Personally for me, leveling the house and turning it into a duplex sounds like a sweet idea. I would consult a local REA to find out what its potential appraisal will be when you do that. However, I would get a good lawyer to set up an airtight contract with the GC.
The idea of renting it out, I am not a fan of simply because you will not be able to cover the whole mortgage with the rent. The only time I would be ok with the rent covering only a partial amount of the mortgage is if I am house hacking. Just my 2 cents.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.