All Forum Posts by: Jon T.

Can I limit the number of occupants in an owner-occupied (me) two family home?

It is a two bedroom 1 bath apartment. I live in the other apartment.

I am in NY State.

Thanks

Thanks for the posts.

My budget for the heat is roughly $3k. Since I am going to be living there for at least two years, I would like to have something that is long term, reliable and efficient. I had a plumbing guy and an HVAC guy tell  that the old one that is there is vey inefficient and very old. (Plus it looks bad and is HUGE)

I figured it would make the unit more rentable when I move out.

I am putting in a bid on a two family that I plan to occupy the second floor apartment. It needs work where the first floor is rented and the tenant wants to stay.

The issue is the heat. The only heat source for the second floor apartment is a large free standing natural gas furnace that is 14 years old. It is vented into an existing interior chimney.

What are some of the options I have for getting heat into the bedrooms (which are on opposite ends of the apartment)? Should I do electric (hydronic) baseboard heaters in each bedroom and replace the older gas furnace with a new, more efficient furnace?

The apartment is about 1000 sq ft, two bedrooms, a large living room and large kitchen with a bathroom off the kitchen.

If any one has any ideas, I should would appreciate the input.

Thanks

I am in the process of purchasing a two family house in upstate NY. The purchase price is $85k and I am putting 10% down with a no PMI mortgage (Total monthly payment with taxes, insurance and mortgage payment will be $719). I plan on putting in about $4000 to get the second unit "rental ready". (New carpet, appliances, paint etc.- It has a brand new roof)

We will live in one unit and expect to get $700 for the spruced up unit. The plan is to live there two years and then purchase a SFH for us and rent out both units.

My questions are:
1- Do I need a property management company for something like this?
2- Should I be putting more down? (I can afford it, but would prefer to keep the cash)
3- When renting out an owner occupy, are there different rules for who I can rent this out to?

Thanks in advance for the response.