All Forum Posts by: Nathan Faucett

@Michael Baum Do you think repainting will work or do you think that it would be better in the long run to just replace?

I actually wouldn't mind using this as a LTR if they were people that I knew well, for several reasons. The most important is that the laundry and storage for the house is in that space, so my family would have to be down there with some frequency, unless someone could think of a way to modify the space to make it fit our needs. Maybe entrances that lock from the respective sides. (see above post for image)

I have included some more images below of the space in it's current state.

@Eric P. - That is great advice. I actually found out that I work with another person that does AirBnB in my area and she has invited me to come over and check out her space, so I will be doing that soon.

@John Underwood - I love the idea of the french door. I couldn't think how I could use the sliding doors and I didn't want to make it a normal door because I would lose a great source of natural light. 

I'm thinking that adding a a countertop, sink, stove/oven, and refrigerator on the wall of the Workshop and the Bathroom and then putting a island with some nice lighting overhead could make the space really nice. (see image below).

The acoustic tiles have been painted black. Do you have any recommendations on whether I could paint them white or if I should just buy brand new ones? If so, do you have a recommendation on brand or type?

I was thinking that LVP would be the best solution for me. Do you have any recommendations that would bring the best value? Where could I purchase this from?

One thing that I will mention is that at some point this space will likely need to be reclaimed for family living space. Is there any changes that you would recommend that would be easily "convertible" in the case that we don't want to use this as a AirBnB forever?

Hello All!

My wife and I are in the process of closing on a 4 bed/3 bath, 2700 sq ft home with a walk out basement in Greensboro, NC. While we hope to grow into all this space one day, currently our small family of 3 has no use for all of this space.

Luckily we (or should I say "I") have a hankering to get into real estate investing, so we are thinking about using the basement as a short term rental.

The basement:

• 1200 sq ft
• 2 Beds
  • 12'x11'
  • 11'x8.5
• Full Bathroom
• Large living area
• Stinky Carpets that need to be removed
• Acoustic tile ceilings that have been painted black
• No Kitchen area (appliances or countertops
• sliding glass door entrance
  • No apparent path from parking area

What can we do to make this space great and really appealing for short term renters? Do you have recommendations on flooring, ceiling, bed layout, kitchen appliances, desks, entrance, or anything else that we could use to make the short term rental stellar?

Are there any resources that you would recommend for developing a space like this?

Thanks in advance!

Nathan

Hello All!

My wife and I are in the process of closing on a 4 bed/3 bath, 2700 sq ft home with a walk out basement in Greensboro, NC. While we hope to grow into all this space one day, currently our small family of 3 has no use for all of this space.

Luckily we (or should I say "I") have a hankering to get into real estate investing, so we are thinking about using the basement as a short term rental.

I need to put about 1200 sq ft of flooring down and I am thinking that LVP is going to be our best long term solution.

Can anyone provide recommendations for LVP? 

I would want to get the best value for our dollar and would want to get a suitable material for this specific use. Furthermore, if anyone could recommend a specific website or store that they would recommend for good savings, that would be great as well!

@Samuel Albert Welcome! I am also an aspiring real estate investor located in Greensboro, NC.

You may want to consider attending the Triad REIA meetings. You can meet real estate investors all over the triad there. They even have a Burlington specific meeting that you can attend if desired.

Hope to see you there soon!

@Cameron Rockey Welcome!

I am very new to real estate investing as well - as in I am still looking for my first deal, so there are some people with more knowledge than me.

However, I would recommend a few things:

First, finish editing your profile. Add a picture so that people know who you are. If you have been listening to the podcasts, you'll come to realize that perception is everything in business. Tell people where you are from and what you are interested in doing. Which leads us to our next point.

Second, what is your niche in the real estate market? Do you want to be a cash partner in a deal? Do you want to wholesale? Do you want to fix and flip? Are you interested in commercial property, residential, land, multi-family, single family? There are a lot of different ways to get plugged into this market, but only you know what you want to do?

Third, assess if real estate is really for you. Do you want to do this because you hate your job? Or you think you are going to make more money this way? If so, you might want to think twice about real estate. It's just like anything else. If you make a million dollar a month doing it, but you hate every second of it, is it really worth it? I'm interested in real estate because I love finding and analyzing deal and helping people solve problems. Spending my time in an excel spreadsheet sounds like time well spent.

You can find more information about this in the Ultimate Beginners Guide to Real Estate Investing (https://www.biggerpockets.com/real-estate-investin...). From there, you should start reading books, learning from podcasts and forums, and attending local BiggerPockets and REIA meetings to network with other real estate investors in your area.

Hope that this is helpful to you! Good luck on your journey.

@Jake Thornhill - Congrats on paying down your debt. It is exciting when you no longer have that money over your head. My wife and I have been aggressively paying down our debt as well and we are hoping to finish it off while we are investing in real estate.

I would encourage you to go ahead and start attending the Triad REIA lunch meetings. They are FREE and give you a chance to preview the group and start building relationships. You can also find wholesalers, investors, lawyers, realtors, financial institutions, vendors, and contractors there which will fast track you to getting a property under contract.

I talked to someone today who did her very first deal with someone she partnered with at the Triad REIA.

In summary - Don't wait until you have your first deal to network with others. Do it now to make your life easier.

If you are interested in talking shop sometime, let me know. I am new to the real estate investing arena as well and I want to connect with others in the community.

Congrats on your success!

@Chuck Williams whoops! Missed you saying GA! I’m in NC.

Chuck! I’m new to the area but I have some boots on the ground. What area are you looking at?