All Forum Posts by: Mark Tomseth jr

Hey Kelly - I haven't taken any action. We decided to take our time, do some fix up, pay down debt, and wait until the city does an update project with sidewalks and bike lanes.

@Robert Bowles & @Grant Schroeder AH! Thank you so much! Yes I am working on getting information to the lender but they have a long turnaround and with the potential of them saying "no" I want to have alternatives ready to go as surveyors are expensive and they are backed up months with many projects so I want to get as prepared as possible. All the answers have been helpful so I appreciate your time and sharing information. If I actually get this done, I'll make sure to share the outcome. 

Hi Jonathan! Don't know why they hassle on the terminology. I figured you are using AIRBNB as a general term for STR right? Kind of like Kleenex and Qtip. Anyway have you got any good insight? I too want to look into STRs. So far I have been using AIRDNA to check out areas. They have a free "rentalizer" tool you can plug an address in to get an idea for gross revenue and you can purchase some regional data as well. I've been watching a lot of "Robuilt" on youtube and he has some good information. Good luck and please share your story if you find something.

FYI - We tried to buy STR in Bend by house hacking and we are trying to figure it out with all the permits you need. Definitely a learning process!

Congrats Harold! Can you share any more details? Any elaboration how you found it and emphatic response on no realtor?

If I am understanding you correctly (slow kook/noob here) you have done it or no? I did try to call the mortgage holder buy you only get to talk to people that can't answer your questions. I have to write a letter and wait for months to hear a response. I am relenting to just do both at the same time. 

Thanks Tom. I guess I was considering doing it in reverse order because I was hoping to avoid the word "no" by just dividing it and then refinancing with the new lot designation. Based on everyone's feedback it sounds that is not a way to go. Do you have any examples of someone doing it?

Thanks Joe. You kind of answered what I was getting at(when you noted that it wasn't uncommon), which is what I was hoping for. My fear being, if I ask, they can say no and i'm outta luck. I was also hoping to hear, if I subdivide(but don't sell), I could refinance the home with the new lot designation. I've been googling and searching forums and can't find any examples of people dividing their lots with a standard conventional loan. I was hoping some people had examples and how they did it.

Dang. Sounded like a good opportunity, but there are plenty more!

Hey Mike - Did you end up dividing the lot?

What if I notify/ask them and they say no you can't?  If I don't ask, I divide it, and then refinance/sell - what's the difference? Am I missing a major detail?