All Forum Posts by: Tyler Z.

@Bonnie Griffin Kaake

I actually just rechecked zoning rules, and it's Eligible for a third unit. This is probably the route to go?

@Bonnie Griffin Kaake

The property was just purchased and current the zoning prohibits a third unit. Adding a third unit would require me to go through the rezoning process and fully renovate the building. I'm unfamiliar with what you've mentioned, I'll have to look more into it.

In the meantime storage seems to be the best use while go about attempting rezoning.

@Louie Gabriel

Thanks for the information

I think I'd more over use it as a storage for the tenants and offer it up for additional rent per month. It would require only one wall and I should be able to avoid most costs on putting in work for the apartment. I could always down the line rezone the building and take down the wall. I think it would bring good value to offer storage for tenants especially when they are using storage units outside of the building currently.

@Nathan McBride

Great point about investing for a second apartment. Roi would take much longer. Storage would require one non load bearing wall. Easy peasy.

@Christen G. Seems like a great idea, divided evenly would put it at about 250-300sqft of additional storage. What would be fair market for storage? And what's the best way to go about offering to tenants? It was entirely unused before, I can't see them being upset having the option of paid storage.

I have a duplex that had two common staircases that have access from two different doors (they have a shared laundry room). How can I utilize this basement as it current is empty and unused.

Some thoughts I had was divide it between two doors with a partition wall and give access as storage (paid?) leave it entirely open and put two storage lockers (more expensive)

I looked into creating a garden apartment but it would require rezoning and ordinances issues that may not make it worth it currently.

Anyone have any ideas on how to utilize this wasted space?

@Kevin Sobilo, we are in the attorney review/inspection, we asked for a copy of the current lease to confirm dates and dollars. 

Im unfamiliar with estoppels but it see now it would be exactly what we wanted. We originally got the information in the listing of the duplex. We considered asking the difference of the extra few months as a credit in closing costs. I'd be surprised if they canceled the sale over 2-3k. 

Thanks for the reply! 

The tenant that is currently in one of the apartments of a duplex we are purchasing that pays significantly less than FMV rent is actually in lease for another 4 months longer than we were advised. Originally we were accepting the fact that we would have taken less than FMV with the anticipation of raising rent when the lease was up. Now that we have found out that we were misled and having to take another 4 month hit, we are getting weary of what's to come. By no means does this break our banks, but is there a reason for concern?

Also first time poster!