hope everyone is having an enjoyable holidays. My name is J. basically i own a 3 family in stoneham. I just got approval after a year to make my dwelling a 4 family and im super excited. I am still fairly new in the real estate business but I always keep educated myself. I want to see if there is anyone in the area doing similar things as myself and want to chat on projects, experiences, ideas, etc. would love to bounce ideas and oppurtunities over coffee. I am very ambitiouse and willing to learn.
So you have a three family and you want to make it into a four family- so I am guessing your adding a whole other unit to the property am I right on that? What is your end game? Are you just doing it for the extra rent? Are you looking to sell the property at a higher rate?
Correct. I have an upper level in my house that i currently use as an office and storage. On paper it is gonna be turned into a whole other unit. I plan on getting a dorma put in on the right side of the house, extend over a lower rear porch and add a second egress. All the space added will be sufficient for a solid one bedroom. Per city rules sprinklers and fire panel will be added. I also plan on doing the whole heating system over. I currently live in the only bed apt with my family and plan on doing the kitchen and bathroom over in it.
My plan is to get the work done and refinance and pull out equity for more projects. i bought the house 4 years ago so i should plenty of equity. I want to buy and hold right now and build the portfolio. What city did you start your work in.