All Forum Posts by: Vanessa Banh

Hi Bigger Pockets Community!

I am in the process of listing my duplex soon on Airbnb and other platforms. I am going for mid-term rentals and targeting travel nurses and other healthcare professionals as there are 2 hospitals--both within 1.5 miles from my property.

Do I need to have contracts in place for them to book my property? If so, should these be contracts signed electronically or in person?

Also, I am concerned about the possibility of squatters in the future, in case the guest doesn't actually check out at their designated check-out date. Do we need to have credit checks on these guests? What are some best ways to prevent the possibilities of squatters prior to the booking?

I would really appreciate any advice on this!

Thank you for all of your insight! 

I just closed on a property and am planning on using the BRRRR strategy. There is a detached garage. I am thinking of converting it into an ADU, so I can rent out this part as well. It should raise the value of the house by at least $30k. However, renovations and permits to convert this will also cost about $30k. Does it still make sense if it breaks even like this? I can likely get about $2k/mo for the main house and maybe about $1k/mo if I convert the garage into an ADU.

Currently, the property is worth $380k. The ARV is currently at $475k. We expect to put in about $50k in the main house, but converting the garage into an ADU would bring the total rehab costs to $80k. And with the ADU, the house will likely be worth at least $505k.

I would appreciate any insight.