All Forum Posts by: Jordan Buys

I'm considering splitting one large master bedroom into two separate rooms. However when I do so, the second room would not have a closet. 

Would I be able to list this as two rooms on a rental or would I only be able to technically list it as one? Am I required to construct a closet in order to deem it a second room on MLS?

Also, what if I just did french doors separating the rooms rather than a full wall? Would this count as two rooms or is that just one large room with a door?

How do they define "live in" on the property though. I mean we plan on keeping some things in the MIL suite and definitely COULD live in it. But are they coming by and checking or anything like that. I figure if they did, how would they know if we are not just checking on our other property? I think we would just prefer not to fully move in there and keep our recently renovated home next door. 

I could pull together the 25% for an investment loan but would prefer to get the lower rates. We have discussed doing a true house hack and renting our current 3 BR for about $200 CF, renting main house for $500 CF, and then living a cramped life for a year...but that's going to be a tough one for my wife to swallow for a good deal. 

Howdy, 

Long time listener, first time poster, and hopefully future RE Investor. We've been considering purchasing a second property for some time and had a potential deal fall into our lap. 

Our neighbor is looking to sell quickly without listing his property and would give us a 10-15k discount below market value. The home is a 3/2 which could easily be converted to a 4/2. It also has an attached Mother-in-Law apartment that could either be rented or AirBnB regularly. Wanted to get your advice on how we could potentially structure this. 

We would ideally like to purchase their home as our "primary residence" on a personal loan but stay in our current home next door. Would it be legal for us to "technically live" in the attached apartment as our primary residence (send mail, bills, leave some belongings) and then rent the main house or would this be mortgage fraud? 

Without the 4th bedroom the deal doesn't make much sense...however with it I'm projecting a 1.08% Price to Rent, $589 monthly CF, 1.57 Debt Coverage Ratio, 8% Cap Rate, 17% COC, and 19% IRR. The window for rentals in our area is closing quickly. Would this be legal and advised, and do you think we should jump on it?

The economies of scale and proximity seem ideal for first foray into Real Estate. Would be very easy for maintenance, projects, monitoring, etc.