All Forum Posts by: John Hurley
John Hurley has started 2 posts and replied 3 times.
Post: Experiences with ADUs: manufacturers, budgeting, str vs ltr, etc
- Posts 3
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Howdy folks.
Looking to cash-buy an ADU and put it behind a home my family owns in Ft. Lauderdale. I'm looking for a turn-key company that can handle the paperwork and put it in the ground for a flat price. I was wondering if anyone has any suggestions re: companies to work with? With the uncertainty in the economy right now I want to do this with cash (let me know if I have that wrong), and would like to do this for around 45k and under. If you have an ADU, how has it performed compared to your financial projections? I'm looking at properties on Airbnb and using sites like AirDNA's rentalizer, and then low balling those numbers.
Any thoughts are appreciated- thanks!
Quote from @James York:
@Taylor L. makes a great point. One additional consideration would be your personal housing needs. You didn’t mention where you live, but if you’re renting, how about buy and house hack. This would further reduce living expenses alleviating more pressure during the growth phase of your other venture.
Yes, your definitely both right about mindset. I am looking at occupying one of the units a la house hacking.
Howdy folks. I am about to inherit 100k in cash. Here are some other relevant details:
- My credit score is over 700. I think it's closer to 768. Haven't checked recently.
- I've been developing a software product that is launching at the end of this month, so I don't have recent traditional employment history. The software product probably won't be operating in the red for about 3 to 4 months.
- I have no debt.
- I have under 5k in cash (having to que up marketing and legal services for new business)
- I have a used car which I can sell for around 25k (I don't need it)
- I didn't know I would be receiving this amount until today. Thankfully everyone in my life is fine- this is just the best move for the family per the advice of their accountant.
What I want to do:
I'm very confident in my software product given my niche industry and experience. However, I wan't to be responsible with this money and not put everything I have to into this company. So I'd like to put it into real estate, hopefully multi family. I was hoping someone could address the following points with an eye towards making the most money responsibly:
- to sit on the 100k and wait for the market to cool, or buy now / soon
- getting a 3.5% FHA loan vs a traditional loan
- doing a small down payment vs a bigger one
- having all units be LTR, STR, or a combination of both
- anything else you think is good advice if you were in this situation
As you can guess part of me wants to panic. But I'm trying to keep a cool head here and hopefully can get some good pointers. Thank you!