Posted by David Krulac on March 23, 2005 at 10:14:00:
before buidling codes. even now in rural areas boca codes aren’t followed.
We had an electrical problem in a basement last week. I was complaining to the electrician about the 4 foot ceiling height. He said its a lot better than a crawl space.
1 bedroom homes - Posted by John
Posted by John on March 22, 2005 at 20:04:57:
What is anyones opinion on 1 bedroom 1 bath homes as an investment. More specifcally for a rental.
Thanks
Re: 1 bedroom homes - Posted by Mike-OH
Posted by Mike-OH on March 23, 2005 at 06:05:05:
John,
I have found that there is a good demand for one bedroom houses (and yes I do have a few of them). In our society, there is a steady stream of recently divorced women and single/young women with a child (or pregnant). These two groups are prime candidates for one bedroom houses. The only down side is that the turnover is higher than for a two or three bedroom houses because they quickly outgrow the house. On the very positive side, you can rent a one bedroom house for almost the same price as a two or three bedroom (which astounds me).
I wouldn’t want to hold a high percentage of one bedroom houses in my portfolio because they are harder to sell, but they do make good rental properties.
Mike
Re: 1 bedroom homes - Posted by GL(ON)
Posted by GL(ON) on March 22, 2005 at 22:32:39:
Dont think Ive ever seen one. Are they vacation cottages or tourist cabins? Sounds more like a motel or resort type business than a real estate investment.
Re: 1 bedroom homes - Posted by John
Posted by John on March 22, 2005 at 23:39:54:
No. It is just a 1 bedroom 1 bath house in a neighborhood of primarily 2 - 4 bd homes.
Re: 1 bedroom homes - Posted by GL(ON)
Posted by GL(ON) on March 23, 2005 at 04:48:52:
Is it rented now? Can you continue to rent it, and can you find good tenants who want that type of accommmodation? Will it make a good long term investment? In that case I wouldnt be afraid of it if it was a good buy.
How big is the lot? Would it be possible to build onto it in future? You may not want to do it but a potential buyer might.
I wouldnt turn it down if it was a good investment, on the other hand I wouldnt buy a dog just because it was cheap. Sorry I cant be more helpful without seeing the property but I hope this gives you some ideas.
I recently looked at a house - Posted by David Krulac
Posted by David Krulac on March 23, 2005 at 06:18:30:
that was advertised as 3 bedrooms, however what they were counting as 1 bedroom was the landing at the top of the stairs on the 2nd floor. You could fit a bed there but had to walk through to the other bedroom. There was another “Bedroom” on the first floor that was 6 feet by 10 feet. To me this was a 1.5 bedroom house not a 3 bedroom house.
I’ve seen other house with 5 foot ceilings on the 2nd floor. To me they are not bedrooms since most people other than children are taller than 5 feet. Heck i have a nephew in the 4th grad who’s 5’ 2".
Re: I recently looked at a house - Posted by Killer Joe
Posted by Killer Joe on March 23, 2005 at 11:03:49:
David,
Correct me if I’m wrong, but it is my understanding that HUD has a requirement of at least 48" of closet space and an egress window for it to be considered a ‘bedroom’.
KJ
Re: I recently looked at a house - Posted by GL(ON)
Posted by GL(ON) on March 23, 2005 at 09:18:52:
Sounds like you guys live in Munchkinland ha ha. Shows there is more than one side to the building code issue.
not sure about that… - Posted by David Krulac
Posted by David Krulac on March 23, 2005 at 11:30:42:
this wasn’t a HUD house. I thought that there requirements were at least 80 square feet or 8 x 10, 9x9 etc.
I think that they do require an egress window and I am certain that BOCA does.
I thought that they like a closet but will accept a portable closet, chefrobe, amore etc.