All Forum Posts by: Ross Bowman

 Thank you Paul! I completely missed this - sorry for the late reply. Sending you a connection sir! 

Dana - I wish there was! As I'm reading the MHP Manifesto I'm seeing how much more complex these types of deal analyses are. A calculator for this would be incredible, although I haven't found one yet.

Greetings friends! Wondering if I could get a sanity check on this. Here's what I'm looking at:

- Currently purchasing a primary residence, closing soon

- There is a detached garage which can be converted to a living space. I'm considering converting it into a cottage and doing monthly STR rentals to local travel nurses (that's a big thing near me). It looks like I could get around $1200-$1500 per month for it.

- The estimates I've received have been around 25k total to convert, so let's say 35-40k if we factor in contractors going over budget and then furnishing it afterwards. 

My mortgage will be around 2k a month, so if I did this it would cover a big chunk.

*Where I'm stuck*: 40k could go towards a down payment to another actual property, vs adding a small one onto my primary. That's a big chunk. I'm also getting a bit nervous, as I don't *know* for certain that it'll rent. I searched online and it looks like other's do this, but with STRs you never really know for sure. 

Does this seem like it's worth doing? Or should I put that 40k into a net-new property entirely? 

*Note*: this would be legal/permitted to do where I live. I'm not in California or a state that has strict ADU regs.

Thanks Brenden! Really appreciate this thorough response. I just went ahead and subscribed to all of those podcasts. It sounds like immersion is really the way to go here! I'm also going to check out the Frank Rolfe course, but I definitely understand what you're saying about how all of the graduates are doing the same thing.

Sent you an invite to connect. Really appreciate this insight sir! 

Greetings! I know one can buy a 4plex via FHA, as long as one unit is owner occupied.

But can you *build* a 4-plex and do the same, with an FHA? I'm seeing that FHA new construction loans exist, but can't find a clear answer on if this can be done with a 4 plex.

Since I can't find a 4 plex in my market, I'm wondering if just building one is an option. Any insight would be appreciated!

Thanks for the recommendations guys. That's exactly what I was looking for. Going to check those out. Really appreciate it!

Can folks recommend some of the best guides to MHP investing?

I'm looking for an end-to-end "how to" manual - not a class. I'm seeing quite a few books out there and I'd really like to read one so I can pick up a park within the next year or so, before Brandon Turner releases *his* MHP book and everyone floods this space X-D 

The more I read about this asset class, the more I realize how it fits my investor profile perfectly. I just want to own a parking lot - I don't actually like owning houses (even good ones). 

Can folks recommend their best getting-started book or guide?

The title says it all. I can't tell if the mortgage payment amount in the calculator actually includes PMI (mortgage insurance) or not.

For those of us looking at FHA house hacks, this is a pretty important detail. When running a rental analysis on BP, I noticed the mortgage payment amount is significantly lower than if its run in other calculators that *do* include PMI.

Can anyone clear this up? If BP is not including PMI in the calcs, they need to call that out. This can be the difference in positive or negative cashflow.

Very true and we would still be buying something well within our means. I'm not going to go overboard.  

Thank you for that insight man, it's very helpful. I think based on the general consensus here, and what we're looking for (a primary that can also be an STR house-hack), buying isn't such a bad idea. Especially if we can make money while we're there.