All Forum Posts by: Ansel Troy

@Mark Cohen Airbnb eviction!? squatting guest? 

@Juan Diaz how are things going with AirBnb? I purchased a tiny home, parked it in my backyard, and i'm considering the AirBnb Route. i'm in East Oakland

Originally posted by @James Wise:

I'll never understand why all the high income earners want to race to quit that job. Income is the most important piece to the investment puzzle. Its the gasoline on the fire. Keep riding it out & reinvest those checks! 👊💯💸

James, I recently walked away from a 6 figure law enforcement job after 10 years. Thanks to my RE investments, I won't miss the money. The goal is to be financially independent... Where working is optional, not necessary. 

@Ingrid J. Thank you. I sure wish i could rehab houses. I hired professionals to do the work. One of my goals is to learn carpentry, electrical, and plumbing.

i haven't considered the 1031. In a perfect world, the income from this property will pay for itself and another property. fingers crossed..

@Aaron K. Thank you. I've contacted a few architects. The zoning for 2 units on my lot is conditionally permitted. Its up to the city. I think i have a good shot.  

We may call this, "extreme" house hacking :)

@Jonna Weber Thank you! my local market is extremely competitive. Lots of seasoned investors. I've met some people who have properties out of state. Its very tempting

@dante the 203k was a major headache. We went into contract with a conventional loan.. shortly after, my assigned lender's mother passed away. She was working from the hospital.. the appraisal came in low, etc, etc. we switched to Wells Fargo for the 203k.. lots of red tape for Wells Fargo. It took forever to close.. I ended up moving into a pretty much brand new home. Remodeled from top to bottom.. plumbing, floors, roof, electrical, bath, kitchen, etc..... 98k in renovations that was all wrapped into the loan. If I were to do it again, I'd go with Prospect Mortgage. They have 203k specialist. I don't think I can compete in our market. I could be wrong. Too many investors with deep pockets. I'd rather buy turnkey out of state for much less. If I can avoid a headache, I'm all for it.

@Brian Ploszay Thank you for the feedback.

The feasibility is to be determined. I have a meeting with a contractor this week. He's retired, but a family friend. Ideally he'll tell me if it's doable with my structure.  

In my local market, a basic 800sqft 2b/1ba just sold for 400k. High cost to compete. I can buy with cash out of state. I cant even compete in my market. 

With a full time job and an energetic 3 year old. I'm looking for the lease stressful route to an earlier retirement.

Hello fellow BP members,

I'll try to be short... My home is in Oakland, Ca. Hot market. Purchased with a 203kFHA in 2013 for 118k.. after renovation value 215k.. final price 209k. Current value 375-400k. 

i built an in-law that brings in 1000/mo via AirBnb. my mortgage is 1283/mo :)

my budget is 125k. Id like to build a second story with a private entrance. In my market it can rent for 1400.

Should i pursue the project or save money and buy out of state with cash? pros/cons?

Ive added pics of the remodeled home and AirBnb unit.