All Forum Posts by: Anthony McEvoy

@Charles Smith

Also, factor in the time it will take you to do it compared to hiring a contractor. You could end up spending your savings on missed rent.

Best of luck!

@Bridger L Logan

More importantly... What are your real estate investment goals? Not that you have to answer them publicly here.

If your want all multi-family, then this sounds like a great option. Are you going buy it, fix/renovate it to raise the value then sell it for a profit all while making a few dollars? Do you need cash flow now or are you playing the appreciation game?

I will provide an answer to one of your questions that it does not appear anyone else responded to... Inspect everything. Hire an inspector to look at all utilities, structural parts, etc. Part of minimizing risk is to minimize surprises.

Best of luck and let me know if you have any other questions.

In Illinois, we typically have more favorable results with smaller banks.  I would think it would be the same in Utah.

As far as the information needed, my experience has shown that it varies on the bank.  It depends on how conservative they are.  Some consistencies I have experienced... Your personal financial situation and the amount of equity you have in your home.  Ultimately, you need to talk to the banks directly as each financial institution will have their own requirements.

@Derrick Redd

There is nothing wrong with contacting the LLC's. Be productive if you get them on the phone... They may not be willing to sell the house you contacted them about but they may have other houses in their portfolio they are looking to offload. They may know others that aren't listed but are for sale. Nothing wrong with connecting and networking. There are many things to ask them that may lead to deals.

@Michael Sockwell

1. Zoning... The only way to know is if you check with the local regulations.

2. Grass... Find out what it costs to maintain. Either add it to the rent or see if one of the tenants will do it.

3. Breaker boxes... Depends on how moved they are. If it is minimal, probably be worth the investment to split them. Otherwise, split the electric bill based on the square footage.

4. HVAC... You control the temp. The tenants could always get additional heaters or AC units.

5. Cable... You pay for it and include it in the rent. Outline in the lease agreement the wifi may not cover the whole house.

6. Pool... I would be fearful of the liability.

Gas and electric... Prorate bill by square footage.

Depending on what you bought the house for... Is it worth the transformation? Would it be more effective to sell and buy a duplex?

@Jonathan Golon did you check with the zoning department? Sometimes there are grandfather laws. Perhaps, bluntly ask them... How can you get support for a 3rd unit?

Is Airbnb an option for that unit?

@Brian Engstrom - awesome!  Congratulations on starting to work towards your plans.  I am also in the Champaign area and got started last year with my first rental.  Let me know if you and your wife want to meet up!

@Lauren Soderstrom Champaign and the county are decent. I have heard of some potential challenges with Urbana. Urbana has mandatory rental inspections and I believe you have to take section 8 tenants if approached. I have not had any issues in Urbana.

@Daniel Lynch - do you guys live together now?  If so, does she pay rent or help out with shared expenses (utilities, food, etc.)?

@Tomas Satas - I have never been through a situation like that.  How long is it going to take to go through the eviction process?