All Forum Posts by: Duane Schoenfeldt

Hello and thanks in advance for any advice given.  I purchased my first home a year ago in Milwaukie in a great neighborhood and love the house.  I am a plumber by trade and ended up remodeling the house to add a bathroom and did a lot of the work myself.  There's still a little work to do before I can get the house reappraised but I should have at least a $100,000 in equity once it's reappraised.  My goal is to get into another property and pull off a brrrr but I'm not sure about the financial stability of the country right now and don't want to overextend if things are going downhill for the next couple years.  I have bounced around the idea of finishing the basement and adding a bathroom and perhaps a kitchenette with an egress door for a short term or med term rental.  I have also considered turning the garage into an adu but that would be a more expensive route than doing the basement.  It's detached with cinder block walls and the roof needs to be replaced so it might need to be a full teardown to get it up to code.  I guess I'm just wondering if there's people in this market that have any insight as to what might be a good approach.  I'm learning as much as I can in the time I have outside of work and am definitely excited to get into the investment realm and move towards a life where my kids and my wife and I are a little more secure in our financial situation. That's my introduction and I look forward to hearing from you.