All Forum Posts by: John Cannon

Yes, absolutely. Charged $2100, but received $2500 for a shorter term lease. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $193,000
Cash invested: $40,000

First BRRRR property was a success!

What made you interested in investing in this type of deal?

Met the 1% rule. Largely cosmetic rehab.

How did you find this deal and how did you negotiate it?

Off-market

How did you finance this deal?

25% down up front (~$45k) + Rehab ~$40k. Refinance to come in July.

How did you add value to the deal?

Outside: Removed large tree in back, added and cleaned up landscaping, removed deck and poured new concrete deck, added new siding in places, replaced gutters and covers and replaced all lights, doors/storm doors.

Inside: New doors, new drywall in many places, new paint in all rooms and baseboards. Removed 11ft of wall to open up kitchen, new kitchen cabinets, new electical in places, new plumbing in kitchen. New vanities in bathroom, new light fixtures, new towel racks, all new appliances.

What was the outcome?

Rented to a family with rent being paid via their insurance company

Lessons learned? Challenges?

You will go over budget.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

NA

Hi All! 

Looking to purchase a larger single family home that we could short term rent (some) but also use for our extended family. As we are not local to the area, we are wondering the best steps to start looking into this? Would you start by speaking with a property management company (as we would not be self-managing)? If so, does anyone have recommendations? Any recommendations around where to find information on STR laws in difference CO Towns? Open to advice on where to look. I started clicking into several properties currently listed on Airbnb in the areas of interest to see if there was a common company managing a lot of them, but didn't have a ton of luck.

Hi All! Thank you so much for the useful info! I will reach out directly to follow up more!

Additionally, I'll stay close to see if anyone heard more about SFH to Duplex zoning, and ADUs!

Hi All! Looking for an investor savvy realtor in the SE Michigan area. I'd love this realtor to invest as well. 

I know a fair amount about real estate investing and own a couple properties, but want someone who invests in this area. My wife and I will likely be moving to the area late 2021 and are looking to house hack. Open to doing this several ways, below is what I have thought of, but would love to talk to someone more experienced in this. If that is you, let's chat :) 

-Purchasing a multi-family, living in one side and renting out the other. (This has been hard to find any good deals that will cashflow, or aren't something students live in)

-Purchasing 2 townhomes next to eachother. This seems the most likely, but with HOA are hard to cashflow.

-Purchasing SFH and doing a duplex conversion, either side by side or basement conversion. This would be a more involved and heavier lift for sure.

If you are a realtor who is also an investor in the A2 area, or know someone who I should reach out to - I'd love to connect and chat more :) GO Blue

Thanks a ton Ryan! Appreciate the response. I'll definitely look further into zoning and if there other duplex's on the street. Additionally, I found another thread with a lot of good information here too (https://www.biggerpockets.com/...) 

If anyone else has experience with 203k loans and doing this (streamline or non), I'd love to hear more about your experience. 

Hi All - Long time listener, first time caller. 

My wife and I are looking to move to Austin, TX in the coming months and purchase a home. We are looking at multi-families as we want to house hack and try our hand at being a landlord, going through the rehab, etc. We have a long list of must haves that I won't get into here, but my ask is around converting single family homes into Duplexes/Triplexes. As there are far more SFH's than duplexes, I wanted to educate myself more here:

-What are the laws we need to be aware of in going through this process?

-What are some of the best practices? 

-Outside of separating water, ensuring new walls are fireproof, what other large expenses should be anticipated?

-Are you able to use a 203k FHA to do this? If not, why?

If anyone has gone through this process, I'd love to learn more from you about your experience!