All Forum Posts by: Jonathan F.

I'm sorry, did I miss the post where Adam said he was looking for advice on which religion to follow or which god to worship?

I agree with Chris K. This seems like a bad way to begin a relationship with a tenant, especially one that's living in your own space. You might get an extra 50 bucks a month, but you're also likely to get mistrust and resentment.

Thanks, Darren--good advice.

I recently bought a small house (my principal residence) in a hot Portland neighborhood with hopes of making it a legal duplex by converting the basement to an apartment. Let's say this costs $100K to do properly (soundproofing, separated utilities, quality fixtures, etc.).

I don't currently have access to enough home equity to fund this project, but I have a friend who may be interested in lending me the money for a short period. Any thoughts on how best to structure such a loan, and how to plan for paying it off after a 6- or 12-month period? My friend would want a good ROI, and I would want it to be worth his while. My thought is that once the basement is built out, the property could be re-appraised and I could then move my debt to a low-interest HELOC. But this would need to be more than a hypothetical if I'm counting on it as part of the overall plan.

Advice, ideas, warnings?

You had me at popcorn.

I'd be happy to join.

Impressive! How did you find and acquire these properties?

@Rusty Thompson I've been curious about Salem and the other areas you mentioned. Properties seem affordable, but how is the demand for rentals? I'd love to hear any details you care to share about your properties.

@Account Closed  Yep, I've been tempted by the Midwest markets too. Definitely interested in buying there someday, but I have read some cautionary tales from BPers that have convinced me that I don't have the connections or the will to successfully own properties in the sub-$40K range. What do you know about the neighborhood your prospective property is in? Did you take a spin in Google street view?

I'll be interested to hear what experienced landlords have to say here. That is such a cheap house and such a cheap rental that I have to think it has some serious issues. And it's hard to imagine that a monthly fee of $35 would be enough to motivate a property manager to do a decent job.

I think those of us in places like Portland have a hard time imagining just how depressed and rough other markets can be.

Thanks @Mike Nuss ! It's a small older bungalow in the Eliot neighborhood, just a block off N. Williams near the New Seasons market and all the new buildings that are going up. I looked at cheaper places in other neighborhoods, but in the end I decided to get a place that would be a good long-term buy and an ideal location for me personally (I'll be able to walk to work). Definitely not a cash-flow property, but I think a large unfinished basement in that area is a great find, especially since the city is waiving ADU fees for a while longer.