Reappraise -> HELOC -> finish basement -> rent??
Hello Everybody,
I have a question for y'all. I bought my SFR (bungalow style) here in SLC in Aug '14 with 2 bedrooms and one bath and have an entire unfinished basement that if turned into a studio style apt (bath/bed/small kitchen) could be rented out.
Curious to know what suggestions i might hear about the strategy i'm currently actioning and if there is something i'm missing.
- Find an appraiser in SLC, UT; if anyone has a referral i'd love to hear it and are appraisers dime a dozen or does it make sense to get someone a bit more pricey?
- Once house is appraised, hopefully for an amount that will let me get a home equity line of credit, use said HELOC to finish my basement and rent out ASAP
- if i'm not able to get a HELOC for enough $$ then i need to rethink my strategy
- also, finishing my basement i think will be a ~50K job since there is at least 1-2 feet to be dug out before any work can be done to put in a bath/kitchen
Couple things need to go right for this idea to cash flow adequately but i won't know until i try....the big goal or the immediate goal after that is to potentially buy a triplex that i'd occupy and continue to rent out my initial SFR with that other tenant in the basement.
-Chris