All Forum Posts by: Garen T.

I currently own a small footprint lot that is zoned for a duplex. I'm getting various bids and getting ready to break ground in the next few months. These are going to be designed for rentals, but I will eventually sell in about 7 years. 

I'm leaning 2 directions on the design. I'm looking at one of the following 2 options.

1. Garage, kitchen, dining, living area on the 1st floor with 3 bedrooms and laundry on the 2nd floor. 

2. Garage and a small apt on the ground floor. 2nd floor is kitchen, living, dining. 3rd floor is 3 bedrooms. 

The cost to build each model is not significantly different.

My dilemma is trying to figure out where the demand would be greatest for rental (while I own) and then for resell in a few years.

I think the market for those wanting a 3 story is limited, but having the extra bedroom and a ground floor MIL unit makes me think someone would be more than happy to climb the 2 flights to the bedrooms. 

What does the wisdom of the group advise?

Thanks

I pulled $150K out of a rental last year for investment elsewhere. The intention is for that money to do REALLY well and provide an exponential return in 2018. I chose HELOC for 2 simple reasons.

1. Much easier to get. The credit union I used had me approved in 2 days. Super easy. Since it was investment property and not primary, they were making it harder to take conventional funds.

2. Much cheaper. I'm paying $500 interest only per month. No principle payment, no extra costs, just simple interest. This made it appealing as I could choose how much to pay above that in principle. Since the property brings in $1800 in rent each month, I have access to the $150K and I'm still making over $1000 per month. 

Still learning. 

Thanks everyone. Great bunch of ideas as to how to proceed. Bottom line: Do not let her keep parking there. The one option against it is to have her sign a month to month lease for a minimal amount. That way I would specify the limits (none) of my liability. It would also be clear as to when the thing moves. 

But... the overwhelming response was to have her move it. Now... 

Thanks!!!

Hi everyone, I've been a member of this community for less than 1 day, but already learning so much. 

I own a duplex lot not far from where I live. It is postage stamp size and is the last of about 15 lots that now have townhouses. I've owned the property for about 3 years and plan to build this year.

I pay taxes and get it mowed once or twice a year, but other than that, I've been leaving it alone. 

Recently I stopped by and noticed 2 things. There was an RV parked there, and the field had been mowed. I knocked on the door of who I knew owned the RV and met a very nice lady who had started mowing the field, and stacking up rocks. We talked about the RV and she said it was a very temporary situation and would be moved back. 

I was out there a week later and found another neighbor spraying the dandelions so they wouldn't grow and go to weed. But, the trailer was still there, but there was evidence that she was mowing more.

So... what are my risks and options here? 

Let her keep parking her RV on my lot.

Don't mind that they seem to be maintaining my lot?

Put a fence around the property?

What do you all think?