All Forum Posts by: Alan Le

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $510,000
Cash invested: $50,000

First investment done and in the books! We purchased this home due to the great location near Olde Town Arvada and its offered versatility in investment strategies. Most renovations were centered around the goal of turning the house into a non-conforming duplex.
Renovation work to highlight:
* lower living room renovation with a partitioned wall to separate the upper and lower units
* bar demo’d and converted to a second full kitchen equipped with induction stovetop and SS appliances.

Now onto Househack #2!

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

Found on MLS, we bought during the super low rates of 2021. Although the home ended up appraising for $10k less than offered, (which we covered), it still all worked out due to the cash flow and appreciation that quickly wiped out any disparity between appraisal and purchase price!

How did you finance this deal?

3.5% FHA Loan.

What was the outcome?

The numbers:

PITI: $2,400
Rental Income: $3,400
Gross Income: $1,000

Hello all!

Created this BP account over a year ago and I have not signed on since, man i've been missing out! Making note of this as my own mental commitment to be more active on here.

Anyhow, I closed on my first home back in early May after a couple months of battling it out in a veeerry hot market. Old 1961 house, with separate entrances to the upper and lower level; I suspect it functioned as an actual duplex at some point. I have been renting out the upper level since July and been working on converting the lower level, (where I currently am living out of), to it's own suitable "unit". The current project is converting the former wet-bar to a kitchenette in the lower level. The plan is to close on the next home around 1 year of primary residency at this current one to stay within the terms of my conventional loan and continue scaling from there.

When I am not at my 9-5 or poorly managing/working my home projects, I try to find time for bouldering and snowboarding. 

I am always eager and down to connect with other people with the same shared interest!

I am currently renting the upper level of my home, while converting the basement to its own "unit", (both levels have separate entrance, house is old and I suspect it functioned like a duplex at one point). I found an electric stove top that could be perfect for the basement kitchen; it's an electric two-burner and works with a standard 120v outlet. 

The main concern that comes to mind is ventilation. I have two options that I know of-- either circulating hood, or a hood that actually vents the air outside through a duct. The latter option would certainly be more costly and intrusive installation process. Also, it's only going to be a two-burner stove so not as much smell/smoke/odor. For that reason, I'm leaning towards getting a circulating hood, (sits above stovetop and essentially just blows and circulates the air rather than venting it outwards). 

Does anyone have experience with converting basement units and kitchens have input to offer? I'm also open to other methods of ventilation that I may not be aware of. Downside of doing a hood is that either way, I'll loose some head clearance which is already tight with a low basement ceiling.

Thanks for any input!