- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

I'd love to offer you an analysis that shows you just how far this investment will take you in the next decade or more.

Not all institutions offer HELOCs on non-owner-occupied properties, and those that do usually offer lower loan-to-value (LTV) limits—often in the 65–70% range.

I was a solo (all of the above) and at the time I worked 60 hours a week and really let home go and didn't appreciate time with my kids.  

But I have had trouble finding partners to go in with me on deals like this ( 30k profit) Typically they want to see a percentage which is understandable, but I am wondering how all of you flippers / investors found your PML partner or if yall just use HML ?? 

I just make sure the tenant knows what the policy is for late rent, repeated late rent, and I don't waver from it.  

As someone in tech, the thought of doing this manually feels overwhelming and tedious.This feels like a significant gap in the REI tools landscape.

I have a slight variation on the question:For context, building some 2 bed2 bath Spanish modern style ADUs at my property in Los Feliz, Los Angeles, CA.They are intended to be luxury ~$4K/mo units.Given they are "luxury" units do you think we will be able to get away with LVL?

Without that, its very easy to get sucked into tertiary markets or low-price pockets of the cities you mentioned because it's at or near the 1% rule but the day to day management becomes a headache...there's something to be said for less of your time getting sucked up by poor properties vs 1% extra CoC on a spreadsheet.You are correct on all accounts with your analysis.

I would love to come by and take a look next time I'm in the area.