All Forum Posts by: Jon Martin

Certainly doable but sketchy on a 6 month timeline with non-conventional financing. You need to have a longer runway and flexibility. 

Look for higher SF homes with additional living areas (large dining room, or living room and family room) that are easily broken into additional bedroom or even a 1 bath property with a big laundry room that can be converted into an extra bath. Lots of nice 2/1s in good markets that languish because they aren't suitable for most live in buyers, so you can often start with a discount. Also, buy in neighborhoods where a good chunk of the properties are worth more. 

A smaller home is safer in case you end up having to cover some of the expenses yourself. In better times, there is more appreciation upside and more exit opportunities with a 2-3 bedroom. You are bound to make some mistakes or frivolous purchases/spending in regards to furnishings, decorations, rehab etc with your first purchase so it's better to do that on a 2 bedroom vs a 4-5 bedroom. Then you can take what you learned and scale up for the next property. 

If there are 2 separate stand alone units, such as a primary house with a basement/carriage house/detached garage with it's own kitchen and bathroom, then I would simply list them as 2 separate units on the OTAs. I would be transparent about this and post the link for the other extra unit in the listing for each and sell it up as a benefit for larger groups. Big groups will be more than willing to book both. Otherwise, be sure that each unit is private enough in regards to noise control, access, parking, private outdoor space, etc so that separate groups are not forced to co-mingle if they don't want to. You would probably not want to have a huge spread in guest numbers between them, because a 8-12+ guest place is probably going to make too much noise for a mellow couple in the ADU, unless the units are far enough away to essentially be different properties.

Otherwise, I have thought about the exact scenario above for a 2 bedroom with 2 masters suites. Give 1-2 guest parties the option of renting a single room and keeping the other guest area locked via smart locks, then unlock the other bedroom with 3 guests for more and charge more for it. Could be a great idea and would allow you to have a lower cleaning fee to be more competitive. I think that this could be doable with the recent push by AirBnb to upgrade their single room offerings. 

 Agreed, which is what I was getting at. If he can use the house as a profit center to raise funds for her care, given that it is still her asset, then that is 100% appropriate in my book. 

IIRC the drilling to see what's there is relatively cheap, it's the actual well building that is expensive. If you can set the contract up in a way where you cover the cost to drill ie "test" before you buy and proceed with the contract if a certain GPM by a specific depth threshold is met, then that could work I guess? 

I could see how with mountianous and rocky properties like that the depth could vary wildly. 

Sorry to hear about this. As mentioned above, find an attorney ASAP. The fact that you are posting this here and actually have some cash saved at your age is a great sign that you are far more savvy than most your age. If you need to use some of that cash to help your Mom then you should do it, as a student you can always use student loans to fill the gap if needed. Given that this issue seems relatively simple and black/white from a legal perspective then this should be relatively cheap by lawyer standards. 

Also- even though you are technically an adult you could have some kind of tenant or squatter rights on your side, which is another issue to bring up with a lawyer. DO NOT LEAVE for the benefit of your Aunt until you are escorted out by law enforcement. Seriously. 

Your Aunt sounds like a predatory _____ (insert expletive). If you are going to AirBnb the place, then that money should go to help your Mom get the help she needs. 

 If you already have queens in place then run with that, assuming they are clean and comfy. You have enough expenses already, start making money first and then switch them out later if needed. As a compromising you could swap out the queen in the master for a king and leave the rest. 

For tall people like your husband what you need is a California King because they are 4 inches longer and 4” more narrow, bur there is less selection for all things bed related at that size.  

 @Corby Goade do you or anyone else know of lenders who will HELOC against an investment property? Thank you in advance.

 Bruce's tiktok is pretty lit 

I imagine that the action of mowing the lawn will grind up the poop for you and turn it into fertilizer? You could always ask your guests to pick up the poo but whether they will or not is a toss up. 

Definitely be on at least a 2 week rotation. Colder months you can back off on that but the poop would pile up. Then again, if the guest wants to live that way it's on them at that point.