저자: Kevin · 외국인
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캘리포니아에서 66만 달러에 매입한 주택을 두고 플립(약 8.7만 달러 수익 예상), 트리플렉스 전환(월 약 4,800달러 수입이나 개보수비 증가와 관리·평판 문제), 장기임대(월 현금흐름 약 200달러, 장기 자산 가치 상승) 세 옵션을 비교하는 영상. 인근 유사 매물 81.5만 달러 매도 사례를 근거로 85만 달러 가치를 가정. 결론은 명확히 내리지 않음.
다듬은 글
hey everyone Kevin here I need a little bit of your help this house I closed escrow on about two weeks ago in this video I'm going to go through the different options I have flipping the house and how much money I would make turning the house into a legal triplex and how much money I would make or turning the house into a long-term rental and how much money I would make but I need your help to figure out which one I should do I bought the deal because it's sold for significantly below a similar house that's sold right around the corner in fact here's that similar house it's roughly the same square footage this place has dual paned windows and so does the place I bought the place around the corner sold a year ago for eight hundred fifteen thousand dollars and it has rocks for a roof when you go inside you can definitely see it's been send out we've still got the original oak kind of doors we've got concrete flooring and we've got some other dated elements throughout the property yet it's still sold for eight hundred fifteen thousand dollars it even has a basic commercial grade carpet in the bedrooms and chocolate and yellow coloured cabinetry not to mention than they did chocolate and pink for Valentine's Day which is very similar to the coupon code we've got going on down below but let's just be clear the place someone else sold for eight hundred fifteen thousand dollars with a smaller functional backyard with less upgrades a rock roof and some crazy cabinetry on the other hand my place looks a little rough on the outside but it's got a newer composition shingle roof it's got dual paned windows as well it's got some beautiful hardwood flooring on the inside and overall needs way less work than the place that's sold for eight hundred fifteen thousand dollars and we're about the same square footage so now I have a little bit of a quandary I bought this place for six hundred sixty thousand dollars off the MLS by scrolling through red fin and coming upon this as a potentially good deal I wrote an offer on it before ever even looking at the inside of it this is what I call your basic wedge deal something where it's a slam-dunk no-brainer you bought a place for 660 that honestly looking the other one is probably worth well over $850,000 once I fix it up and because it's still got some nice hardwood floor it's already got nicer doors I mean all we're really talking about here is painting a little bit of hardware maybe scraping the ceiling and throwing in some new light fixtures new countertop a couple new appliances and calling it a day that is my budget for remodeling this place is less than forty five thousand dollars so in other words I picked up a deal that's worth $850,000 after forty five thousand dollars worth of work for six hundred sixty thousand dollars which basically means there's a $145,000 spread between what the place is worth after my fix up costs and what I paid for it aka by me going into a house painting it changing some door handles and putting in light fixtures I create a hundred and forty five thousand dollars in value and this was a deal that was on red fin but now I'm curious should I flip it should I rent it or should I turn it into a triplex and those are the numbers that I need help with today and I'm hoping you can do that with me by the way in most markets deals like this come on the market every single week you just have to know how to look for them how to renovate them and how to make money off of these deals and how to make money off basic deals like this I mean this is easy stuff you're talking about moving boxes and cleaning up and changing light fixtures is exactly below check out that Valentine's Day coupon as well but for now the three options let's get this one out of the way first let's say I flip this property let's say I clean it up I put in the newer stuff and you know what let's say for a flip I end up spending $60,000 I put in a little bit more because I spend a bit more knowing this place is gonna be on the market and there's gonna be a home inspection so little extra things are gonna come up anyway then let's say I could sell it for $850,000 which in my opinion shouldn't be a problem given that a year ago a place in pretty crappy condition sold with a rock roof for eight hundred fifteen thousand dollars well in that case my math would look like this 850 thousand dollars is what I sell it for - realtor fees leaves me with eight hundred and seven thousand five hundred dollars oh and just a heads up I'd be paying myself half of those realtor fees because I'm a realtor then I've got sixty thousand dollars set aside for fix-up and holding costs which leaves me with seven hundred forty seven thousand five hundred dollars now seven hundred forty seven thousand dollars left over - what I paid for the deal of six hundred sixty thousand dollars means I created eighty seven thousand five hundred dollars with one silly deal like to me this is a basic deal just because I bought a stupid single-family house it's crazy the amount of money that's available in the single family space this is why I tell everybody you gotta take advantage of this stuff so I could take a fat profit now and run the problem with this is if I take my eighty seven thousand five hundred dollars and I pay short-term capital gains taxes on this deal I'm gonna be paying somewhere around thirty five percent in taxes on the deal because I live in the state of California that means I'm gonna have a net profit of fifty seven thousand dollars in my pocket after taxes everything said and done that's really good now option number two is turning this into a triplex I could turn this into a triplex by going over here to the addition closing off this left wall and the right wall here and turning this entire back portion into a separate living space this would be about a five hundred thirty square-foot living space which would make for a great one bedroom room rental but I had to design that because it's a little bit of an elongated shape so I did what I always do and I went to Sketchup I made many different iterations as you can see here and I finally came up with this now I didn't finish design this because I was too lazy to do it I just wanted the floor plan so you're gonna have to roll with me on the vision here really quick and I'm gonna make it as simple as possible basically imagine this is the bedroom over here where all these holes are like windows and doors this is the bedroom this is the closet this is your master so there's a door right here closing it off you walk in boom you got yourself a bathroom stackable washer/dryer water heater vanity toilet shower boom you're done you walk out of the master here's your front door hello front door come in from the outside you got your little private backyard over here you got a big open space which is gonna serve as your dining room kitchen and family room open space whatever not a bad floor plan and yeah that is me patting myself on the back because I spent a lot of time coming up with different versions of this floor plan and trying to find what would work the best then the second thing that I could do with this property is I could come over here to the garage and I can actually turn this garage into a unit itself garages are about 20 by 20 so I'd have about an interior space of somewhere around 360 to 380 square feet since properties are measured from the outside I lose a little bit of square footage because of the wall but anyway I get turned this into another living space ideally a one-bedroom because one bedrooms rent for more money now with the garage I didn't have to go through as many iterations but this is the one that I came up with basically the front door is over here you walk in you've got your open living space boom you got your kitchen right as you walk in you got a bedroom over here that you walk into and your bathroom over here relatively similar setup the most important thing is always making sure that you have at least like a 10 by 10 for a room though and the rest of the space you really want to dedicate to the open space now the cool thing about turning this into a triplex would mean rather than just renting out the entire property I now have three legal units I'd be able to rent this main house out for about $2,500 I could rent out the garage for about a thousand dollars and I can probably rent out the back unit for maybe 12 - as much as $1,300 2,500 plus a thousand plus 1,300 gives me about four thousand eight hundred dollars in income which for $660,000 place isn't that bad but there are some problems associated with that and I want Lauren to talk about those problems tell me more why why do you hate this Adu idea and is it not worth given the shot I hate this Adu idea for many reasons well that's the triplex idea by the way in case you're wondering that means first I don't like multi units from a manager's perspective I think that it in it makes people want to move quicker it creates neighbor feuds very easily and it's very management intensive second I think here amongst a bunch of other single-family homes I think you will literally be hated that's two three I just think that it's kind of I don't know like a little bit like what's the word slumlord no know what's the word like not corny but like tacky it's a little tacky yeah it's a little tacky to convert this single-family home into three units I just Lauren what about the cash flow I don't care I told Kevin I'm not managing it if it's turned into a triplex but I would gladly manage it if it were a single family home what why are you making me do it because I don't want that got a lot on my plate Kevin I manage all these houses and I have two kids well I don't want to do the management well then don't change it what about I mean like when you walk up to this house it looks like crap you know there's stuff missing it's is blackened discolored there's rust up there there's rot over there the landscaping looks bad like everything just looks like how is this even a profitable deal well because you're getting a good wedge if it were you know selling for the same as the relatively fixed up places of course you wouldn't buy it but if you get enough of a wedge deal and then you know what you're doing and you have the the contractors that you know that can help you out then it's easy it's very simple and the other question is do you think converting this into a triplex runs the risk of possibly devaluing the actual house itself so resale yeah yes the unknown costs because we have never converted a single-family home into a triplex so what's that going to be well that's where hopefully the contractor takes care of that but you never know there's always change orders come up right so anyway then you're paying a contractor 100k the fees 15k you're hated in the neighborhood you're getting more cash flow but we got to calculate an ROI on that because all of a sudden we spend a hundred fifteen K but wait a minute that hundred K is only to do the conversion so what happens now when you do the conversion oh crap we still have two bathrooms in that kitchen to remodel so I mean we're not talking about a massive amount of remodeling but we're still painting the outside of the house we're still doing the inside we're still gonna be doing like 20 to 30 K of the other work we would have been doing to the rest of the house anyway so now add 20 to 30 on top of that all of a sudden you're into this deal now instead of for a $40,000 renovation or $45,000 renovation now you're under the deal for $155,000 so then okay so say your your cash flow that you get from it being a triplex how much time would it take with those months of the three people pain to equate the so much more cost of the renovation no kidding well not only that but I mean if you're buying it for six sixty then you put 155 in and that's gonna take months to get done which means your holding costs are gonna be through the roof you literally give away every dime of wedge that this deal has I just thought of another reason why I hate the idea of a triplex yeah giving away the wedge sucks first of all I think it'll be harder to find qualified people wanting to live in this scenario why I mean people living you know studios all the time is that is it because city is different this area is different I feel like they would prefer to rent like a studio in an apartment complex that maybe has some amenities that are nice and sure could be cheaper whatever to rent a garage basically but what kind of person is okay with renting a tiny little garage are they qualified I just feel like it really really narrows your pool of people I think I see what you're saying because what kind of person rents a rush in our area like if this were New York City or San Fran that's like it's a beach in Spa know like that could be an awesome one-bedroom right it'll beat some of the really small things you got yeah but out here I mean around the corner they have two-bedroom one-bath units that rent for like $1,600 and there are a thousand to 1,100 square feet and they probably have amenities yeah well and this is 400 square feet and then there's no covered parking because you're losing covered parking for three tenants they don't get covered parking anymore they don't get covered parking and the people in the back don't get cover part yeah and then how are we splitting up your backyard that's gonna be all like botched up - that's weird oh and I bet you the contractor won't include pricing the cost for the fence which means that I have to call a fence person to do that so I can actually see not only by going in this triplex direction giving away the entire wedge of this deal not only giving away the entire wedge possibly going into the negative because all the extra things we don't know about and then on top of that you think it'll be a management nightmare yeah and I think the turnover would be crazy so that's why you're saying you don't want to do it you don't want the work okay fair enough because I think I think a big thing that we're always talking about too is like what can we do to make owning real estate as stress-free as possible because I look I love investing in in stocks and all that as well because you don't have to do anything I mean like for example and I don't think you can hit the lottery like this all the time but you buy a ton of Tesla stock like that's easy I didn't have to do anything for that and it basically paid for my car of those games but I feel like that involves a little bit more market luck and then coming into something like this and I know it's worth 660 I know I can keep my expenses under 45 and I know it's gonna be worth over eight like that's guaranteed to me there's there's no luck involved what do you like I totally agree I keep it simple I feel like you're converting me no I'm so thrilled because honestly when we stepped into the idea and we were going through it I thought Kevin and maybe you did full-on wanted to do a triplex still and my firm I don't want to triplex I guess I'll review it whatever and now I don't know how but I just converted him into wanting a single-family home so perfect so you're really happy about that is what you said I'm thrilled yeah I don't want I just like literally like can think of the nightmares of like oh the main house has a baby and it's screened in the middle of the night and I don't like that and then the back house being like but it's baby this is it and in the main house would be like well I don't like hearing them having their hookups every other weekend so so well I mean what we could do is we could then soundproof the walls like we did for my studio yeah it's expensive so option number one is flip the place and take an 87 thousand dollar profit right away option number two is turn this into a triplex and milk as much cash flow as possible but the problem with that is you'd have to spend like another hundred twenty thousand dollars and you'd really be giving away a lot of the value of the property not only that but it's probably not gonna be an $850,000 house anymore it's probably going to be devalued to like a $775,000 rental property so option number two takes a lot of money but in the long run if I don't care about selling it it'll create a lot of extra cash flow every month now option three is turning this into a long-term rental unfortunately the long term rental for this kind of property isn't going to be as wonderfully lucrative because there's going to be very little cash flow because the house is very expensive there'd be more cash flow if this had been a cheaper deal from the get-go it's still a good deal because we have options but as a single family rental this property might rent for around $3,400 the all-in payments on this deal with principal interest taxes insurance maintenance management utilities reserves everything are about $3,200 which leaves you only $200 cash flow however the cool thing about turning this into a rental is you're taking control of extra equity that now if you wanted to you could use to leverage other really good deals you could hold this for a couple years and then flip it you could turn it into a triplex down the road or you could literally just keep it for 30 years rent it out and generate more cash flow by raising the rent every single year save 50 bucks and after five years instead of cash flowing say $200 you're now cash flowing four hundred fifty dollars or five hundred dollars or whatever and you basically have a property that doesn't cost you anything that's increasing your net worth not only through tax benefits and principal pay down but over time appreciation and the fact that you got the deal a hundred fifty thousand dollars under value so I don't know what do you think what do you think the best option for this deal is I personally hate to say it because I don't like flipping real estate because I don't like paying other real estate agents but I'll tell ya a flip is starting to look somewhat desirable and see this is the cool thing about hen I teach you how to buy good deals you get options by having options you can decide do I want eighty seven thousand dollars in profit right now do I want to turn it into a triplex and get some more cash flow or do I just want simple pimple no headache hold this thing for thirty years and be on the ride of building wealth in the long term the other cool thing that comes with renting it out is if another good opportunity comes up in the future you could always decide to flip the property then so it's kind of like a little store of value until your next opportunity comes up I don't think there's necessarily a wrong answer on this deal but I can tell you there are pros and cons to each of the
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