All Forum Posts by: Jon S.

@Steve Smithy

Makes sense! Don’t rent to him. It’s probably a full scale grow operation renting multiple properties.

@Justin Hodges

Might consider how much load this is going to put on the cooling system, and ductwork. Can the added heat and humidity increase mold growth in ductwork?

@JD Martin

Good points! His note does sound more like a business posing as an individual. If it’s a business it’s very possible that the business scales the operation by renting multiple grow houses. I’d say find out who your dealing with. The letter was very business like, unusually so.

@Jack B.

I've had tenants in MF complain about weed smoke entering their units from outside patio below. As an SFR that concern may apply to neighbors if smoking outdoors or it may effect the odor of your house if smoking indoors. It could be expensive to get that odor out, ie, new interior paint job. If not smoking it indoors that issue isn't as much concern. However, I'd check whether growing would imbue any odor on your house. Id also check whether there's any increased risk of fire, what effect the added load might have on your electrical system. As a side note, a friend rented to a section8 tenant that turned his house into a grow operation without his knowledge or permission. According to him the tenant moved out in the middle of the night and left him with an absolute disaster from the clandestine grow operation. I don't remember any other details except the damage was extensive and costly. I remember how extremely upset he was about it. This tenant seems to be more upstanding and honest. However, still do your due diligence on the potential for damage, and the potential for infringing on neighbors, the potential for fire or water damage, or smoke or odor damage, before deciding.

I’m looking for a good reliable reasonable plumber who knows their business, in Tampa. Any suggestions appreciated.

@Cory Wallace

True, paying it off provided more choices. I hadn't thought about it that way. Plus I think I can rent and keep the HELOC. So I wouldn't need to sell to access the equity for capital.

@Lua Jambeiro

I’m also following. I’m in Tampa. Very hot market here.

@Zach Rucker

Commercial appraisals are supposedly higher for rentals than residential appraisals, so in the BRRRR method the refinance would return more capital back to investor.

@Zach Rucker

Agree. I could also increase the HELOC to 90% or 100% with some banks (for a slight rate increase), keep the house, and use the heloc to fund a MF when one is found. I've found some triplexes and duplexes so far, but I've read it would be better to acquire an actual MF with 5 or more units, so I could get a commercial appraisal rather than a residential appraisal.

@Zach Rucker

I think I already avoid capital gains because my house has been owner occupied and homestead exemption for 2 of last 5 yrs. Is a 1035 exchange still better than an outright tax free sale?