All Forum Posts by: Adam Apalategui

I recently stayed in a 'hotel' that was 6 tiny houses, in Tillamook Oregon. Love the idea, but laws where I live make it cost prohibitive/almost impossible. So the rules are the first thing.

Here's the link to the one we stayed at if interested. https://shelterednook.com/

We got some plastic static stick on stuff for a few windows. Home Depot has it. It's inexpensive and makes it so you get light, but can't see right through it.

We did it to diffuse bright sunlight, but would work for this too. Also available in stained glass like patterns.

Yes. Sold a duplex to a racquetball buddy. It all worked out well. Same process I suggested.

Bought property 2 years ago where I just worked through the listing realtor. 

Bought a duplex in 2005 from the owner. In Oregon the title company handles the close, so it's pretty easy.

David,

I would get an appraisal and inspection, maybe split the cost. That way you both know the particulars. Then sit down and talk and see if you can come to an agreement. Maybe appraisal - realtor fees?

Best of luck to you...we may move to Henderson so who knows...our paths may cross.

Adam

CJ,

Issue I would have is your time needed per door. If it's minimal, I say keep it up...if it's a lot of time  then maybe larger deals make sense. These must be pretty inexpensive houses?

Adam

If reasonable cost I would add the meter. 

In Bend Oregon the city will not add a second water meter, if one tax lot, so owner needs to pay it or split. And there are rules about how it can be split of course...and there are sometimes disagreements between tenants so I just include it...

Sam,

It all comes down to local regulations, zoning...I would be at the City/County planning office first thing and see what's allowed, what the process is...where I live (Bend, Oregon) ADU's are very regulated, but other areas just outside of town are totally different...

Good luck...Adam

5% is good for non owner occ, maybe you are paying points to get to that rate? 

Spending $6,000 on repairs and increasing the value by $41,000 seems pretty extreme...did you vet this with recent and relevant comps? Do you have a good repair breakdown? Management at 5% seems too low, most are 10% for lower end houses like this. Insurance seems a little high. 

Maybe all the numbers are solid, hard to tell without knowing more. Your CoC isn't great, so if a few of these numbers bite you it could be a problem.

Good luck!

Larry,

If you don't have an appraisal the lender should and can give it to you. Maybe they used an express process since I am guessing it's a low LTV.

Best of luck to you,

Adam

@Jeremy Clark

Loan terms seem like an owner occ vs. a non owner occupied rate?