All Forum Posts by: Rene Hosman

https://www.biggerpockets.com/forums/48/topics/1205475-start... This is a recent post about another foreign investor in Jacksonville, you both might be able to share some knowledge and resources in terms of who to hire and work with!

@James Carlson I'm not even sure if we will see density bring prices down really, but keeping them at a maintainable level long term is definitely a goal and one that I agree with on a personal level. One of my current tenants in Denver lists the extra bedroom as an Airbnb arbitrage and I was totally okay with that, it's his residence and as long as rent is paid and he has the proper licensing/insurance then sure. I'm also okay with the fact that I cannot personally use that entire rental as an STR because it is not my primary. To me it seems like a decent compromise in the need for housing and the ability for home owners to make decisions about the highest and best use for their own property.

Currently working on being able to put an ADU on a SFH property in a Denver metro suburb and the process is sooooo cumbersome, so I am glad that hopefully others won't have to deal with that process for much longer

@James Carlson Agreed with your most of your points here - and personally, I'm okay with the idea that if you want to put an ADU on your property that you have to live in it first. There are already benefits like primary residence loans that give you perks if you're going to live in a place for some period of time. I am totally okay with the fact that if you want to reap some benefit, you may have to make some personal sacrifices. I think this gives the slightest of advantages to people who are smaller investors, and also people who are willing to perhaps sacrifice some time and energy short term for long term gains. And that long term approach is how I see real estate benefiting the average person.

To your point of not benefiting STR I slightly disagree, while this doesn't directly change STR rules I think it allows a potential for more STRs, again, if you're willing to make some sacrifices.

For example you can build an ADU to rent out as an STR and stay in your main house, since this is still your primary residence it seems that would be an allowable use.
Or, as of now I don't see anything that would prevent an option in which folks could take it a step further and move into their ADU, if they're willing to make a larger sacrifice, and rent out their main property as the STR. So while this doesn't directly address STRs and the idea is general housing density, I do see it opening more doors for STRs indirectly perhaps.

Is this housing density ruling going to help STR investors overall? Probably not, but that's not what it is designed for. I like the fact that it gives homeowners and small investors potentially more options on how to utilize their property though.

Ohhhhh! Understood! That makes way more sense @Rance Smith

If anyone in Denver is interested, the city is revising their zoning policies on ADUs - you can see a summary of the changes here or you can read the full changes proposed here
They are taking public comments and questions through Thursday and hosting a virtual town hall tomorrow evening before a recommendation is made to accept or deny the proposed changes to the zoning laws. Zoning laws can seem really boring but ultimately make a huge difference in how our city works and also what you can do on your own property. These current proposed changes are just effecting Denver for now but are meant to realign with the changes the state made recently, and future changes in other districts in the metro area can often be modeled after changes in Denver proper
If you want to make a comment or pose a question it only takes five seconds here

 I had no idea that insurance could cover part of lost rent when there are eviction proceedings.   

Is this because you had a PM with insurance for this kind of thing or was this a clause in your individual building insurance policy? Did they only cover this cost once the eviction process was complete and the final loss was assessed? 

@Rance Smith WOW! First of all, what a story! Second of all, you're a great writer this was so clear and informative. Thank you so much for sharing your story, I'm glad to see you chose the Success Stories thread because this is truly a success story and here's why 

•You had enough in reserves or in an emergency fund or the ability to get enough money somehow to fix these issues and that is HUGE in itself. So many folks are out here touting making millions with $0 down and you proved that even with all the due diligence and good investing sense, you have to be prepared and take risks that are proportioned to what you can withstand. I'm sure this was not comfortable or fun to spend this money for the fixes but the fact that you were able to find a way to do so and stay in the game is really a feat so kudos there!

•You persevered and did what it took to get the job(s) done. Real Estate is not a passive investment as so many say, you demonstrated you're in it for the long haul and willing to do the work

• You learned from the experiences - you took the info from your first eviction and made the second potential eviction easier. You noticed a pattern in the fraudulent tenant applications and you moved on from a PM who wasn't paying enough attention to notice that themselves

Truly a masterclass in landlording 101, thank you so much for sharing this with everyone!

I'm curious if you can share a little bit more about if you have cost estimates in how much going through the eviction process was in terms of your time, legal fees, lost rent? Did any insurance cover any of this or was it all out of pocket? I've never been through this process and it's my biggest fear because it seems to be SO costly!

I wouldn't say there's been too much to overcome, just taking it slow and fixing up as money comes in!

@Sal Ruffino Welcome to the BP community! I've not heard of REI Nation, are they a turnkey rental developer? What is attracting you to turnkey?

The new paint looks great! Would love to see if you have any photos of the interior renovations.