All Forum Posts by: Lisa Singer

I had a similar conversation yesterday with a consultant at Anderson Business Advisors. He recommended setting up a Wyoming holding company and run all properties through an LLC owned by the holding company. The advisor I spoke to was helpful but pushed his "platinum membership" to provide unlimited consultation sessions. Not sure if this would be worth it for me at this time.

Thanks for your thoughts on the subject. I am new to the business and thinking naively that building would be less then buying!! 

Thanks James. I met with an Aurora City Planner and they do allow Airbnb and short term rentals. I am in the process of getting a bid for an architect, survey and soil testing. We will see if it is feasible to stay under my $100K budget. I am planning to sub out everything. Fingers crossed!

Wow! Those are sweet! Great idea!

@Chris Lopez

Thanks for your input Chris. I will contact your references and see how the numbers work out.

Thanks Joe. The property is in Aurora. Do you know if they allow tiny houses? 

Do you have any yourself?

Investment Info:

Single-family residence buy & hold investment in Aurora.

Purchase price: $204,500
Cash invested: $31,000

1940 almost a tiny house at 840 sqft 3bd/1bath. We gutted the house down to floor joists and studs and found a mummified cat in the crawlspace, male parts still intact! Still in the rehab stage. Subfloor went in today!

What made you interested in investing in this type of deal?

Ease of entry and a great deal!

How did you find this deal and how did you negotiate it?

Wholesale deal, negotiated price down $20K

How did you finance this deal?

Private money

How did you add value to the deal?

Rehab baby!

What was the outcome?

Pending...

Lessons learned? Challenges?

I never want to hang dry wall on a ceiling again!

Hello BP family!

I just purchased my first rental property and it is on a large enough lot (with alley access) to add an ADU. The city will allow a 650 sqft unit. I need a builder or some really good sub-contractors to get the job done. Does anyone have experience in this area? I thought it would be close to $150 sqft, but I got a verbal estimate for twice that! Should I continue to pursue this additional income stream or scrap it?

Cost of existing 3 bed/1bath house: $204,500 with a $31,000 rehab. I will rent it for $1750. I suspect the ADU will rent for close to $1500 as a 2 bd/1 bath.

Other thoughts for the lot are to build a tiny house and rent on AIrbnb.

Thank you!

Lisa

I would love to be added to the list!

Lisa