Hello All, I am finding out tomorrow if my offer was accepted on a a duplex in Loveland Colorado. I am planning to house hack it. So I am renting out one side for $1400 and the other side that rents for $1000, I will live in and rent out 1 bedroom.
My question is: Is there any law such as the U+2 law in Fort Collins that would prohibit me from renting out an individual room on my side of the duplex along with me living there and a family in the other side?
Any and all advice is appreciated :)
Loveland does not have a U+2 rule like Fort Collins, and even in FTC you could rent out a room so long as there are not more than 3 non-related adults living in the property (one side of the duplex). Best of luck with the duplex! If it's the one I think it is, I went through there today and it looks like a good value. Good location for future growth too. Give me a shout if you have any management related questions!
Updated 7 months ago
Upon further research, Loveland does in fact have the same code allowing no more than three unrelated person per property.
I have investment units in Loveland, and they DO have the same occupancy code. They do not require occupancy disclosure though. I've looked at their code and spoken to their code enforcement officers.
@Grant Shipman , I've never heard of Loveland enforcing a U+2 rule so I guess I assumed the rule wasn't on the books. I'll have to educate myself some more about it. Thanks!
@Wyatt Simon @Grant Shipman
Wyatt, did you get the duplex? Turns out my partner at the property management company used to manage it, and knows the owners. She said they got something like 17 offers.
I'd love to grab coffee with you guys soon! Wyatt, I'd love to hear about your experience with wholesaling and your lease option. Grant, I'd love to hear about your businesses and investments (and acroyoga, which I know virtually nothing about, but it intrigues me). Maybe we can support each other on the way to our goals!
@Benjamin Wishart Unfortunately I offered 15k over asking price and to pay closing costs, but did not have my offer accepted. There was a crazy amount of offers within 3 days.
I'll message you and we can meet up sometime and see if our goals align somehow or in the future!
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