All Forum Posts by: Roman Puzey

Hello,

We are getting ready our MTR property to be rented for a traveling nurse. We are still in early stages of getting our property ready for rent and I had a question regarding furnishing. I do have a check list (spreadsheet) of all that's needed to get it ready but I was wondering if it matters if furniture needs to be brand new or can it be used as long as it looks good/decent? Since some of the prices for new furniture are a little expensive and things do add up. With that said, would HomeGoods, Wayfair, AFW, perhaps GoodWill are good places to consider in buying furniture? Looking for some advice from anyone who has previous/current experience with MTR

Quote from @Ben Rhodin:

Hey @Roman Puzey! Going to echo most others here, these are questions for your agent, and they should easily be able to answer this for you. Here in the Denver Metro mostly what you are looking at is an ethical dilemma, as most municipalities here will allow you to legally rent nonconforming bedrooms. But as most people have said, you could be looking at a wrongful death lawsuit if anything does happen. If you are occupying down there, you can be more comfortable. But if you are renting the downstairs as its own unit, I would get the windows done, not just from a legal perspective, but also as it will increase your property value, and it makes the unit more appealing overall. 

by how much does it increase the property value? as much as the window is basically?

Quote from @Bob Willis:

Did you go under contract assuming the downstairs bedrooms were conforming? Was it not disclosed in the listing that the bedrooms were non-conforming?

It was disclosed in the listing that the bedrooms were non-conforming

Quote from @John Mocker:

Without knowing the details of the property it would be hard to evaluate the limits.  A couple of things that I would look into:

1. can you add "Personal Injury" Liability for Libel, Slander, wrongful eviction,...

2. can the Liablitiy be increased to $1,000,000 and/or what is the cost for an umbrella policy

1. What do you mean by personal injury/wrongful eviction? The tenant injures himself/herself and tries to sue us and can make a case that we wanted to wrongfully evict them and we didn't have a right to?

2. What do you mean by umbrella policy?

Hello

We are under contract for a single family home that we bought that has a full kitchen downstairs with 2 non-conforming bedrooms, full bathroom, washer & dryer and living room area with a separate entrance (staircase) that goes down to the basement. We had an inspection today and we were told that there is no egress out of the basement besides the staircase leading back to the main floor, there are small windows in each bedroom and kitchen area (16-20 inches) I would say but an adult wouldn't be able to climb out of them. We are trying to figure out what would be better approach towards this situation our scenarios are: ask for the seller concession vs get the quote from egress window company for the install and ask for seller concession to cover it vs if we can't get a quote in time to dispute inspection, ask the seller to install the egress window themselves before closing? Which of these is a better approach that we should take? Any recommendations will be helpful

Hello,

Wondering if this is a good quote in terms of numbers and things that are covered under this property insurance

$302,500 Dwelling Coverage + 100% Extended Replacement = $605,000 Total Coverage to rebuild the home

$30,250 Other Structures (ie: fence)

$151,250 Personal Property with Full Replacement Coverage

$60,500 Loss of Use

$500K Liability

$5K Med Pay

$1,000 Deductible, $2,500 Wind/Hail Deductible

$10,000 Sewer/Water Backup Coverage

$50K Equipment Breakdown Coverage (ie: furnace, A/C, water heater, appliances and more)

Service Line Coverage (ie: underground sewer line and other transmission lines)

Quote from @Matt Devincenzo:

Non conforming or unpermitted? There is a difference and it matters, here's my long winded post on the subject:

https://www.biggerpockets.com/...

If unpermitted then I'd evaluate what it takes to get them permitted. Unpermitted may not be a huge deal in some cases, but when it comes to egress and life safety issues you're gambling more than I closed off the dining room and made an extra bedroom.

How would we find out if its non-conforming vs unpermitted?

Hello,

We are under contract for a single family home that we bought that has a full kitchen downstairs with 2 non-conforming bedrooms, full bathroom, washer & dryer and living room area with a separate entrance (staircase) that goes down to the basement. We had an inspection today and we were told that there is no egress out of the basement besides the staircase leading back to the main floor, there are small windows in each bedroom and kitchen area (16-20 inches) I would say but an adult wouldn't be able to climb out of them. We were going to rent the basement while we live there. How much of a concern is it not having egress windows? Is it just a liability issue in case of fire? Does anyone have experience renting out finished basements that don't have proper egress? Is that a big legal issue or long term rentals don't usually care for having a huge egress window or another method of exiting the basement besides the staircase? Any advice helps! (The property is in Northglenn)

Hello,

Trying to decide if its worth doing a lead-paint based testing on our first house hacking property that we are under contract for? The home was built in 1962 and lead-based paint testing is recommended for home that were built before 1970. We are wondering if its a good idea to do that and also there is 2 different types, one is partial testing (where they pick random places) or a full testing (where they go through every basedboard, nook, wall, windows etc). We are leaning towards the full testing since we don't have any experience with that previously and this is our first house hack so we want to do it right. Any suggestions?

Hello,

We are trying to figure out on where to buy a property and rent out part of it to traveling nurse/MTR and if that doesn't workout revert to LTR. We have been seeing nicer homes around surrounding areas of Denver (specifically Thornton, Commerce City and Littleton) for the same price as they are closer to Denver but offer much more and we are wondering for example Some of our concerns are being far out from most things (5-10 miles) in terms of grocery stores, movie theaters, malls but being only 20 minutes out (15 miles) from one of the biggest medical campuses and close to the airport and we are worried that some the little things like aren't attractive to renters or traveling nurses, being too far out from some things but close to others. Would that matter if the place where they are staying is really nice on the inside and so is the community but not necessarily a lot of touristy things to do nearby? Or would that depend on people's level of comfort? Would like to hear any opinions on this