Updated about 5 years ago on . Most recent reply
Garage Conversion and Rental
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $326,000
Cash invested: $100,000
Converted the detached 2 car garage into an ADU, doing most of the work myself. Soon afterwards, we moved to our next house, and am currently renting the main house. We were running the ADU as a Airbnb and making great money cashflow. The whole property currently cash flows an average of over $1,000 per month. We put 20% down on the house, and paid for the ADU improvements in cash. I got a $70K HELOC on the property, and am using that for the backyard duplex I'll be starting soon.