All Forum Posts by: Chad Stubblefield

@Jean Bolger those thoughts have definitely crossed my mind!! Thanks for the advice. I have not ruled anything out at this point.

@Jerry W. Thank you for your input. I do have plans to meet with a property manager, but my normal work schedule has not allowed it. Thankfully, we are in an area with great schools. The area we live in is in S. Salem, which is a very desirable area in town. I have to assume that with the size of house I am building, there will be kids involved. I will try and get a meeting with a prop manager next week and post back.

My wife and I are partitioning part of our property and we are going to build a single family residence on the new lot to hold and rent. I am looking for advice on the size of house to build. The lot size will be around 4500 square feet (45 x 100) so we have been looking at narrow lot plans. We have narrowed it down to two we like.

The first home is 1252 sqft, it has a double car garage and has 3 bedrooms and 2 baths and is a single story

The second home is 1642 sqft and is 3 bed 2.5 bath, single car garage, and it is a 2 story

We will own the lot free and clear after the partition, and the first home is going to cost about 125k to build, turn key. The second home will cost about 145k. My wife is a residential appraiser and she has comped the first two properties. We feel that the first property will have a market value of 170k and the second property will have a value of about 210k. The thing that gets my attention is the second property is worth about 40k more with only an initial investment of 20k, but I don't want to get to ahead of myself because We are building this as an investment/income property. Based on the research we have done in our market, we believe that the first home will rent for around $1150-1200 a month and the second home will rent for about $1250-1300.

ANY ADVICE IS APPRECIATED. Even If you have a different way of looking at things. I am open to any and all input!

Thanks!

Thanks everyone for the warm reception.

@Eric W. my plan is to hold and rent. I had considered a duplex, but I feel the lot size and location are better suited for a single family home.

@Ross Leavitt Thanks Ross, I will have to get in touch with you once things start moving along. I am still trying to get all my ducks in a row. I actually am a commercial project manager for Smith Glass so I am in Corvallis on a regular basis.

Greetings from Salem, Oregon.

My name is Chad and I have been anxious to start real estate investing and I am finally in a position to do so. My wife and I purchased our home with a large enough lot to be able to partition at a later time. Well that time is finally here. I have joined with the hopes in getting some more knowledge to help with the partitioning and the building of my new income property!!

Thanks!!