on ignorance. On my first property I considered converting the detached garage and/or the basement to an ADU. I did not due to permit requirements but mostly because I could not rent both out simultaneously. I was seeing if anyone has creating a legal ADU and rented both out. I know the county/city makes you sign a contract that you won't. I think it is to clear their liability encase of a accident or death. In that situation, I don't wont to be liable nor responsible myself.

Hello BP,

Blind shot in the dark but has anyone in Vancouver, WA. / Clark County gone through permit process for an ADU (auxiliary dwelling unit)? If so, are you renting the ADU? Thank you for your time.

- Joe

@Charlie Miller ,

Utilities is a huge issue. For your townhouse, do you pay both tenants utilities due to lack of separate metering or just for the 1/1? What does "lockout" refer to? Thank you for your response.

@Colleen F. ,

The city/county will let you do the ADU (auxiliary dwelling unit) if it meets the guidelines/permit process. The big catch is that at no point you are allowed to rent both sides. You must sign an agreement stating you will have one side as your personal residence and at no point in time rent both sides. The penalty is not very clear. Thank you too for your response.

Hello BP,

Does anyone have any experience renting a split level home separately like a duplex? I can think of numerous reasons why it wouldn't work but I wanted to see if anyone has. If so, what was your sucsesses and short comings? Thank you for your time.

- Joe

Hello BP,

I currently have great tenants but in case something changes I want to be prepared to evict. Are all eviction notices the same regardless of state or county? Can anyone confirm the legitimacy of this site ( http://washingtonlandlordtenant.info/free-eviction-forms/ ) for Washington State?

Thank you all for your time.

Hey guys,

I normally don't consider MFH but I could not resist not investigating this one. Please note that I know next to nothing about MFH. It has two problems.

1) The foundation: I peeked under the hood and it looks like it is sitting on "jacks" in the center and has 2X4 framing on the perimeter. The problem is the grading outside is leaning towards the foundation, not away, and the framed supports are definitely getting wet. Looks like all the MFH in the park are the same. Do they just live in them till wood rot and/or termites bring it down?

2) The financing: It is listed at $84k, includes land, bank owned, HOA is $10/month, and taxes are $1,200 a year. It will rent easily $1.1k a month. My problem (besides #1) is being able to get a conventional loan.

I am getting a bid to do the foundation right and plan to bring the bank an offer with respect to this bid. Love to hear some PB wisdom out there!

@Bill Gulley

Bill,

I apologize if I gave you the inaccurate scenario. I appreciate your time and advice.

@Bill Gulley

Bill,

Thanks for the input. My friend cannot obtain conventional financing due to unverifiable income and poor/lack of credit. He is an agricultural type and is looking for a property to expand (1 or 2 acres). He wants a dwelling on the property but it would not be his primary home. I would be using conventional financing or a commercial loan. Can I buy a home on 1-2 acres with a 30 year term, lease it to him yearly at a 10 year payment rate, he then rents out only the property home, then sell to him once loan is paid off? I don't have any specific property details because I wanted to figure out what would work best and search for a property with those characteristics.

Hello,

I want to do a lease option with someone who will not be living on the property (already has a primary home) and will use the property for agriculture. From what I have read, if I don't apply any rents towards the purchase price and/or do not set the selling price in the lease, I should be compliant. I have never done a lease option and don't plan on doing anymore. What am I missing? I plan on working with a real estate focused lawyer from my state but trying to be as informed as possible. Thank you for your time.

- Joe

@Brian Gibbons ,

I understand what you are saying but the link you provided said the ownership has to be equal or half in this case.

"The individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided right to keep or dispose of the property."

I am definitely missing something and appreciate your patience.