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Hello BFC folks. I've got a question on choices - a what to do first. So my current house has a 625ft 13ft tall crawl space/ daylight basement that could probably be renovated to a full 1bd apartment for about $70k and another 20 to 30k for landscaping to make it easily accessible + an extra parking spot. The apartment would bring in approx 800 to 1000 a month - we are in a desirable neighborhood in a city that doesn't have nearly enough rental stock. I'd also have another possibility. A house went up for sale near by that is 2400sqft, 900sqft daylight basement, 4 level split. Its a super low price because it needs a facelift. It would be a 350,000 purchase with maybe 20,000 in facelifting. Rent could bring in about 2000 a month for the main portion and another 800+ for the basement. (depending on some things. I haven't seen it yet so i'm not sure how the basement is laid out yet). I've got a call to my realtor to look sometime this week. As someone considering renting/landlording for the first time - would you think the smaller investment or bigger investment. The other notation about the house is there will be a new light rail / transit station just 3 blocks away so the value on the property is going to jump in about 6 years when the station completes. Then again the desirability of our own house is going to jump as well. Oh and a note that applies to both - I've renovated my own house so I can definitely do everything that is cosmetic. The only things I will end up hiring out are plumbing and heavy equipment usage if needed and pooossssibly heavy electrical work. Smaller electrical jobs are something my husband and I have done as well. silicone thrills fucked around with this message at 22:02 on Dec 23, 2013 |
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Dec 23, 2013 22:00
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| # ¿ Apr 29, 2024 01:00 |
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SiGmA_X posted:90-100k outlay for 9.6k annual income before expenses? So you're looking at a decade plus payback period? That's too long term. Control costs further and charge more rent or find another deal, IMO. TBH Since we would do most of the work ourselves, its probably far less. We got a quote from a GC just to get an idea so it probably will end up more like a 60K outlay total. The term length isn't a big deal for us FYI. We never plan to sell this house and this isn't a hardship or slowing down our retirement. I should have put that into the first post I guess. Another note is that our neighborhood will be able to support the increase. We will be gaining that 625sqft as usable space in our house. Another bathroom, another bedroom, etc so it builds the equity a lot in case we ever do feel the need to sell it. We've got houses on our block ranging from 300,000 to 800,000 and we are sitting in the 375,000ish area. silicone thrills fucked around with this message at 00:16 on Dec 24, 2013 |
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Dec 24, 2013 00:10
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SiGmA_X posted:90-100k outlay for 9.6k annual income before expenses? So you're looking at a decade plus payback period? That's too long term. Control costs further and charge more rent or find another deal, IMO. So given I have 100,000 to invest - what is a better thing to invest that money in with similar time lines and risk? I honestly don't know of an easier more convenient investment.
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Dec 24, 2013 03:42
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SiGmA_X posted:I would make sure to make it connect to the main house pretty easily, locking fire door top and bottom of stairs or something. When it comes time to sell it, an accessible mother in law suite may be a plus, or guest quarters. We are definitely a couple that enjoys making things. We completely remodeled our own kitchen, 2 rooms from top to bottom and we are about to tackle our first bathroom. There's just something so satisfying about stripping something to nothing and building it back up exactly how you want it. We've made a fair amount of furniture together as well. Currently using an 11ft LVL beam that's been sanded baby smooth, stained and clear coat epoxied for our desk so there wouldn't be legs. It's been 3 months since I finished it and I still feel a massive amount of joy every time I sit down at this desk. We're probably going with the daylight basement 1 bedroom set up. The house I saw on zillow today was literally already sold when I called my realtor. Market is hot as poo poo up here in Seattle. Even if it doesn't end up being rented out 100% of the time (which it will, Seattle is growing so fast that apartment builders can't even begin to keep up with growth), if we ever have a kid, when they are a teenager they are going to be living down there because gently caress living with teenagers. I remember how much of a poo poo head I was. I don't want to live with one.
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Dec 24, 2013 07:35
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Adiabatic posted:Anyone have experience with the legal hoops for adding a separate apartment to a property? We're looking at a duplex with a huge garage and would like to look into renovating the garage into one or two apartments. State is VA. I contacted my realtor for resources. He sent me a slew of links on the city's requirements which then had more links to other code stuff.
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Dec 26, 2013 22:44
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Has anyone here ever owned a vacation rental near a ski resort? My husband and I had been talking a bit about wanting to build a cabin near crystal mountain ski resort. There's some nice property for sale for a price we can easily afford and I was looking at local vaca rental and it seems like the cabins stay pretty well booked when the owners allow it. Pretty great rate too - Usually $1300 a week for 2 bedroom places. There's land literally bordering the national park so it means nothing more could ever be build next door. Anyway - if anyone has - What were the challenges? Any unusual costs? Are vacation renters worse than regular renters?
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Jan 13, 2014 20:49
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| # ¿ Apr 29, 2024 01:00 |
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KoB posted:Yes. They are there to party and then leave. They have less time to mess it up though. Yeah, we are looking at the total cost to buy, build, the time we would use it ourselves vs the time we would rent and property management.
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Jan 14, 2014 01:40
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