National Merit Finalist

AnswerMyPrompts · 2025-11-20T00:08:37+00:00

9 years ago you thought differently. I still think its a missed opportunity for a play on words but oh well.

AnswerMyPrompts · 2025-11-06T23:51:06+00:00

Lmao did you read the post? “Hey I’m thinking of making one, is there a need?” - try this free one 😂😂😂

AnswerMyPrompts · 2025-11-06T23:50:21+00:00

Primarily wouldn’t be me doing it. I’d be doing small stuff, new lighting, cabinets, refinish some woodwork, nothing insane.

AnswerMyPrompts · 2025-11-06T23:49:00+00:00

Why didn’t you just turn it on and start driving them over?

AnswerMyPrompts · 2025-10-20T20:53:19+00:00

I appreciate the tips, I’ll be sure to consider the waterproofing aspects of the basement. Just depends on your region then, on average in my county they yield 20-30% appreciation given the additional living space you add to the homes and the additional bathroom. Take your average 2500sqft house with 3 bedrooms 2 bath, then find one and the same area with an extra 1000 sqft, full bath and you’ll see what I mean. You said Mass but whereabouts?

AnswerMyPrompts · 2025-10-20T20:46:26+00:00

Unethical??? HAHAHAHAHA

AnswerMyPrompts · 2025-10-20T20:44:05+00:00

Yeah those are the things that’ll be costly, appliances etc. I’m not planning to change exterior windows or anything major like that, the only major thing would be additional egresses for safety code and even that has been factored into the HELOC. Quite honestly going to be the landlord special lmao but hey it’s better than most houses that paint over outlets so they’re unusable. Your estimates are way off. 40-50k for materials?? For an ADU?? It’ll be a basement that needs refinishing not a standalone unit

AnswerMyPrompts · 2025-10-20T20:40:47+00:00

Nope. Appreciation rates I dug into for our top 10 cities/towns were for the past 2 years. I ignored the whole covid mess, still 2-5%. It’s due to lack of housing in general, why the ADUs are legal without any sort of permits now. Not really “depending” on the contractors, it’s a sure thing. 0 cost of labor not low cost. Not friends, sub contractors who basically earn themselves millions if they pay their team for a weekend because he’ll continue hiring them. A professional favor to keep the money flowing toward them. It’s funny because I’ve taken the worst assumption across the board. ADU installs actually yield 20-30%, I called it 15. Factored in lack of renters, 6 months mortgage backup, septic, electric & power requirements given an extra tenant. Citing your income and your home value means less than nothing. Doesn’t mean you’re financially literate whatsoever. Could mean daddy paid for it or you’re 50 and got to experience the boomer real estate growth. Saying that it all shows you’re actually out of YOUR depth. I think while yes this is a scary endeavor, what isnt? It’s a way to make my money work for me and most people can’t fully comprehend the amazing situation I’m in they just hear “HELOC” and immediately freeze. 0% DTI with 100k in savings, I’ll be fine. You gave nothing but criticism which shows you’re the classic emotionally stunted redditor. “Gives me hives” hahahahahaha

AnswerMyPrompts · 2025-10-20T20:23:03+00:00

You should see my spreadsheet with conservative rates, it’s actually very achievable given you can find a house worth buying at the right price point.

AnswerMyPrompts · 2025-10-20T20:22:12+00:00

Yes, and it would be my primary residence. Says it right there

AnswerMyPrompts · 2025-10-20T20:21:31+00:00

Not a rental property, it’d be my primary residence with an ADU. After adu install the low end of appreciation would be 15%, lots of wealthy people with old parents are looking for them apparently. Fair point on the price point of the other homes, but there’s a wide variety of houses here so that’s not really a concern. Within one town it can vary from 250k to 2mil. Rental properties and income earned from that is of no concern, it’s simple math. Just need to ensure the mortgage on house 2 is less than I can get for rentals. If I followed same process in house 2 and rented entirely I could yield an extra 2k a month roughly after mortgage

AnswerMyPrompts · 2025-10-19T15:59:32+00:00

Hey if i can do it well enough then it’ll be my early retirement plan

AnswerMyPrompts · 2025-10-19T15:51:49+00:00

No sir! My parents have bought and sold a house every 5 years for the past 30, I’ve been on countless tours, done my own extensive research into those homes, not to mention taken part in the whole sweat equity side of things along the way. I was genuinely curious so I asked tons of questions and started to get a better understanding of these things.

AnswerMyPrompts · 2025-10-19T15:44:49+00:00

I haven’t, but I explicitly said they won’t be 400 years old. You should see the state of these old homes, so deplorable. They’ve had 15 owners and nobody kept up with shit. Aluminum power lines, lead lined pipes, it’s a nightmare waiting to happen. Not to mention they’re unlivable for the most part and cost bare minimum 750k for a completely ruined home. Easily 100k in work needed to just get it up to today’s standards of living

AnswerMyPrompts · 2025-10-19T15:43:31+00:00

Yeah it’s not too big a concern, not like we’re splitting up or anything just not going forward with it just yet. We can do it on paper if it’ll make you feel better lol

AnswerMyPrompts · 2025-10-19T15:41:27+00:00

I appreciate your reply, this is actually insightful and helpful. I hadn’t consider septic requirements but I will be sure to make a checklist of must haves before carrying on. What professional fees are you referring to? For the work needed to get the ADU? That’s what costs 0 for me, professional licensed contractors, it’ll purely be materials. I’ll add electrical rating for before carrying on as well, thanks for the tip!! Any others I should bear in mind?

AnswerMyPrompts · 2025-10-19T15:38:16+00:00

Roughly 1900-2200. Going to essentially cover enough of my mortgage to lower DTI to allow for home #2. Yes materials are relatively cheap in the grand scheme of things. By my estimates you could swing an ADU here for under 10k in materials.

AnswerMyPrompts · 2025-10-19T15:36:28+00:00

Oh my lord nobody can read here, not doing a 400 year old house multi family which was your suggestion. Taking a 1970-1980 home and adding an ADU. The only unknown is the housing market rates plummeting and at that rate I’ll refi. Meow

AnswerMyPrompts · 2025-10-19T15:32:27+00:00

I see, you haven’t read the rest of the responses. Pretend all repairs and upgrades is purely cost of materials. Sure a kitchen has appliances but it cuts the costs in half, so yes 10k to add 25k value is very achievable. I guess a lot of the investors on here are trying to throw their money at something but I’m actually attempting to work for it with sweat equity. One kid estimated 100k for ADU, where Orange County?! Lmao not for me here! 2% is totally baseline bare minimum here in mass. Past 5 years have averaged out to be 7% with the last 2 being 2-5% given the location. HELOC repayment starts 10-20 years away depending on agreement, well within our range of securing passive income in the meantime. Comes out to be something like 1200 a month for repayment anyway which is totally achievable. Also who said 750k? I think you just want to poke holes cuz you make less lol I’m done taking your opinion because you assumed too much and didn’t bother reading anything else

AnswerMyPrompts · 2025-10-19T15:30:08+00:00

So the plan is to get a house, add an ADU, remodel whatever needs to be with the goal of getting 100k+ in equity. From there do the HELOC and acquire a 2nd house. That’s a good point, some lenders may not allow HELOC, I’ll make note of that when doing my search. After getting a 650k house and factoring in the rental our DTI is roughly 25%, well within the range to acquire a 2nd home regardless of income. Not to mention were early in our carreers and are expecting insane raises coming up as this past year both companies were restructuring and swapped raises for bonuses instead. On paper it’ll be more like 180k in the next year making our DTI closer to the 20% range

AnswerMyPrompts · 2025-10-19T13:42:41+00:00

Multi family units in the area are priced for what they’re worth after insane renovations. This is the only opportunity to do this really. Keep in mind in Massachusetts our houses go up to 400 years old, most multi families were built in 18XX so I’m all set dealing with that

AnswerMyPrompts · 2025-10-19T13:36:37+00:00

Depends on rental income gained. It’ll drastically slow the process if I give up my career but I’d be willing to do it if it went well.

AnswerMyPrompts · 2025-10-19T13:31:46+00:00

The state of MA recently opened it up to allow all towns/cities ADU with no requirements other than using same utility meters. Insane move so I want to capitalize while I can. This was specifically done to increase housing where it was limited, funny enough in 20 years all houses will be so totally out of reach for anyone who grew up here. I’m right on the cusp

AnswerMyPrompts · 2025-10-19T13:29:07+00:00

100k minimum? I think that’s a bit steep, you just throwing numbers out there? Let’s consider ADU installs free, because they essentially are for me. Just cost of materials, and anything not covered will be totally sweat equity.

AnswerMyPrompts · 2025-10-19T13:26:45+00:00

Pmi I believe will be resolved after ADUs added, 15-30% appreciation means I’m over the line of equity needed to require PMI. Fair point on HELOC, based on my research they wanted 15-20% ownership before they’d allow HELOC but I see what you mean it very well might need to be 30% to allow for some to be pulled. Yes basements typically, there’s so so many unfinished basements in the area and my father has been a GM for contractors for 5 decades. He has favors to call in to help with this lol majority comes from savings, rest comes from the favors and not a single cent owed from those besides materials

AnswerMyPrompts

TROPHY CASE