I'm particularly passionate about the Detroit and sout east Michigan area.Outside of real estate, I enjoy converting vans for Van Life.Excited to learn and connect with you all! 

You weren’t trying to convert an owner occupant to rental. 

Lots of options as far as raising nightly rates as other STRs shut down, converting to MTR or LTR or doing an exchange to another state.

The tenants are currently in court with a title dispute so the house would have to be paid for cash only.I would like to convert it to a primary residence and turn the garden level into a separate two bedroom apartment for use as an in law suite.

I'm calling for final on a converted garage next week.

I wanted to share the numbers and want to make sense if it's a good deal for us according to what we are looking for.Price: $450k (agent said that we can get it down to $420k)2 Units (1 bedroom in each unit)Mortgage with 3 year fixed comes up to around $2.3kInsurance and tax is roughly $400Rent per unit is $1.4k so if we move out then total rent comes up to $2.8kThere's a detached ADU (garage) that can give us another $100-$150 if we rent it for storage and there's a scope of converting it into another unit later on.So currently rough calculation says that it can cashflow up to $300 per month.

I have an appointment with a lawyer, but id love to talk to anyone that has had experience of converting in the past in Hoboken.

Convert them into income machines!

There are many reasons that adding a single ADU in southern CA is a less than ideal RE investment (i will post a list at the end) but the negative initial equity is a primary reason as the initial negative equity position consumes the initial cash flow and can take many years to recover.As for converting your home to a rental….

It's all fun and games until your bank freezes and converts your line for any number of reasons that are in the loan agreement.