All Forum Posts by: Logan Rhea

Hey @Devin Voelker 

House hacking with an ADU can be a great way to ease your mortgage load! Here's what I'd suggest:

1. Cash Flow: At $3,150 for PITI, your housing cost is about 46% of your income, which is high but can be offset by rental income from the ADU. A mid-term rental near a major hospital could bring in $1,800–$2,200/month, covering a larger part of your mortgage than a long-term rental.

2. Risk: Going mid-term offers higher cash flow potential and flexibility. Just keep 3–6 months of reserves in case of vacancies or unexpected costs. 

3. Plan: With the ADU income, your effective housing cost could drop below 30% of your income. This property could be a great first step in building your investment portfolio!

It sounds like a solid opportunity, but just be sure to keep an eye on cash flow and have a backup plan in place. Good luck!

View report I'm looking into a property I own. I have the a deal set with the original owner where I'm paying 5% interest. We have 3 units: two of them are long term, one is midterm. Do you think an investor would be interested in this if they could take over the owner financing? OR would it make more sense to do a regular loan?

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

I would recommend looking in to midterm rentals and posting your house on furnished finder! 

If you go to the bigger pockets property management section here: https://www.biggerpockets.com/landlord-forms

you can download all of their lease agreements free! You may have to be a pro member but I can email them to you if you want!

Where's your property? Here to help! 

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Anyone have any experience converting a basement into another unit to make this property a duplex? The cashflow would be solid if achieved. 

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

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

I'm looking to add a 3rd bedroom to the basement / garage for each side to this 2/1 Duplex to make it into a 3/1 property. 

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

Would you do self management or hire out a property manager for this? Both sides are renovated and updated.

Looking for a few different clients

This is in Donelson near the airport! We are finishing the basement up and ideally will STR it once the reno is done! Rents are $3800. Are you looking for any off-market deals?

Investment Info:

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

Purchase price: $539,000
Cash invested: $60,000
Sale price: $539,500

This was an owner-financed deal. This triplex will cash flow $500+ a month.

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

The location and fact that's been rented out since 1995.

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

I found it through the MLS and worked with the seller to make an offer 25k lower.

How did you finance this deal?

Owner Financing.

How did you add value to the deal?

Did a quick close and pass/fail inspection.

What was the outcome?

Got the deal and have all three units rented out now!

Lessons learned? Challenges?

To make sure the power is turned on when your inspector does the inspection.

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