All Forum Posts by: Jarrett Schaef

@Robert Murphy

Hey,

I am curious to hear how things worked out with this deal.  Did you end up using the private investor for the down payment?  Also, what has been your experience working with student housing (pros and cons)?  I am interested in purchasing a property near a campus in my city, but I do not have the funds for a downpayment at this point.

Hi,

I am interested in a similar possibility. So, my wife and I closed on our first house just December 19, 2014. It was in the midst of this/soon after that I really got serious about self-educating in real estate investing. Now I wish we had found a duplex to live in and rent out the other side. In an attempt to try to make an investment out of this house, we are considering converting it to two properties (2 bed, 1 bath, full unfinished basement in the front; 1 bed, 1 bath townhome style in the back with the bed and bath being upstairs). Separating the two sections would not be difficult, since the back unit is mostly comprised of an addition that has its own heating unit (though I don't know about A/C) and we do not have any zoning issues in my area. That being said, I am concerned about the cost of making the back section into a viable rental unit. Here is what I would need to do:

1. Add a shower in the upstairs bathroom

2. Install a functional kitchenette in the addition

We are not sure about doing this right away, but I am just curious if anyone thinks it's feasable. Oh, and I estimate we could get $750/mo. easy for the front unit and $500-$550 for the back unit. Since our mortgage is currently sitting a little less than $750, that seems like it would be a good cashflow situation to me. We could also rent the garage for probably $50. I am curious to know what everybody thinks.

@Blake Anderson : Please let me know if you end up trying this out; I would love to hear how it goes!

Hey, thanks everyone for showering me with responses. This is an awesome community. I look forward to continuing to self-educate and interact with the folks on BP!

Hello, I have been in western Kansas most of my life but recently moved to Wichita.  To consider myself a "new investor" is probably an understatement; "aspiring" would be more accurate.  I first started considering real estate investing while listening to Rich Dad, Poor Dad, which a friend recommended to me.  Since then, I have checked out any books I can from the library and have recently been listening to a Bigger Pockets podcast pretty much every other day or so.  Unfortunately, as is the case with many young (25) aspiring investors, especially those with families (married, 2 kids), I am short on cash.  Add to the mix that I am a high school English teacher and the cards are somewhat stacked against me; however, at this point I would really love to get in touch with anyone who is practicing real estate investing in Wichita or the surrounding areas.  Any advice for beginners or someone in my situation would be appreciated as well!