Mother In Law Cottage

[Danyale Thomas]

Investment Info:

Other other investment.

Purchase price: $98,000
Cash invested: $98,000

Built a mother in law unit that I lease mid and short term

What made you interested in investing in this type of deal?

I wanted to add rental income without having someone live in the house with me.

How did you find this deal and how did you negotiate it?

Followed what I saw friends doing.

How did you finance this deal?

HELOC

How did you add value to the deal?

Design and long distance management

What was the outcome?

Profitable and easy

Lessons learned? Challenges?

I would better vet the builder. I chose someone who my friends had worked with but had to fire him before the project was complete and finish on my own. I prefer to invest to already built or refurbished property.