All Forum Posts by: Willem Nichols

Hey guys wondering if someone can help me with this. I have my original home paid off with homestead exemption applied. Bought a second house with a primary mortgage to get the lower rate. Do I need to take the homestead off of my original home to not violate loan terms or homestead laws? Long term, one or both will be rentals but in the meantime I kinda bounce between them. Any help is appreciated. Thank you!

@Stephanie P. Which is why airbnb would likely make the most sense. Or roommates per se.

@Stephanie P. Yes I would consider it a single family at the moment.

@Tammi Bieniek awesome plan! Sounds very similar to my situation. I’m not zoned commercial, but zoned R2 so I was told potential to build another dwelling in the property and it had plants of land to do so. Very unique opportunity I fell into. Not exactly what I was looking for and the top of my budget, but seems to make sense any way I cut it

@Stephanie P. Thank you! There are similar houses with connected mother-in-law suites and what not, but not exactly the same situation. Not sure it was meant to be a triplex but that’s how I intend to use it. It is zoned R2 so I don’t know if that helps or makes it more complicated. I am “young and single”, have a current single family home that will be a rental and then will live in this with the other two “units” rented or airbnb’ed. Maybe one of each. It’s a bit higher in price than I was looking for, but the numbers seem to make sense any way I run them compared to other potential rental properties in the area.

@Karl McGarvey thank you! Were you able to find someone to appraise it? And also I think I would include all utilities in the cost of rent. Sell it as “all inclusive” so including electric cable water and internet. I could get a few hundred more/month this way, or if I did Airbnb it wouldn’t be an issue. Is that what you meant by being a hard sell?

Hey Guys! I have verbally accepted an offer on a unique house. It is technically a single family home but built in a unique way to where 3 sections of the house have there own exterior entrance, kitchen, private bathroom/bedrooms. The sections have doors between each one that when locked, separates them from each other. There is just one electric meter for the house.

Additionally, it has a boat lift on a river that leads to the ocean, a 3 car garage, and extra land with RV connections already in place. It is also zoned R2 so potential to build another separate unit from what I understand. I intend to live in one section and rent out as much of everything else I can. What would be your strategy? All inclusive yearly leases, short term vacation leases, Airbnb (all normal in the area)? Are there any laws, insurance, or tax implications I should consider? I just want to make sure I won’t run into any surprises down the line. I am going to be getting a conventional loan with about 20% down. It’s about 700k so being considered a single family home, loan limitations prevent me from putting down much less. I appreciate all your help!