All Forum Posts by: Matthew Miller

@Michael Baum, those are good points. The ideal scenario would be to rent the Airstream and my studio and pay my mortgage each month and continue to pay debt. If the airstream doesn't rent, I would stay in it and rent out my house which goes for $189-$209/night. I know that is a lot of moving parts. Previous financing options have not been available to me due to my current credit issues. Overall, it's a short term fix that is one of few options.

@Michael O'Brien, I wish I could refinance now. School debt and credit cards have my scores inversed so the airstream play is for cash flow to pay down debt.

@John Underwood, I agree. The truth is I need this cash flow now and the Refinancingt cannot happen now so might need to gamble I suppose. Thank you for you reply

@Mike Giallanza, I can do that conversion and in fact, the city of Oakland had encouraged this due to shortage of housing. It's at least $80k whereas I can rent the Airstream for $500/mo.

@Matt Andrews, thank you for these analytical points. I am charting them now. Much appreciated.

@Daniella Sanchez, I do to. Airstream evolved as an idea because quotes start at $80k to build a unit...I would also be renting the Airstream for $500/mo.

@Lauren Kormylo, thank you Lauren. I didn't mention that I am renting the Airstream for $500/mo. so my expenditures are low to gross an estimated $2k/mo. for the airstream.

@Michael Baum, thank you for your reply . The one detail I failed to mention is that an Airstream owner who did the same idea last year (sans garage challenge, just bought an Airstream and placed on big lot behind his house) sold his house and will rent me his Airstream for $500/mo. versus paying to store it. My studio Airbnb revenue is $2k/mo. gross. Quotes to convert the garage to a living space with plumbing etc is $80k on the low end. I do not have that nor would want to spend that in lieu of the Airstream rental. Building the livable unit later may be an option once I ramp up cash flow.

I am perplexed...I own a house in Oakland CA which has an attached studio that I rent on Airbnb. When times are tight I will rent the front house as well. In my backyard is a single car garage that was built in 1959 via permit after the construction of the house in 1924.

Due to the consistent and successful Airbnb income, I am contemplating tearing down the garage to put in an Airstream which I am pretty certain will rent comparably to my studio for $2k gross/mo.

I am doing all of this to pay down debt, increase lending options and eventually refinance my home to pay off debt and invest in another property.

The downside is that my mortgage broker stated a 'non-confirming' property, as a property would be defined if it's garage no longer existed within a neighborhood of homes with garages, is harder to refinance and may cause issues when the time comes.

Do I knock down the garage to take rental cash flow while I can (I have a great deal with an owner of a new Airstream who will Rent the Airstream to me for $500/mo.) Or Preserve the eventual financing opportunity?

Has anyone had a similar experience? I appreciate any insights out there. Many thanks!

Hi All,

I went pro, am using the calculator and analyzing two deals per day and actually am seriously looking at this house. It looks like a terrible investment but am not sure if this is because my numbers are terrible (as in inaccurate) or it is really that bad of a deal. Stepping back from it, it looks to a retail deal selling at the top of the market. Any input is greatly appreciated. Matt

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