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Posted over 15 years ago

Add 2 office spaces?

Things have been slow since I got the furnaces insalled and working.  We spraypainted the pvc outside flat black so it blends in more with the building and landscaping.  The furnaces have been running great.  I'm going to go over tonight to flush the lines and put some boiler treatment in the system.  Thusfar I am extremely pleased with the system.

 

Add two office spaces?

As I said earlier we were working on getting the bathroom finished so I could rent out an extra room I have as an office space.  The door is on the bathroom now and all I have to do is reinstall the sink.  This might be a bit of a challange though because I'll need to get some parts for a sink that was made in 1929.  The sink is beautiful and I am hoping I can get what I need to get it rebuilt.  If I can't I'm going to go to the local HFH Restore to see if I can find an older pedistal sink that will match the existing decor.

I will start advertising the office space after I get the sink taken care of.   Once I get the room on the second floor rented I am going to build a partition on the first floor to close off the original living room so it can be turned into an office too.  My delima in this part of the job is that there is carpet over hardwood.  So now I have to decide if this is a good time to tear out the carpet and refinish the hardwood or leave the carpet down for another year or two.  What do you guys think?  Tear up the carpet and refinish the floors or let it be for another year or two?

Maximized building

When your dealing with rentals it's all about maximizing the potential income of the property (AKA highest and best use).  With this building when I purchased it it was a 4 unit apartment building.  I turned it into a six unit apartment building with an extra bathroom and two extra rooms.  Once I get the office rooms done it will be an 8 unit mixed use building.  When I first aquired the property I talked with codes to see what all I could do with it and since the building is already zoned commercial I can do what ever I want with it.  To get the permits for the office space I have to pay an $8 permit fee per office per year.  This is the only added expense for me to have these offices in the building.  I've done market comps and should be able to rent theses offices out for $300/month each.  So for the < $1000 it's going to cost to install the partition, door, locks, and mailboxes I think it's a no-brainer.


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