All Forum Posts by: Blake Anderson

@Diego Lopez all things are going well. I wouldn't say they doubled simply because of SFH to duplex. We practically totally rehabbed it. From Formica to granite, carpet to hardwood etc, our "value" increased so our taxes did increase from what it was before. But we expected/planned for it. If that makes sense.

2018 Update

After a few years. 

We moved out of the top half in Spring 2017. Bought a 3000+ sq ft new construction 3 hours away in a larger city/metro area. 

We rented our top half out within 1 month for $1250/m but with our $50/m pet fee, has grown to $1350/m since they've been there. They're great. We hope they resign with us when their lease is up this summer. 

Our original tenants downstairs bought their own home after their 2 year lease. Had very minor cosmetic type "fixes" which all were expected after a 2 year lease. That was fall 2017.

Within a few weeks we rented it out for $1100/m. Has been good so far. 

Now that we're a few hours away we have a property manager that handles various tasks like showing the place or cleaning/touch ups between tenants. We pay them cost + hourly wage for their help. 

All is well! Do your homework. But take the leap!

Thank you for the kind words!

Thank you for the offer! Will do!

It depends on alot of variables and it's especially unique to the particular building. But for us + having the plumbers install faucets, shower heads, etc. It was $5,200. 

Thanks! 

The above is pretty close. We actually spent $42ish. We shaved off $4k or so in labor, fence material, side entrance material, different flooring at lumber liquidators, different granite via actual granite place vs. the quoted menards source, and other small savings by making small changes. But this should give a pretty good idea. Hope it helps
!

 When we did the deal the bank required an appraisal. Upon completion, we created $15k or so in equity right away. But yea, depending on the area looking at comps. is always of value. But I think the vast majority of us looking at duplexes / this are doing it for rental income and not so much flipping/the sale. Although yes, comps. are important if you see yourself selling it in the near future. 

- Are you doing all bills included? Or do you have separate utilities

------ My local zoning required separate utilities. In addition, my local market typically has tenants pay for utilities. For you and anyone else it would "depend". If you don't have to split utilities then lump the avg. utility cost into your rents.

- How are you handling mail? Do you require the tenant to have a PO box? Or do you have a new address for your tenant?

------- Each "unit"/side of the duplex has it's own address and own mailbox. 

- If you are sharing Heat/Air with your tenant, how do you handle temperature adjustments?  

------Split everything. This was a prereq for zoning. Couldnt have done a duplex without splitting it all. In fact, I think some split stuff was also a prereq from Wells Fargo. But I'm not 100% on that. Also, we did a "high end" rehab and no "high end renter" is going to want to have shared heat/cooling. They'll want their own controls and temps. 

Hope this helps! Good luck!

 Make sure to line up the lender and let them know your plans to convert as well. Make sure everyone is on the same page. In addition to zoning, find out if you need to separate all utilities. Some require separate meters for water and electricity, which can easily add $10k to your conversion costs. 

 Going super well. Everything is great. Tenants are great. I'm looking to buy a 2nd home now in early 2017. Then likely going to look for hard money lenders / investors to do some flips in spring/summer 2017. I hope all is well on your end!

@Justin WindhamNo Problem. Happy to help. The "top" unit is accessed from the main street with driveway/front door/garage access. The "bottom" unit is accessed via an alley and yes, a walkout basement.