All Forum Posts by: Krystin Krebs

Hi All! We are purchasing an agriculture property (it's a forest) in Wisconsin using seller financing. We will likely need a construction loan, and plan to add 10 tiny homes using shipping containers to the property. We plan to make them self sufficient so we will not be tying into the utilities.

My question is, if you have had experience doing this, and if so, what was the experience like? Do we need permits to add these self sufficient units to the property? Do we need to get the lot rezoned?

We will be removing just enough of the forest to put these container homes in place, but plan to keep as much of the forest as possible. We will also use the forest for lumbar and to grow shitaki mushrooms. We will likely be adding a green house as well as a restaurant and shop in the future, but for now we are focusing on the tiny homes.

Anyone with experience doing anything similar to this, advice would be greatly appreciated!

Thanks.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $895,000
Cash invested: $120,000

I bought a duplex- two separate houses on one lot and converted both garages into studio ADU's, forcing appreciation of the lot.

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

There is a housing shortage in CA and adding ADU's increases the property value, but also adds more housing.

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

This was an off-market purchase, and I worked with the flipper on selecting finishes for the houses. Then once the houses were done, I moved in, and started converting the garages.

How did you finance this deal?

Cash & Traditional Mortgage.

How did you add value to the deal?

Added two studios by converting the garages into living.

What was the outcome?

Cash flow of $3,000/mo.

Lessons learned? Challenges?

Get your financing in order before starting construction or getting permits.

I am looking at investing in the Las Vegas area, and am wondering what local investors thoughts are on the current market in the area? Is now a good time to invest? I’m looking at doing fix & flips and would like to hear your thoughts.

Hi Troy, I don't have a good answer for you on this one, I actually stumbled upon your post because I was looking for similar information- only I am starting a partnership LLC in a flipping business- so if you don't mind, I'd like to piggy-back your questions with one of my own- would an S-corp make more sense, or a partnership LLC in a flipping business when it comes to self-protection? Hopefully someone with more experience in this could help us out- best of luck.

Hi BP community! I am looking for some advice on options for first time home buyer financing. I found a turn-key duplex that I am interested in house hacking by renting out one unit and living in the other. I am considering an FHA loan (I have okay credit- good enough to qualify, and little money to put down, but my family will help me out with my down payment). I am also a part time college professor (I share this because I heard there might be a first time home loan available for teachers as well, but I couldn't find any information online). I'm wondering what would be the best combination of financing for me and this house. I live in San Diego, CA and would like to see if anyone can recommend (personal experience preferred) an FHA approved lender in the area. Any help would be greatly appreciated. Thanks in advance!

@Abel Curiel Thank you! My goal is to flip houses  (first as a part time gig, then move into doing this full time) for a while in the beginning of my real estate investing career and then move into small multi units (I'm trying to follow @Brandon Turner' s guide 7 years to 7 figures) but my thought was I need to make some money in order to invest it first. My goal with the first multi unit I buy would be to live in one unit, rent out the rest (and hopefully live for free essentially). You mention property management experience- So you would not recommend having a property manager, even if there are only 3 other units on site for my first investment?   

@Mark Bookhagen Thank you! That was my thought too. So you think investing in fix-and-flips would be the better way to go to start off, but I'm curious what you think about living in one of the multi units once I can afford one- do you have any suggestions? Have you done anything like this before? Just trying to take a poll. 

@Jo-Ann Lapin Thank you! I do, I have my real estate agent, lender, and a few perspective properties I am looking at. 

Thanks all! Appreciate your feedback.  

I am just starting out with real estate investing and I am thinking about what kind of property to purchase for my first real estate investment. I am considering starting off with fix-and-flips (make some fast cash) or rentals (long term investment). I would love anyone's input on which direction you think I should start off with (and why). Thanks!