All Forum Posts by: Blake Anderson

It was rented within two weeks of first post for $1,100/month and a 2 year lease. We are mortgage free, property tax free, and insurance free, everything but our utilities free. When we move out, depending on the market, we will rent our half for 1200-1500/month. 

All in all, if you're reading this and thinking about doing the same, go for it! You won't regret it. 

Below are some "after" pictures. I'll share some "before and after" side by side pictures later. 

Hi Everyone. 

I'll have pictures in a week or so of the completed "product". 

After many months and many obstacles the end is in sight. We should be "showable" by the end of this week for tenants. We bought at $112,500, invested just over $42,000 and it appraised for $175,000. It'll rent for $1,000/month we will be cash flow positive and living for "free". 

Biggest lessons learned: 

- I hate painting. 

- Laying click in flooring isnt that bad. 

- Always require the seller to pull a permit on your behalf when closing on the house to prevent the city code changing in the mean time leading to delays, headache, and more $. (Long story short, zoning dept. didnt inform me when I asked them about the zoning of this property that two months later they would change the city code that would essentially outlaw single family conversions to duplexes....it required me to present to zoning committees, city council, and months of waiting.)

- Do what you can, but always hire out what you can't or can't do well. 

- Don't hire friends. 

- Not being a "handy" guy by nature and more of being the "behind the desk" type, I learned a crap ton about electrical, plumbing, drywall, flooring, using power tools, etc.

- Invest the time to source your materials well, it may take more time, but itll save you alot of money. And when your budget needs to expand you've saved the money from material choices to do so. 

As mentioned previously I'll share some before and after pictures in the weeks ahead. 

Thank you!

Hi Everyone!

Just wanted to let everyone know that I followed through. I'm in the process of closing on a current 3 bed 2 bath split level house, 2,400 square feet with a 13,500 sq ft lot. I will be converting it to a 5 bed 2 bath with one unit being 3 bed 1 bath (ours) and 2 bed 1 bath (tenant). Will likely rent between 900-1100/month. Ill share before and after pictures when available.

Thanks everyone!

 Thanks for the response George!

Just to clarify, are you saying that it may make sense if the single family needs a complete rehab? In other words, if the house is cheap enough and ****** enough, then it may make sense?

Thanks!

Thanks for the response Dave. The only issue I am discovering with just looking for duplexes is that the majority of them are in "ehh" neighborhoods. Considering I want to live in one side, I don't want to live in less than ideal neighborhoods. 

Could you further elaborate on the "direct mail" concept? How would I go about conveniently getting the direct addresses for the owners?

Thanks!

Hi Everyone!

I'm looking at living in half of a duplex and renting out the other. Ideally having the other tenant's rent pay for the mortgage payment. Anyways, in looking at the market I think the only probable option is to convert a single family into a duplex. However, in budgeting / financing this I'm trying to find the costs associated with such an endeavor. I've tried looking online but havent found anything really tangible that I can use to budget with. For example, a per sq. ft cost, or some type of list of needed "operations" with average costs associated with. Therefore, I'm reaching out to the BP community for help. Has anyone done this before and have some idea of costs with averages? I know it varies, but looking for averages and some type of clue.

Thank You in advance!

This may not be the best place for this. But I figure either i'll get what i need or atleast pointed in the right direction in order to.

I am thinking about building a new duplex if everything adds up and/or if I can find the right "components" needed. 

Does anyone have "blue prints" or "floorplans" that I can possibly use. I know there are sites that sell them. But I'm sure people on the site have them. Any help would be appreciated!

Also, does anyone have an idea on how much it typically costs to convert a single family into a duplex?

If you know personally the information or can point me to a forum post or specific section of the guide or pod cast, I'd appreciate it greatly.

Thanks everyone!

 Do you know of any specific podcasts that would be useful?

 Thank you Michele,

So really, just work explicitly with those "demographic specific organizations". That is a great way to funnel specific applicants, smart.

I do really like the "large dogs" angle, I have noticed time and time again people struggling to find housing and/or having to get rid of their dog after the fact. That could have some legs. I was trying to think of some "policies" though that could hedge risk against damage etc. Ideas?

What is "SFR"? - Single family rental?

Thank You!