All Forum Posts by: Sam Chan

 Do you have a prepay penalty attached to the current loan?

I have a MTR in the Med Center area just outside of downtown and it's been great for 2 years now. 

You do still need to get it inspected through the Rental Housing Inspection Program, but that's pretty easy. They're just making sure the house is livable and you can find their checklist on the city website so you know what they're looking for. To my understanding too, you can rent your property out while you wait for the inspection and results, and if you miss some items on the inspection they're pretty easy to work with to get it remediated (In my inspection I was missing a smoke detector in the basement and they let me send photos when it was installed). There are fees, but the big one is upfront and then yearly it's like $18 to renew and they let you self-certify for 5 years. Not a big deal. 

As for marketing Furnished Finders is the gold standard for MTR.

If a permit is required I absolutely would not list it before then. Big jurisdictions are going after properties that are unpermitted and the fines can be substantial, as can the penalties. Marketing it as an MTR might be a good alternative so long as Sacramento doesn't also regulate MTRs.

Yes, you need to be licensed. But you could always rent as an MTR on Furnished Finders in the mean time. No license required.