All Forum Posts by: Tom Conant

Quote from @Conner Olsen:

Quote from @Tom Conant:

In my experience, the second bathroom is going to add more ARV value and not much more rental revenue. Look at it from a resale perspective.

Even for a second unit?  It won’t technically be an ADU as I can permit a full second dwelling, but it will be similar to a large guest house.

Quote from @Carlos Ptriawan:

dont convert 2/1 to 2/2 but convert 2/1 to 3/2 if possible. It's the number of bedroom that makes sense.

I do have the space to do it, and did consider it, but have been against it for two reasons: first, I only have parking for two vehicles based on how I plan to separate the property.  Street parking is not an option.

Second, I am comfortable with traveling nurses as I feel there is a certain amount of safety with that profession, but I work as a firefighter and am gone for 2-4 days at a time and am cautious about who will be on the property with my wife and children. While I am away.

Hey guys - I apologize for the late reply.  Based on your replies as well as further consideration, I think I'm going to leave the single bathroom for now.  I have selected a floor plan that will allow me to add a second bathroom in the future if I choose to do so.

@Jeff Zimmerman

The property is in old fig garden off of Maroa and Gettysburg.  Though I may choose to keep the property forever, I am positioning so that I may sell it in 5-6 years.  The main house is 2000sqft and the back unit will be approximately 1100sqft once converted.  I would love to hear your thoughts on the value of a second unit in this particular area.  I've had trouble finding good information on how this would affect an appraisal.

@James Carlson

Your numbers match my best guess for Fresno as well.  I believe I am going to start it as a 2/1 and then reevaluate in a year.  I am choosing a floor plan that will allow me that flexibility as the bathroom will be carved into the living room space if I go that route.

Thanks for the feedback.

@Bonnie Low

I will have a desk/work station set up in the corner of the living room.  My plan now is to have two equal sized bedrooms.

An alternative I have considered is to have a larger room that could perhaps fit a king bed, and then a smaller bedroom with a twin and a desk/work station built around it.  Maybe something like this?

Or do you think I would be better off with two bedrooms with queen beds?  Love to hear your thoughts.

My wife and I just moved into a house on a 1/2 acre lot in Fresno with large detached 3 car garage with a kitchen and bathroom on the back of the property.  My goal is to convert it to an 1100 sqft second house (which it looks like anyway until you realize 70% of the square footage is garage space).

It will have it's own private driveway, car port, and a fenced yard to separate it from our part of the property.

Our goal is to create a mid term rental for traveling nurses.  At minimum, the kitchen and bathroom will be updated, and the garage will be converted into 2 bedrooms and a living room.

I've considered adding an addition bathroom into this space as well.  My question is if this will be worth the money as I will need to dig into the concrete slab foundation and tie into the existing sewage line.  It's possible that I may even need to increase the size of the entire sewage line depending on the size it is currently.

A second bathroom would make the space ideal for a pair of traveling nurses, but it is also a significant cost added to the project.

For those specializing in this space, I would love to hear feedback on how valuable the second bathroom will be.

Quote from @Ronald Rohde:

Whats wrong with google? Strong is not the same as non-existent?

 Nothing wrong at all.  Right now I think that looks like my best option.

@Henry Clark

Thank you for replying.  Unfortunately I don’t see anything actionable for me in your reply.

If you don’t think my plan is a good one, what would you do in my situation if your goal was to obtain a self storage facility with some meat still on the bone?

Quote from @Eliott Elias:

Call commercial brokers and agents. 

 Even if my goal is to put together an off market list for lead generation?

@Mark Munson

Just signed up with infoUSA.  We’ll see if they can help.

Thank you.

Happy New Year everyone!

I’ve had success sending direct mail to homeowners and would like to do the same for self storage facilities for my first deal.

Any recommendations on how to start building a list of local self storage?  I feel like driving for dollars and searching on google will not capture all the local facilities - especially the smaller mom and pop facilities that may not have a strong online presence.

I don’t mind pulling the owners information myself as long as I can identify which properties are self storage in my area.

Any advice?

@Smitha Sandasani

With rents as is, I am losing approximately $500/month.

That said I didn’t purchase the property as turn key. I purchased it for where I believe I can take it.

It’s in a great area and rents when I bought it were $1750. I believe I can increase rents to around $2850, and I believe I can use the existing footprint to add an additional unit that could rent for $600, for $3450 total.

I purchased the property off market for $250k. I’d say that makes it a 4-5 cap.