All Forum Posts by: Grant Vincent

My mom is willing me her house when she passes away. Any suggestions on how to structure the will with specific provisions to allow my stepfather to remain after her death? My heart would like to let him stay for free but I doubt I can afford it and also, I’d like to make sure my interests and his are adequately protected in case this get “squirrelly” in any way. Thought about life estate but really unclear if addressing rent rate or rate index or something is a move people do. Any ideas?

I’d consider keeping it at a rental long-term or may need to sell it. Want to keep options open.

@Alan Santini, perhaps @Mitch Davidson can help. He's a lender, investor, etc. with experience investing in STRs in BC, too.

 704-756-7828 or [email protected]

Great points here. Alba, I emailed some of this to you just now. I'm not a legal expert on if you can make a case for eviction here but there's always a case to be made for trying the "cash for keys" approach. When done well, giving a cash incentive to leave voluntarily will still cost you some money, but it may be faster, easier and may avoid property damage repair costs that sometimes are incurred when circumstances result in apathetic or hostile tenants. Since your tenant has only been there a 2-3 months, the actual tenant turn expenses could remain fairly low if handled well. Hopewell Handyman (hopewellhandyman.net) is an investor friendly and based in Alpharetta if you need help with repairs and tenant turns. 

Sorry you are having these difficulties, Alba. With luck maybe addressing it will correct the matter without losing the tenant.

@James Carlson

Fair points. As for the reason for targeting the film industry, it’s because the friend mentioned it specifically. Not to say that the entire strategy hinges on film.

Some good advice here, especially verifying HOA and municipal regs. You may also consider medium-term rental, traveling nurses, corporate housing, etc.

@Bob Stevens, I'm with ya, brother! Sounds good to me! I'm neutral on PM vs self-manage. Both work for some people and neither works for some people! Ha ha. Either way, I always suggest analyzing deals including PM just in case. Some people say there's value self-managing in the beginning to get a feel for what is outsourced to a PM, too.

A lot times, the people that do well with self-managing get good at systems and processes (or have lots of time and patience!), and the same is true of PM companies AND owners that use PMs. Most of the frustrations seem to come from the unexpected stuff that pops up, but good systems, processes, and teams take out a lot of the sting when things come up. In short, it costs a lot because it IS a job and takes a lot time. Not everyone has the time or desire. Figure out your best guess on what works for you and go for it. You can always switch later and you can always sell. Fortunately, Alpharetta home prices have seemed pretty safe due to high demand and low inventory. Could still make some money. 

I am an Alpharetta native, a RE broker, and founder of Hopewell Handyman, based in Alpharetta. Our family has STR (run by PM company) and LTR (self-managed). Location could be critical to your goals. Send me a DM if you want to discuss specific locations, getting connected to the right "team" etc. The 8% you mentioned is a typical fee for LTR PM. Others, including our family, pay significantly more for STR PM, too. I've heard people say as much as 30ish% in other markets.

Interesting! Care to share any details about the owner financing component?

@Jp Kilduff I'll send you a DM

...in-law suites, carriage houses, apartment garages, etc...all are names for places that can be separate living quarters. Building an ADU likely has permitting implications, especially adding a separate structure to the property, but it is possible. Other versions could be far simpler, such as a basement apartment, for example. A separate entrance is probably best, but not necessary. People even rent by the room within their house. Whatever you're comfortable with. And, yes, I've seen people on AirBnB renting out campers and little cottages/sheds on their property.

Restrictions and requirements may vary with each homeowner's association and municipalities will have covenants, rules, or requirements on what is and isn't allowed for rentals.