All Forum Posts by: Tim Lee

2/1 for $1800 is pretty high right? Are you in some metropolitan area?

For that $100k, how much equity did you calculate you would be forcing? 

Finding an agent that knows what I want seems like the best thing to do right now. Also, I saw those "potential for growth" and whatnot keyword phrases as well, so it's nice to know that those are actually pretty common.

If you don't mind me asking, how much was the renovation of the basement, and what was the process like? Did you hire out one single company or multiple contractor? I don't need exact metrics, just a ballpark number will do!

Ok, that makes a lot of sense. Thanks!

@Carmen Dettloff Interesting, so the cost to renovate a basement can get very high. I would assume that for every utility that needs to be added to the basement that is not already there, the cost to renovate would grow. Do you know if the relative cost is around the same per utility or lower than usual?

For example, if we need to do add a full bathroom to the basement, would that renovation cost more or less than adding a new bathroom to any other part of the home? My initial guess is that it would be around the same, since it's not like the basement is some special place where adding a bathroom suddenly becomes cheaper. However, I could also see the case that since basements are relatively unfinished, the installation of the bathroom could be a bit easier, since you might have a lot less to tear down.

@Taylor L. I have considered this, but I believe multi-family investing is the best way for me to achieve my financial goals, so I want to get experience dealing with tenants in more traditional apartment structure.

I am currently looking to house-hack a 4-plex, maybe a 3-plex if it cashflows well enough. I just want the house to be able to break even while I am taking up a unit, and then leave after the FHA-required 1 year to let the house cashflow normally. However, finding a unit like this is obviously hard, and I've heard others' suggestions about living in a sort of unofficial basement unit as to not take up one of the legally lease-able units.

I am wondering if anyone had any experience searching for these kinds of properties. Is there a keyword people use, or do you really just have to ask the agent/seller if the property has such a unit?

I am also wondering how much it would cost to take an existing basement and convert it into a livable space, either as an off-hand unit for me to live in, or as a fully legal lease-able unit. I am sure the cost to make the space just livable vs actually lease-able is quite different, so I'd love to hear if anyone has a ballpark number for either! I definitely don't want to dig a whole new basement, though, since that is way too expensive for my budget.

Anything helps! Thanks in advance