All Forum Posts by: Andrew Key

Thanks for the reply Clint! Good luck on the conversion. 

Hi all,

I'm an investor in Winston-Salem NC. My family owns a plot of land with a rental house (that my brother rents out). The land total is .8 acres and I've subdivided it for a total of three tracts. Our initial idea was to build-to-rent two 1,300 sqft homes on the additional tracts of land, but after speaking with lenders, the current interest rates made this unfeasible. We are now going to build-to-sell on the largest tract (.35 acres).

My question pertains to the final tract of land. It is situated directly behind my brother's rental and is .22 acres. I've had the idea to either equip the tract with a foundational tiny home, reverse the subdivision and build an ADU, or just build a smaller home on the currently subdivided lot. My brother's rental is a little over 1,000s sqft heated living area, so the ADU would only be permitted for 500 sqft in Winston-Salem, according to information I found online .

One advantage of an ADU I believe would be the ability to hook up to the primary residence's utilities. Does anyone have any knowledge/experience in investing in foundational tiny homes vs. ADUs? Is one more attractive than the other to potential tenants? Is one more beneficial to an investor/landlord than the other? What other issues/roadblocks may I face that I am not aware of?

I've reached out to the City of Winston-Salem to gain more information on tiny house regulations since there was not much to be found online.

Thanks!

Andrew

Thank you everyone for your feedback. I was able to find a few lenders that would be willing to finance the project, but after breaking down the numbers I found that this project will not be feasible given the current interest rates and market rent.

Hi all,

This is my first post! I live in Winston Salem, NC. I've recently taken on a project to build three SFRs on adjacent tracts of land. I am looking at build to rent financing, but all of the banks that I've spoken with do not offer construction loans for investment properties. Does anyone know of any specific banks/institutions that will provide this service/are there any other strategies that I could use to obtain financing?

TIA!

Investment Info:

Townhouse buy & hold investment.

Purchase price: $147,000

A 2 bed/2.5 bath townhome in the heart of Winston Salem, NC. Currently renting to a single tenant.

What made you interested in investing in this type of deal?

The townhome was initially purchased for my primary residence but is now being rented out. It sits in a perfect location - quick access to the interstate and close by to shopping and dining. Also situated close to two major hospitals.

How did you find this deal and how did you negotiate it?

I found the listing on the townhome complex's community board.