All Forum Posts by: Kat Hussey

@Michael Baum The one we're looking at has a single bedroom downstairs and a pull out couch, so potentially sleeps 4 depending on how big the couch bed is. It does have a stove/oven, so we'll make sure to have some pots/pans and spices,etc.

It'll be in north east Dallas. About 30-45 minutes from downtown. However, only about 5 minutes from the lake and we've got the room to park a boat and a couple vehicles and still have some outdoor living area. There's also a stable down the street from us where people can ride horses. We will be living on the property, but it's already split in half by a fence so guests will have privacy.

@Bruce Lynn I'm going to check with them later today. Our plot is big enough to split it in half if they say no, so either way it'll be good. We were thinking of splitting it before we move in a few years anyway. It'll just be extra paperwork if we have to do that.

@Bruce Lynn

Hello! Yes we're in city limits in DFW. I'll check with our zoning department here. Thank you for the suggestion!

@Mark Miles

Thank you for all of that! You're right about higher price for fewer nights. I was definitely thinking about occupancy first. We are in Texas, so I think we fall in the year round revenue area.

Thank you everyone! Keep 'em coming! I'll read through the full forums here in a minute as well and probably post some more detailed questions.

We're putting a tiny house on our large plot property to use as an air bnb. Does anyone have done advice of what they've drive that worked or didn't work for them? Any major mistakes to avoid? Books to read?

@Derek Dombeck

Thank you, that makes sense. So I'll probably need to find a grand slam of a deal in order to get financing where they won't charge higher because I'm new? As well as estimate rehab higher than I think it will be?

Hello hive mind!

I'm writing my first offer (YAY!) I applied for a hard money loan and they got back to me estimating that the rehab would cost 45k more than I had estimated. We are planning on doing a fair amount of work ourselves because we're handy, so maybe that is where the price difference comes in?

Details:

Property: 2/2 to become at 3/2 with one wall added, 1400 sq ft, 1960s build, list price 115k

Mechanicals: new HVAC 2018, most of the plumbing has been updated to PVC/pex, new roof 2020.

ARV: 150k

Offer Price: 75k

Estimated Rehab: 25k

Contingency: foundation inspection because there are some squishy spots in the floor. If there is something wrong then I'll go back to the seller and negotiate that.

Total Project Cost: 100k (plus all the fees and whatnot)

Monthly Expenses Once Rented: $111 vacancy (estimate because it's my first deal), $139 repairs over time, $139 Cap Ex, $0 Management (self), $30 lawn care

Hard Money Rehab Estimate: 80k

Hard Money Estimated Project Cost: 155k

I'm estimating the 25k based on mostly materials because we would be doing our own labor for cosmetic stuff and basically all the mechanicals look good. We will hire the skilled labor when needed. What am I missing for them to get such a different estimate than I have?

Hello!

What department with the city do I check when I want to turn a house into a duplex? Zoning? This deal is located in the DFW area in Hunt County.

Do you have any advice on doing this other than where to check about it?

Hello! I'm looking at off-market houses and I'm wondering about the contract. I'm not an agent, and I would be doing this deal without an agent/broker. Where are some resources for a simple sale contract? I've heard people mention that they got one off the internet, but I don't want to do that without someone saying they've used it before, because ya know, internet scams. I see Bigger Pockets has ones for landlords/leases, but I didn't see one for home sales.

Thanks for your help, hive mind! :)