All Forum Posts by: Michael Behr

Quote from @Andrew Postell:

@Michael Behr first, you have your first deal - your own home.  Keep in mind that just having your own primary home should be reason to celebrate.  Lots of people don't even get that far.  You are on your way to building wealth - congratulations!  

Now, to answer this specific question, we need to analyze the comps. Meaning, the comparable sold homes in your neighborhood. The reason why I am saying this is if you do enclose that garage, and turn it into an "Accessory Dwelling Unit" (that's the formal name for them, sometimes called ADU) will you harm or help the value of your home?  This might be something we need help determining and usually a realtor can show us what the "comparable value" would be if we removed a garage and looked at properties with ADU's.  So, if all the properties in your neighborhood have garages...and none have ADU's...then you may not get ANY value from adding that extra unit.  In some neighborhoods you might be HARMING your value by removing a feature of your home. 

Let' assume for a moment that it does HELP our value...if it helps our value $20,000 but costs me $30,000 to build out...then that also will give me an answer too.  Knowing that "comparable value" gives us the starting information to know if it's worth doing or not.

Hope all of that makes sense.

Yes, that’s true. I bought this house in a rush after divorce. They said I was approved and went with the max amount. It wasn’t till after I found about REI and how much your supposed to spend on housing. It takes up a lot of my income. Would like to rent that and find something cheaper but banks don’t seem to like that

I’m currently looking for my first deal. It’s been difficult to say the least. I do have a primary residence that has a detached garage. I could turn this into a separate unit. I’m not sure if it will rent in my area. Has anyone done this? How did it rent and how was it living close to the tenants. I have 2 kids every other week so trying to be creative to get in the game

I have a house that was recently inspected. It’s 1960 built. The house is updated on the inside ( add said completely remodeled inside)

The inspection came back and noted the Circuit breaker panel was the fuse type and in a closet. The plumbing is cast iron, the windows are old and don’t shut all the way( they were painted shut during walk) There was also a crack in the foundation. The AC is almost 20 years old but was gonna be covered by home warranty which I’m told has to be up to code before they do anything. Are these items reasons to walk away?

Quote from @Chris Seveney:

Quote from @Michael Behr:

The strategy would be buy and hold as a rental. Redfin has it estimated at 148k for the value. Is there another way to determine the value?

 Get an agent to determine value. Then make offer accordingly. 

Ok. That was the part i was asking about how to create the offer since i already have idea of his terms

The strategy would be buy and hold as a rental. Redfin has it estimated at 148k for the value. Is there another way to determine the value?

Found a property that mentioned owner financing. 152k was the asking price. Market rent is 850-1250 on affordable housing it has 1400

This was there terms for owner financing

Here's the info I got:

The seller said if he owner finances the purchase price will increase to 175,000 and the down payment will be 20,000. It will be a 20 year note and the monthly payment would be around 1500-1600. They came back and said it was negotiable. What is a good offer to put on it if any?

Good write up! I’m

Looking to do the same thing. I have a va loan right now but wouldn’t mind moving and renting this one out. How long do I need to be in the current property? Is it just a year? I’m looking for a multifamily to house hack 

I was looking into Ohio as well. I decided to check growth rates and it was alarming that Dayton Cincy and Columbus were all declining in population. It’s made me hesitant 

Great. I’m thinking about doing the same how did you find the property

Good morning,

Dayton Oh is my home town. I've recently started studying the area to purchase. That being said I am looking for a property manager and maybe some boots on the ground to help with my search. Ive contacted the realtors from this site