All Forum Posts by: Siyi Tang

Hi @Siyi Tang you'll want to check with local zoning and code, but to house hack a single family home in Colorado Springs we either:

1. Convert a garage

2. build out a walkout basement

3. Split the house in two with a door separating the units. Add a kitchenette in the unit without the kitchen. 

Of course and ADU or a multifamily also work very well.

 Hi Siyi, 

Where in the Bay Area are you looking to house hack? I did something very similar to what @Jerome Morelos mentioned in the borderline of Concord and Walnut Creek. bought a SFH with a detached garage that I converted into a 450sft ADU while living in the home. When getting ready to move out to rent both sides I considered MTR and got some requests for it (it's 5 miles from John Muir Hospital) but ultimately decided LTRs since I was starting a different business venture at the same time.

Build time for the ADU was approx 7 months because my subcontractors mostly worked weekends only. I pulled owner-build permits and acted as the GC which helped me save a ton on construction costs.

Good luck!

 Most all of our MTR guests have been traveling medical professionals but not just nurses. We've rented to a couple of Physical Therapists, a Nurse Practitioner, an Optometrist and currently have a travel nurse and her digital nomad finacee in our 1/1 unit. That said, we have gotten inquiries from all of the following: relocations, recent divorce, bible college students, medical treatments, construction/engineering workers and seasonal forest service employees. The midterm sector is broad and growing. Not every property lends itself to each strategy, but you'd be amazed at all the various reasons people are looking for midterm stays!

Hi Siyi, I second the MTR route for the ADU. Much better cashflow than LTR. 1.5X rent usually. check furnishedfinder.com for a quick idea on how much an ADU can rent for to travelling nurses in the area you are buying the ADU + House.

We love ADUs and have evolved our business model to target properties that have a severely distressed main house and a secondary unit that can be converted to an ADU such as a detached garage, shop or studio. One of the advantages to this is that you can save a lot on the permit fees relative to the ADU build if you're working with an existing structure. Bonus if you can reuse the foundation and if it already has water and/or power to it. Lots of properties in CA already have detached units on them and CA if one of the most ADU friendly states. Not sure about San Francisco, but even nearby San Jose has a lot of parcels that have existing bonus structures that can be converted to ADUs. If your lot is big enough you can put up a fence in between so there's virtually no interaction with your tenant.This also makes it easier to rent it out as an MTR to travelers with pets. Even a postage stamp sized patio or yard can be very attractive to midterm guests.

@Siyi Tang

Congrats!! Powerful strategy. I've done it twice just over the hill in Reno, NV and it has changed my life already. 

If you need complete separation from your tenants, it does limit your options. 

Zillow is a powerful search tool and you can weed out properties that won't fit your criteria. 

If you search "ADU", "in-law", "separate entrance", etc. it will find all MLS listing descriptions that have that language provided by the listing agent.

It narrows your focus. Hopefully this helps, and best of luck to you!!

@Andy Pham I used a 5% conventional loan. I actually converted the detached garage into an ADU while living in the main home. Then after 1 year I moved out and rented the Main home as a LTR and the DADU as an MTR, which significantly increased my cash flow. Depending on your market, I'm getting 40-50% more cash flow renting as an MTR compared to LTR.