All Forum Posts by: Conner Parks

Great tip on the website! Thanks @Paul Welden

@Jennifer Z. Thanks for sharing your story, super helpful. I'll be sure to pay the city a visit! I do anticipate a lot of lifting upfront on this, but it'll be great for us in the long run.

@Andrew Postell Thanks for the info, very helpful. I think we'll be good on the loan limits, purchase of 500ish and i'd imagine 50k for construction.. Will keep that top of mind though.

@Paul Welden Thanks Paul. Interesting that it has to be attached, we've been looking at some detached garages as good potential ADUs, we'll lean on our 203k consultant to help steer us in the right direction. Thanks!

Happy Thanksgiving BP Community, looking into nuances of 203k loans and it seems like you can use construction funds for adding on, curious if anyone has had experience adding an ADU, or converting garage into studio, with the intent of house hacking.

Would love to hear your experience and any hoops you had to jump through to pull it off.

I’m in San Diego where ADUs are being approved from what I gather.

Thanks!

Conner Parks

@Brandon Turner hey Brandon, did you ever do a blog post on this? My wife and I just got offered a position to manage a small building in exchange for free rent. I feel like this is a great House hack alternative and I would love to read anything you’ve written on the topic.

While you don’t get the equity build up or other advantages of a traditional house hack, I think the education for us will be invaluable as we build our portfolio.

“The on site manager hack” lol

@Reco Gray thanks! Be sure to share your experience when you do! I’d love to hear about it.

@Scott Passman that’s awesome! Good luck! Im sure you can connect with others at local meetups! I’ve even called rental listings on Craigslist and Facebook marketplace that look like they werent posted by a management company to speak with seasoned investors. Catches them off guard a little but they’re often happy to chat or grab lunch. Might even find a deal that way!

@Jackson Truong i was turned off by the lack of transparency with their motives and the mark up they were trying to make on the properties they were offering. I guess I just needed to know who’s making what and felt good about being able to put in an offer for what I thought the property was worth as a rental nit what they wanted to get for it. And simply speaking with a few clients of theres I learned who the property manager and contractora they uaed were. I had asked for references for recent investors they’d worked with, and then asked them a hundred questions. I felt like they didn’t offer much value and David Greene’s book was a good enough guide to not have to use them.

My bIggest hope in wrItIng thIs Is to Inspire others out tgere to get started. Three years ago I went down a personal finance rabbit hole. I was a senior in college studying business management, evaluating my personal financial situation, and determined to be a wise steward of my first paycheck after I graduated, knowing I’d be climbing my way out of about $20,000 of student debt and several grand in auto loans. WhIle searchIng for somethIng productIve to lIsten to on a jog I found the bIggerpockets podcast. Ive learned more from BP than I ever dId In college. Despite math, my wife and I made the personal choice that we’d pay off our student and car loans before we got started. Fast forward three years later we paid everything off and saved $20,000. Decided against investing in our backyard here in Hawaii in hopes of starting small and building a replicable process. Just as we started exploring out of state options with several realtors and turnkey companies, @davidgreene released his investing out of state book. Following his advice the best we could, we found a rent ready home in Georgia that slightly exceeded the 1% rule and pulled the trigger. Here’s the numbers: They were asking 85k, we got it for 80k, appraised for 90k listed for rent at 950 to test the market. Rental comps going for 875. Shout out to my realtor Shaine Cobb with better homes and gardens for patiently helping me through the process. My colleague Stephen Thomas for acting as my accountability partner as we both did our first deal during the same time frame. And my wife for the support. The best part of it all is we just found out we’re having a baby girl early next year and we added $100 automated principal payment each month to our 30yr fixed mortgage so that it amortizes when she turns 18 as @brandonturner suggests. I’m so grateful for bIggerpockets and the community it’s formed to inspire and support me through this journey. Next year I hope to do my first BRRR! Best wishes, Conner Parks

NVM see it :) The event wasn’t showing on the app.

Hi Brandon, I didn’t see a date for this event in your post. When is it?