Friends -
I’ve had a family of 9 (2 parents, 7 kids) express interest in a 3/2 that I’ll either rent or sell on a lease-option contract. This amount of people would put a lot of wear-and-tear on the home. (I’ve got a sewage lagoon, not septic, so that is not an issue.)
Any advice on whether I should deal with this many people in a home…? Rental or lease-option or not at all?
Many thanks,
-Jefferson-
Jefferson,
From a rental standpoint I would not do it. Some county fire officials will issue a citation against a landlord for such as you are speaking. My local fire official told me that the rule of thumb should be no more than two (2) people to a bedroom including children.
If you do lease option get a lot down because that many people will put a strain on the home and infrastructure and you will need the money later.
Best regards,
Sam
A good rule of thumb is to use 2+1…2 per room + 1 in living room
Jefferson, since I know you like theory, I thought you’d appreciate a legal perspective. Under the fair housing laws, occupancy standards cannot be overly restrictive. The guidelines that define that are in HUD’s Keating memo. Good bedtime reading.
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4350.3/43503exh3-2FRHSGH.pdf