Mar 11
5
by Julie Broad
Ever looked at an investment property with an illegal suite (or a legal non-conforming suite) and wondered whether it was a good investment or not? Quite a few of our students have and I figured a lot of others have too. Since we covered the topic fairly extensively in a recent group coaching call we had with our 12 Months to $1 Million club members – I thought I would share that with you. Plus, this little clip gives you a little insider peak as to what goes on during one of our group coaching calls.
During this particular call one of our club members, Michael, asked us to discuss the subject of buying houses with legal non conforming suites. He’s in an area where there are a lot of older homes that have non conforming suites. We expanded his question to include the things you should consider when looking at a property with illegal suites as well. We even shared a story of a triplex we almost bought that had one suite that wasn’t legal that we walked from … and soon after that had it’s illegal suite shut down!
Buying property with illegal suites packs extra risk. We have a couple of properties with illegal suites so we don’t say ‘don’t buy them’ but we do explain what you need to look out for when you’re considering making an investment in one.
Plus, there are some things you can do to mitigate the risks associated with investing in homes with illegal suites and we also discussed that in the call. Here’s the clip:
Click the link to listen to:
Things to Consider when Buying Property with Illegal Suites
Also – you may like to check out the video I did awhile ago on analyzing risk in a real estate deal. You can use the tool I share in that video to assess risks like illegal suites.
If you’d like to have someone to support you as you move forward in your real estate investments – check out our 12 Months to $1 Million club. We’ve kept it super affordable so anyone can get support and encouragement in their new or growing real estate business. Plus we try to have a lot of fun along the way.
