All Forum Posts by: Kenny Smith

@Pat Martin

As Nathan mentioned, check out online what rents are going for in that area for sure.  Just curious, have you thought about maximizing revenue and renting out the other 2 bedrooms?  Start doing that and you could save enough money within a year to go do it again.  Just a thought!

Good luck,

Kenny

@Ben Capriolo

All great points above!  Another option for laundry is to run plumbing upstairs, tap into a drain line, and add a small stackable somewhere if there is room.  Now, it can give you another option of renting the top level out if you were to ever move out.

Good luck!

@Brandon Tyler Rich

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Isaiah Backiel

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Glenn P Kakugawa

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Esther Oh

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Erik Soto

Welcome to BiggerPockets! You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?

1. Subscribe to the BiggerPockets Money and Rookie Podcasts

2. Attend the FREE WEBINARS

3. Attend a Meetup in your area/virtual meet ups

4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

5. Peruse the forums! Ask questions! Answer questions! If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!

Good Luck,

Kenny

@Eric Samuels

Curious on what type of issues you may foresee by doing that?  The only thing I can think of is if you offer your tenants different length leases which I would not do.  Also, I'd recommend signing folks onto a 6 month leases.

1. You can see if you like rent by the room, and if it isn't working out, you can switch over to renting the whole unit.

2. Your next lease will start next summer as well, which is good for you because that is when demand is highest and therefore you can charge more in rent.  Just make sure to sign someone on a year lease from there to make sure you re-up leases only during the summer.

Good luck!

@Jacob Mallat

As far as a second kitchen in the basement, it is best to find a space below the kitchen upstairs simply because that is where you'll have a drain line you can tap into for the sink downstairs.  Regarding putting a washer/dryer upstairs, same thing, find a space where you can tap into a drain line.  Whether that is a bathroom closet behind your shower, or somewhere in the kitchen are going to be the best spots and most affordable.  Have a plumber come by and see what spots would be best.

I am not sure how you are going to be the renting the space, STR, MTR, LTR, rent by the room, but I would just include all utilities to make it easier. No reason to go through all the trouble and money to have a submeter. Regarding the kitchen downstairs, having a second oven (in my municipality) is against building code. Be sure to look into your municipality laws. We rent our basement unit out with a door in between our upstairs and our basement unit landing technically not making it an ADU or a duplex. That is unless your single family home is zoned for a duplex.

Let me know if you have any other questions, good luck!

@Ivan Calais Coelho

Make sure you talk to your insurance company to get a "landlord policy" and max out the liability coverage..typically it's $1mil.