All Forum Posts by: Sean Ade

Hey BP- I'm looking at a 4 bed, 3 bath split level home in a great neighborhood right outside of Raleigh. It's got 3 bed, 1.5 bath upstairs and downstairs is 1 bed 1.5 bath with a kitchen already in place and basement access to outside. So it would make a great conversion if I block off the lower unit and use that as a rental and I live upstairs. Also has the upside of 1 car detached garage that could make a nice little tiny home as well. The foundation and roof are in good shape, but everything inside needs to be gutted and rehabbed so there is the ability to add value as well. The catch is...there is a huge in ground pool with a small diving board in the back yard. It's fenced in and the lining is in bad shape, but it looks like it could be cleaned up and replace the lining and it would be beautiful. I'm just curious from more seasoned investors...what do yall think of investing in a house hack / long term rental that has a pool? Since it's empty, is it better to fill it in? Clean it up and keep it? Does it add value or decrease value? I always heard it was a bad idea from a insurance / liability standpoint. Are there any other options I'm not thinking of as a way to utilize the structure? 

@Josh Crowell Thanks for your response! I'd love to talk more about the USDA Loan you mentioned, I've never heard of that before! I'll send a DM.

Thank you @Chris Carrigan!!

@Caleb Webster yup you're spot on. I'd need to pay gains on the rented portion of this duplex. Just got an estimate from my CPA that I'd be looking at about $30K in taxes for that half. So the plan is to try and 1031 now. 

@Jefferson Roberts thanks for responding. What would be your recommendations? Know anyone I should connect with?

@Jordan Berry You're the man! Love your podcast. Thanks for all your content. Would it be too much to ask for an intro to those guys? 

@Briana Knowling it's awesome. It's such a great small biz model. I'm buying existing ones, not building. DM if you wana chat more about it. But definitely talk with Jordan he's way ahead of me in the laundromat world.

@Jason E. Smith Talk to me, goose.. I own a laundromat here in Oregon and love it and would probably be looking at mats in NC, but just need to get to know the area better. I'll shoot you a message.

Would also love to connect about those meetups once I'm back! 

Thanks, Mitch! I'm open to looking further out! Ideally would be in about a 1.5-2 hour drive from my parents house in Rolesville. I like the idea of househacking a small multi family. But I also have a partner that is a residential REA in KC MO who'd potentially partner with me on a project in NC and he'd bring another $150K to the table so we'd be looking closer to $300K. That should give us $1.2M at 25% down...would that be more realistic? I've also purchased a few small businesses (laundromats and retail) using seller financing and would love to find something with a seller that maybe doesn't want to pay taxes on their gains if they've owned it for a while and might consider carrying. 

Hey BP. I'm going to be selling my duplex which I've househacked over the past 3 years in Portland OR and moving back to where my family is in Raleigh NC. Since the duplex was my primary residence, I won't have to pay capital gains tax which is great. So my plan is to take my profits and buy a small multi in the greater Raleigh area. I know Raleigh has exploded the last few years so I'm looking to go right outside city limits in the path of progress. I'm wondering what areas you'd recommend looking in? I'll have about $150K to invest and am hoping this would be enough to get into a 6-10 unit. TIA!

Thanks, Melinda! I'll send you a message!