Rental Property Investor · Portland, ME · Member since 2026 · 6 posts · 4 votes
Hi All,
I'm Greg McCarthy and I'm new to BP and still learning about all the great resources on the site. I hope to also build my circle and learn from experienced investors to someday build my portfolio!
My wife and I own a home in Maine and have a 1000 sq ft unfinished ADU on our property which we are in the process of renovating into a rental unit. I plan to use it as a long term rental. I'm wondering if anyone has had experience doing this on their primary home's property, and any issues I should look out for. We do have an in-ground pool within 10 feet of the ADU. Would it be appropriate to have it listed in the lease that the pool is not to be used, or should I have stipulations in the lease allowing limited use? Any help is appreciated.
Pools are always a double-edge sword. When I started many years ago, it was standard practice to stay away from rentals that had pools. Nowadays, with the proper precautions, they are an added feature that could bring in higher rents.
I think one of the biggest hurdles in 'building' an ADU (that you know upfront is going to be a rental) is configuring the sub-meters and deciding whether you are going to do that or not. Most of us on this platform like numbers and data. This is just my personal opinion but I would want to know how much electricity and water is being used by the ADU tenants.
Do you have a set of plans already drawn up for what you want everything to look like? and a budget?
Currently it has electricity which is connected to the main house. My plan is to add a septic for the adu, and also have separate water and electricity meters so the tenant pays their own.
I don't have plans drawn up on paper, but I know what I want the inside to look like. We took out a home equity loc recently and we're going to use family members who are electricians and plumbers to do most of the work. We don't know how much it will all cost, but we know we don't want to spend more than $50,000.