All Forum Posts by: James Feyler

@John Livingston Bullier it is zoned single family R-4. I could put in for a change from single to multi but idk enough about zoning to know if it’s allowed. I’d be planning to live in the upper unit. But if it failed to be changed It wouldn’t work in my long term plan for the property. The more I’ve thought about it it’s probably not worth the headache of trying to get it changed to multi. 
My agents going to look at it as I’m away for work but I bet it’s all common utilities. 

Good evening, 

What issues, or problems would I have if I was to finish a basement of a house (close off and update the existing mother in law apartment) and turn it into a second unit in a SFR for rent either long term or short term? Does the home need to be assessed as a Duplex to be able to claim the other units rent as income? How is making a second unit any different than traditional house hacking? I plan to live in one unit and rent the other for a year at least and would like to rent both units eventually.

I am in the process of finishing an owner occupied flip, while out to sea, I currently work on an oil tanker. When I return from this work tour in early March, I will hopefully be without a residence as the house will be sold or under contract. I'm not concerned about where I would stay the first few days home but wanted some opinions on my thoughts here. 

I'm currently debating an owner occupied flip, or renting and just straight flipping. I feel like I'd be wasting money renting, although I don't want to change houses regularly as I would be moving myself and my daughter from place to place. I was hoping to get some pros and cons of both options. 

I have been listening to many of the podcasts and I've heard several people say if they could do it again they wouldn't have done the first one owner occupied as having a contractor do the work would have allowed them to get money out sooner and into another property. 

@Jon Hill I've just started down my REI journey. My goals for 2020 are:

1. Listen to every Bigger Pockets podcast, I've listened to roughly 20 to date.

2. Read 24 books, my list keeps growing the more podcasts I get through.

3. Flip 5 properties. 

4. Expand my MHP knowledge, and buy one.

5. Be able to stop working at sea and spend more time with my daughter. 

6. Get below 200 pounds, ( 17 more to go) 

7. Expand my rental portfolio by  3 units

And I'm sure my goals will grow over the year.

Recent life changes have me reevaluating my current career path. I work a job that takes me away from home for 75 days at a time but brings me in 200k a year. Due to unexpected life events my life goals are shifting to me wanting to stay on land with my child. 

I have one rental property in Maine, that was an original ground up construction back in 2008. 

I have recently started listening to the podcast and my ability to stay focused on one direction of investing is proving problematic. 

I'm interesting in BRRRR, fix n flip, and MHP.

Looking to connect with like minded individuals and network all the connections that make investing work.

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*This link comes directly from our calculators, based on information input by the member who posted.

This home is something that is currently being discussed between my Ex and I to be sold. She's expressed she wants half the equity in the home which is 100K conservatively if we were to sell. The purchase price would be me refinancing it to cash out her equity and remove her from the deed.

Very new, but want to try and determine if its best to hold and rent or sell.  

Thanks