All Forum Posts by: Robert Gagnon

Assuming the suite is allowed, how would you rent it as far as writing a contract since it is not a duplex? Or is renting a legal mother in law suite allowable? Thanks

Gilbert,

Yes I definitely should dig a little, though at first sight the suite appears to be pretty new and fresh. This could just be updating though and as you said will require some investigating. 

I think the LLC idea is smart. To clarify, you had the tenants become LLC members, who in turn payed the LLC their payments each month. Then the LLC would pay you the amount they payed?

If I understood accurately as I described above, how did you write your lease agreement as far as what the LLC pays you each month.

For example, if the LLC did not have all 14 studios rented out, such as two vacancies, the amount the LLC could afford to pay you would be less two studios.

Thanks for your reply and your time, I really like that plan.

I am placing an offer to purchase a SFR in Washington. It is zoned SFR but the previous owner has created a nicely done, including a nice kitchen, mother in law suite with it's own access.

The suite has a stairway with lockable door separating it from the rest if the house, allowing two parties to live separately.

I would like to rent out both spaces separately, but was informed by a good investment realtor I use that renting the property as a duplex could be troublesome since it isn't zoned that way. We do have some troublesome renters around who know renters law pretty well.

It sounds like the property should be rented out as a "shared space," and charge one fee for rent. Then the renters would have to divide rent amongst themselves.

Does anyone have experience working with this type of situation that could shed more light and provide information that has helped them?

This will be a house hack to start out, and later will be rented completely later.

I appreciate any help!

This is a fun list you've put together.

A lot of useful information. I am not sure if I saw it all correctly, but if you were to add anything maybe a population statistic.

Thanks for sharing!

Thanks!

Good evening,

I have been absorbing all of the information on BP recently and decided I better introduce myself and take part in the discussions!

My name is Robert and I am from Kirkland, WA. I work full time and have been married for nearly 5 years (and who says marriages don't last).

I have only recently seriously began taking in all the information I can and scratching out a plan for my future.

I am interested in mostly rentals (preferably multi-family), though I suppose as I learn more that can fluctuate.

My general plan is to finish saving my down payment for a personal home (my wife isn't on board with house hacking... yet), and then begin doing the same for rentals. I would definitely like to BRRRR my way up the ladder, but am not opposed to becoming creative and using various strategies.

I hope to meet others in the area, or even others outside the areas (long distance partnerships can work right?). I look forward to future discussions with any and all, and thanks for reading.