All Forum Posts by: Cara Murray

what are you comparing it to? You will find rent rates lower than in the big cities down your way for sure.

First of all congratulations on your new business! I think the terms for your owner carry are really good and its a great way to get your foot in the door on investing. If you convert the back into a small residence will you have a kitchenette and bathroom for the business portion? Do you feel that having businesses running in the same building as nurses who sometimes work nights would be a turn away for them? or what if they want to rock out to music while you have a business meeting? Do you have others interested in renting the rooms from you as office space? Just a few thoughts on the mixed use portion. If you have a seller that is willing to work with you I think its a great first step. Please update what you decide to do. 

 @Ryan Havens I think the larger meet ups were struggling a bit but. I'm always interested in meeting up and chatting with people looking to invest. 

If anyone is interested in meeting up let me know, I'm always ready for a cup of coffee. 

Hi Jack-

My biggest concern would be that multiple units on 1 lot does not appraise the same as 1 house/1 lot. Have your realtor pull you some comps and try to get them within the last 90 days, for an accurate value.

Also remember you are dealing with more than 1 parcel. Which means you will be doing two purchases (double closing costs) and two refi's (double closing costs. Make sure you are accounting for that in your numbers. 

My comments are only to help you make sure you are not leaving anything out. And in no way meant to detour you. Best of luck!

 Welcome Jack. Hopefully we will be setting up a meet up soon! Things are starting to change in our local area and its a great time to buy a rental property. 

 No worries- I was not offended by your comments as I can see there are a lot of property owners in the area that are not taking care of their properties to my standards. Thank you for all the information. 

@Stephen C Gates Thank you. I self manage our current properties but as I am looking out of state, I feel compelled to find a local property management team in the area.

@Lori Williams All of our current properties are located in California and that large down pay is what is steering me to look out of state. That does not mean that we are not willing to put money into a property to make it up to proper living standards. We take a lot of pride in our properties and I would live in every property that I own. Thank you for all of the information, I will continue to do research on Youngstown and all the areas around it to see what fits us best. 

 Thank you for the information. I have been looking in the area the last few months and am curious if you have any recommendation for property management in the area? 

Hello. We have missed the meet ups. So glad we can start them up again. Thanks.

Hi Jack welcome to BP. Sounds like you are off to an amazing start, congrats on taking the first step! I am also in the Shasta County area, we have rentals and do a few flips. Please make sure to talk to city regarding the ADU. My understanding it is an absolute No for ADU's to be used for short term rentals (anything under 30 days). In addition I wouldn't try to fly the STR under the radar. I was recently in the building department getting a permit for windows and heard a heated conversation with a property owner wanting to know how the city knew they had STR. It seems they review Airbnb or had a complaint. The solution to that would be to rent long term or over 30 day stays. Easy fix.

House hacking seems like a great idea for you and your growing family. I wish I could turn back time and do it all over again. House hacking would definitely be on my do list.