All Forum Posts by: Lee Miller
Lee Miller has started 2 posts and replied 11 times.
Post: Comparing the Birmingham RE market to Nashville, Atlanta, and Charlotte
- Posts 11
- Votes 3
From what I've been hearing, I probably wouldn't bank on 5% annual appreciation. Still, the other factors you mention make Birmingham appealing from a cash flow perspective, and that's why I'm also looking into investing there. And hey, maybe we'll get lucky and it'll be 5% annual appreciation after all :)
Post: New to the Platform and I am looking to connect with other local investors
- Posts 11
- Votes 3
Hi James! I'm interested in investing in Birmingham from out of state (I'm in CA), probably starting with simple buy and hold LTRs and then working my way up to BRRRRs. I just finished building a new-construction duplex (technically two ADUs that are in the same building) here in the Bay Area, and I'm doing a garage ADU conversion currently. I'd love to connect and share insights!
Post: Insurance for duplex + 3 ADUs (5 units total) in Redwood City
- Posts 11
- Votes 3
Quote from @Andrew Bish:
Hello,
Congratulations on the conversion, sounds like a very exiting property to be moving forward with.
I have to give the obligatory, find/interview a few local brokers to find one versed in the local insurance market and understands/works to understand the needs of investors.
A single policy might work, if properly endorsed and disclosed, a standard homeowners policy could possibly work. I have seen those on a house-hacked owner-occupied 2 or 3 flat. However, some landlord polices allow for the dwelling to be occupied by the owner and tenant. I believe that a landlord policy that allows owner-occupied and tenants would be cheaper than endorsing the other way around, however, a local broker would have a better idea. I would say try Steadily, except I think they max out at 4 units on a site.
Having 5 units may require a commercial landlord policy for competitive pricing. If that is case, you would need at least 2 policies. The commercial landlord policy would be concerned with the site and property, while you still need a policy to protect your possessions and personal liability, this is exactly what a "renters" or "contents only" policy covers.
This is super helpful, thanks Andrew!
Post: Insurance for duplex + 3 ADUs (5 units total) in Redwood City
- Posts 11
- Votes 3
Hi folks! My property will have 5 units total once we finish converting our garage to an ADU -- we just finished building a 2-unit ADU structure that's all new construction, and the property already had an existing duplex. All units will be rented out except one of the original duplex units, which I live in. It's a bit of an unusual setup, and I'm trying to figure out what kind of insurance we can/should get and which company might be good. Any thoughts?
Thanks!
Post: Detached Accessory Dwelling Unit (DADU) in Macon GA
- Posts 11
- Votes 3
I'm building three ADUs currently in CA and looking at investing out of state, possibly in Macon, when I'm done with this project. Dwayne, I'd love to connect!
Post: SFH to Duplex conversion in Chattanooga
- Posts 11
- Votes 3
Quote from @Jaycee Greene:
I don't disagree re: architects, but it's mostly the former rather than the latter. Anything that involves a load bearing wall will generally need an architect IME, but it can also be required (maybe indirectly) through the jurisdiction's building code/enforcement.
Got it, thank you for lending your expertise!
Post: SFH to Duplex conversion in Chattanooga
- Posts 11
- Votes 3
Do you mean it would need an architect because that's required by the jurisdiction, or because the project itself would need an architect's expertise? IME with due respect to architects they are not generally necessary for simple remodels. But I also like DIY design and drafting so YMMV.
Post: SFH to Duplex conversion in Chattanooga
- Posts 11
- Votes 3
Good question! It seems like anything requiring an architect would be too big or complex a construction project to be worth it, but I could be wrong. I'm imagining something more like add a wall, turn a bedroom into a kitchen-living on one side and a formal dining room into a bedroom on the other side, maybe add a half bath in each unit. Of course, the floor plan has to be conducive to this.
Post: SFH to Duplex conversion in Chattanooga
- Posts 11
- Votes 3
Hi! Has anyone done this in Chattanooga? I see some larger single family homes in areas that appear to be zoned R2 that, at least from a physical perspective, seem like they could work for this. The goal here would be to increase rental income. For context, I'm based in the SF Bay Area in CA and looking into buying my first OOS rental after house hacking locally for 10 years. I realizing the duplex conversion strategy is more complex I probably wouldn't try it on my first property, just want to get a sense of what's possible in the Chattanooga market :) Thanks!
Post: What’s the Cost of Converting a 330-350 Sq Ft Garage into an ADU/JADU?
- Posts 11
- Votes 3
Perhaps it's irresponsible to suggest this, but you could potentially save money by being your own GC. It involves a lot of planning and people-managing, and knowing what going into building projects at least on a high level is key. So, you have to be kinda into learning that stuff, and having someone in the family or friend circle with some expertise is a big help. People say it can save around 30% on average, but of course you're internalizing some risk, too.