All Forum Posts by: Account Closed

@Jesse Dean

Check out www.hostelworld.com and search some ski towns to put a seed in your brain on the possibilities out there.

I stayed at Chile-Kiwi in Pućon, Chile and it is one of the most amazing dorm style places I have ever seen.

The most similar thing to your idea is dreamcatcher hostel in Golden, BC Canada. Ski town! Look it up, pick the brain of the owner there. I stayed and it was simply amazing, great communal industrial kitchen, fireplace.

Cleaners live in house and get free rent for trade cleaning common areas and toilets. Also they utilize work-away (another resource online) where foreigners come and volunteer trade to stay in cool areas. Loveland, Colorado is a destination location and I’m certain foreigners would help operate your house hack for a place to stay.

Sometimes you can sneak past the hostel rule by labeling as a “bed and breakfast.”

I would think about doing a mix use, live in long term tenants as well as short term Airbnb bunks. Again lots of people traveling to ski in Colorado and not a lot of options for anything under $50/night.

I'm up in Fort Collins and we have the U Plus 2 rule.  Not sure if it applies to Loveland. I know it has caused issues with the 4 and 5 bedroom houses in town - especially parking. Where would 8-10 drivers park, as an example (if they all drive).

Since we have many properties in the Fort Collins city limits, we often get questions from owners and prospective tenants about the “U plus 2” rule. There is some confusion about what it means and how to be compliant as a property owner.

The “U plus 2” rule dates all the way back to the 1960s. Fort Collins has always been concerned with over-occupancy of rental properties. My assumption is that this rule came about because of the number of students that made up the population of the city in the 1960s. The rule applies to single-family homes, duplexes, townhomes, condominiums, and other multi-family units. At the highest level, the rule says a residential dwelling is restricted to one family plus one additional person or two adults with their dependents plus one additional person.

The city states that a “family” is any number of persons who are related by blood, marriage, adoption, guardianship or other duly authorized custodial relationship, and how they live together as a single housekeeping unit and share common living, sleeping, cooking and eating facilities.

So here are some examples that are allowed and may help put this rule into practice:

• A family of any size
• A family of any size and their housekeeper
• A family of any size and a student not related
• Two single parents and their kids
• Two siblings and a friend

Here are some examples of what is not allowed:

• Two couples adding up to 4 people
• Two sisters and their 2 friends
• A family of any size plus two additional unrelated people

And, as with any rule, there is an exception. If your home meets certain criteria, which can be obtained from the city, you can file for an “Extra Occupancy Rental House Regulation” that allows for you to exceed the “U plus 2” rule.

I love that you are thinking and putting numbers to your idea.  I will say that the more people that live in a single house the more drama you will have.  Try living with just 1 other person and there will be interpersonal issues,  10 people and you will have a mess on your hands.  You also will have a mini "tragedy of the commons"  where no one will take responsibility for cleaning up common areas since 10 other people are making the mess.  10 people sharing 1 kitchen = problems.  10 people sharing 1 to 2 bathrooms = more problems.  10 people sharing 1 driveway = more problems.  

I had a tenant once who was renting a 5 bedroom house from me decide to start renting out individual rooms to people (without my knowledge).  The rent was getting paid like clockwork and the guy never complained.  I had no idea what was going on until we got an order from the township telling us we are not allowed to rent individual rooms and they discovered this was happening due to the police getting called to a disturbance at the house.  I'm sure you will run into legal issues with your city over this plan. After we got rid of this tenant I found that several of the bedroom doors had had padlocks installed on them to lock up when the person renting the room wasnt there, and 3 of the bedrooms had had the doors kicked in. The people renting individual rooms, much less the people renting individual beds, will care nothing about your property.  You will also be lucky if they pay rent.  Now try to evict 10 separate people who all have individual leases, that you are also living with at the same time.  I believe you would have to file a separate eviction case for each one, costs vary by county, but it would add up quick.   

I think house hacking is still a great first move, but either get a duplex/fourplex, or rent out 1, maybe 2 rooms max.  Cover your expenses on the house so you are living free and bank like crazy for the next house.

@Jesse Dean I’m sure you’re going to get some negative responses, but let me start with a positive one: You are thinking outside the box and that’s a great trait to have. Don’t lose that trait!

As for the idea itself, you’ll want to research your local regulations more. You might also need to lower the price a little further, or decrease the number of beds. With that said, there is a market for this type of housing, even if I personally would not live there.