All Forum Posts by: Atanas Gyulev

Quote from @Dan H.:

Quote from @Nathan Gesner:

Quote from @Dan H.:

Do you understand he's looking at a property in South Carolina?

Oops.  Do not know why but I thought it was Ca.  Your response now makes more sense to me, but with my incorrect belief I did not initially understand it.   

Thanks for clarifying.  

First  I want to thank  all of you for sharing your knowledge and experience with me and finding a minute of your time to answer my question.  Thank you! 

In your  opinion  what will be  the best way to survey the rental demand  in the area . Couse in my mind renting a Single Family home vs renting a converted SFH with 2 additional units is very different 

Quote from @Dan H.:

Quote from @Atanas Gyulev:

Quote from @Nicholas L.:

what makes you think you can convert it into 3 units?

This home has 2150 sq. ft. of finished space plus an unfinished basement of 1642 sq. ft. that is pre-wired. The unfinished workshop has 576 sq. ft. w/ loft of 26x36 that can be converted to an ADU according to the county. The garden shed is 8x8. A 30x30 concrete slab ready for a shop.

That's  from the listing description.  I contacted my realtor to  verify if its possible.  The way I see it working the basement has its own parking and entrance in the back of the house and the building/shop in the back of the property has to be the 3rd unit. Am I  looking at this correctly or am I totally wrong.  Still  learning soo that would  my first deal and I am trying to make sure I am not jumping wayyy over my head. I would appreciate your opinion.  Thank you!

State ADU laws allow one ADU and one JADU. however a JADU requires owner occupancy and typically lowers the value of the property.

Note a jurisdiction can exceed the state ADU regulation, but in most areas you can only add one ADU.

The basement can be tough to make into ADU due to current regulations for sleep space (bedroom or studio). Especially ingress/egress regulations have been expanded over the years.

I recommend if you plan to convert the basement to an ADU you consult with an expert to determine the feasibility.

Good luck

 Thank you  I really appreciate your input.  i will check on the local regulations before  i decide on the deal 

Quote from @Nicholas L.:

what makes you think you can convert it into 3 units?

This home has 2150 sq. ft. of finished space plus an unfinished basement of 1642 sq. ft. that is pre-wired. The unfinished workshop has 576 sq. ft. w/ loft of 26x36 that can be converted to an ADU according to the county. The garden shed is 8x8. A 30x30 concrete slab ready for a shop.

That's  from the listing description.  I contacted my realtor to  verify if its possible.  The way I see it working the basement has its own parking and entrance in the back of the house and the building/shop in the back of the property has to be the 3rd unit. Am I  looking at this correctly or am I totally wrong.  Still  learning soo that would  my first deal and I am trying to make sure I am not jumping wayyy over my head. I would appreciate your opinion.  Thank you!

Everyone around me is  telling me this is not a good buy , but also non of them is RI . What you guys think about this property. My idea is to convert it to 3 units. Medium rent in the area is 1600$ for SF 

https://www.zillow.com/homedet...

Hello everyone, 

I am looking  to jump in my real-estate journey.  I have zero investment properties yet and  kind of been stuck in analysis stage for the past year . Recently I  came across a property that makes sence to me ,but everyone in my surrounding says its not a good deal ( by the way non of them is professional real-estate investor). Some of their arguments are:

is too expensive (Midian rent in the area is $1600)

it's  too old 

it's  ugly 

it will require a lot of money to convert to 3 units 

it's  in a flud zone 

it will be hard to rent the basement and the unit  in the back yard 

 https://www.zillow.com/homedet...

This is the property in question.  The way I see it. Can easily be converted to 2 -3 units.Those being the main house, another unit in the basement and another one  on top of the garages in the back. Where I struggle is finding  the real rental income in the demand. 

Any advice or opinion will be greatly appreciated. 

Thanks