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Updated 7 months ago on . Most recent reply
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Anyone ever built a Silo Home? Possibly building multifamily
Hello all!
A little about me to frame the post. I have been working in commercial construction for almost 6 years now. Last year I bought my first single family rental (B- neighborhood) after about 5 years of listening to BP podcasts and it has been doing great. Very good cash flow and it has definitely appreciated over the year I had it. I just went through a tenant turn over and it went pretty well.
Now my grand plan. I have found some land that is zoned for multi family and I recently heard about the VA 0 down Construction Loan. This has me very interested in moving out of my primary residence and building a silo home or duplex on this property. When I do this I would rent out my primary residence which is in a A neighborhood and would probably net 400-500 per month in cash flow. A little bit of background about my area, It's a small rural town about an hour from Cleveland and 75 mins from Pittsburgh. We have a small state park that about 2 million people visit each year (this number surprised me). A lot of people come to camp and fish there. There are a couple air bnbs that seem to do okay but there is nothing unique about them.
What I'm asking for is help/thoughts/ideas with this:
1. Has anyone had any experience with building silo homes? Any ideas on cost per square foot? Im thinking if I create a unique listing on Airbnb (After I live in this for a year to meet the VA loan requirements) I can create a competitive advantage by having such a unique property and demand a higher price per night as well as keep the occupancy up.
2. My other thought was to build a duplex or triplex on the lot but I think that would be a little more expensive and not quite sure if it would cash flow. I have a lot of research to do on this and talking to a couple builders to pin down the details.
3. Another thought/ long term plan I had was to make it a mini unique airbnb multifamily as in, have a silo home, then maybe put an airstream on it and lastly maybe an A-frame cabin. Its a little over 5 acres so there is some space that I think 2-3 places would work.
Thanks for the input!
Most Popular Reply
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I'll begin with: I love the idea. It sounds like you'll be benefitting from your VA loan as much as and creating new cashflow in the process. I think the AirBnB plan is very interesting and while I don't know Warren's market specifically, I will say that I could see the uniqueness turning some eyes to it. I'm also not sure how zoning works with AirBnBs and putting multiple of them on the same lot so hopefully someone with more knowledge can chime in, but I hope it works out well for you!