All Forum Posts by: Mathew Wray

We've talked with appraisers about this very issue and the best of them have confirmed what others here have said: there is no universal guideline on valuing an ADU...yet.

From a "next steps" standpoint, have you considered reaching out to a known appraiser and paying them to do a private appraisal? Tell them up front you've got an ADU situation and you want to pay for their time as a consultant. That way you can get on the phone or meet in person, talk through comps you've found, and have a conversation without it sounding like you're trying to tell them how to do their job.

Then, assuming their report mirrors your goals, use that when going to a lender for a refi or a buyer’s lender is having an appraisal done. If the appraisal doesn’t match your target after all that then you may need to sit out as a rental for a few years until a standard is established. 

Mathew

Morning Mateusz,

Welcome to BP! Moving from education to action is always a big step. It seems like you’ve got a great attitude and desire to help others so I’m sure you’ll do great. You’ve been following the forums so you likely know that there’s a ton of good information and resources out there available and people willing to help when you’re ready. 

Best of luck to you!

Mathew

Morning Eric,

Congratulations on taking a big step and lining yourselves up for success. Keep reading and educating yourself, there’s a ton of information here on BP! 

Best of luck,

Mathew

Morning Michelle, 

I've got a couple property management options for you as well as vendors we use for those "make-ready" repairs. Shoot me a PM and I'll get you their info. 

Best of luck on your move!

Mathew

Thank you so much for the insight and response! I really appreciate your comments on focusing on the deal...super helpful!!

Keep us updated on what you do to drive value in the complex!

Really appreciate you sharing your experiences around this shift in investment strategy...thank you for your insights. 

A couple quick questions:

1. After having the storage units awhile now, are you continuing to invest in more or are you going back to residential?

2. I know you said financing would be similar to commercial multi-family. That can vary so much...would you be willing to share terms (at least % down, length) even if you leave $ figures out?

3. What would you do different if you could do the deal over again?

Thanks!!!

Mathew

Chace, send me a message and we’ll meet up. 

Ryan, can’t echo Jay enough about RareBird...and he knows what he’s talking about! 

Definitely can recommend a great attorney to help with entity formation!!! PM me and I’ll send you the details...

Rijm, you might look into Vanguard’s products. I believe they have some easy access, secure brokerage accounts with similar returns to what you’re looking for.

Welcome (almost) to Portland Ryan! It’s a great town with tons of potential, things to do, food to eat, and sites to see! At the same time, it’s definitely a city with some quirks and oddities that may take some getting used to. I’d be happy to meet up and talk about your goals and experiences to date and see how we can weave real estate into your long-term plan. There’s a lot to consider, but I and many of my clients got started the exact same way-househacking a property. 

Best of luck on your move!!

Mathew