All Forum Posts by: Ryan Foote

Hi Sandy,

Congrats on your first deal!  Don't forget about some of the other expenses, trash, landscaping, insurance, testing the well water, road maintenance.  I am personally somewhat weary of managing Park Owned Homes, since you are responsible for fixing things that may go wrong, similar to an apartment building.  That said, best of luck!

Great ideas Matthew and thanks for the thoughts.  The house is pretty unique in that both of the bedrooms have their own entrances, so very little will be required in order to rent them and they won't feel separated from the house when friends are visiting.

I agree, definitely want to be flexible, but I think in the end, this is actually a better option since it gets us in the main house most of the time with close to the same level of income.  I'll be working with the town to see if we can get it reversed, since the main house will command between 450-550 a night and be easier to manage than 3 separate AirBnb rooms.

Hey BP,

Long time listener, first time poster.  

My first house hack is in motion! In contract on a SFH in the Hudson Valley, with two rooms in the main house that have their own entrances and are perfect for AirBnB. I also have plans to build a guest house (ADU) on the property. Originally, I had planned to live in the ADU, however the town is in the process of implementing new regulations around short term rentals. So the plan has changed slightly, in that we will be renting out the two rooms in the house on AirBnB when friends aren't visiting, and also want to construct an ADU and rent that out. No restrictions on either the extra bedrooms and the ADU short term rental. I'm going to be restricted to 40 days of renting the main house, which I'll plan to do during peak times.

My question is around financing the ADU. I've searched and since ADU's are less common in the area my house is, there does not seem to be a product out there that would be useful for financing the build, as there are in other markets where ADU's are more common. (Seattle, Portland, Austin)

Any recommendations for financing an ADU in New York state? It seems like a HELOC may be the least path of resistance, but I'm open other ideas. Appreciate you helping me hack!

Ryan

BK here.