All Forum Posts by: Brian Ashbaugh

Question

Current tenant didn't get their offer accepted on a property I might purchase.

• What are the risks to having a current tenant remain in the property in this situation?
• What is the best way to handle the situation to minimize risk of damage to property, etc?

Situation

• Current tenants put in an offering an FHA loan
• Their offer wasn't accepted
• They are paying under market rent of $1,600 (market is ~$2,000)
• Their lease is up in April 2022
• Current lease must be honored
• Current least states they cannot move out until April 2022

I live in Orange County where there is an HOA. Wondering if others have had success, failures, challenges with getting HOA approval for adding an ADU?

HOA rules state allowing up to 652 sq. Ft. ASU but state law allows up to 1,200. Does state law take president over HOA rules?

Any financing options that I should be aware of with ADU's?

Any other tips, tricks or strategies I should be thinking of?
 

I'm Starting to research adding an ADU in Mission Viejo. sadly the HOA seems to limit the size to 652 sq ft. I'd like at least 800-1000 sq. ft.

Still trying to figure out loan options for ADU's, costs of building, costs of hooking up utilities, etc.

HOA might be my biggest challenge to getting approval. I'm wondering if state law takes precedence over HOA rules?

Anyone know what could you get for renting out an ADU of 500 sq ft and 1,000 sq ft. around Irvine, CA?

you can contact the local utility company and request utility costs on the specific property you are looking at.

@Jordan Moorhead cozy.co is definitely one of the tools on my list to check out. 

@Stephen G. Wolff, @Jordan Moorhead, thanks much! I currently do not live locally which is why I might not self-manage. However, I do have family in Minnesota and visit at least 2 times a year so I may start with self-managing to see how it goes. I'm looking into some online tools I can use to help tenants make rental payments and submit maintenance requests. Have you guys used any tools like that?

Do you have a solid recommendation for property management companies in and around Minneapolis? Would love to hear from you and your experiences with great management companies and would love to hear any experiences that were less than great.