Ive been reading into brandon's podcasts and I really think the concept of buying a 2 bedroom place that you can make into a 3 bedroom is a great idea. I did some research on this and have gotten a lot of variable answers for cost/labor. There's a property I'm looking at that has a great attic space thats finished but no heat source. Any tips on this? I'm investing in the state of Washington. Do you also have it inspected by someone as there are more regulations. Any idea of cost?
A lot of variables, but I think it's a good strategy. I've done it a few times. The value can really go up with that extra bedroom. Best is converting a 2 bed 1 bath to 3/2. Just build a little addition off the side. Have a contractor give you pricing and include permits, than do a cost analysis. Depending on the area it works. Doesn't work as well in lower end areas.
@Ben McMahon Thanks for the info. I've been trying to determine the same thing. I have a 2/1 with a 2nd living area that can be walled off and turned into a 3rd bedroom. I could also wall off a section and turn it into a master bath. I'm worried about cost and schedule for doing all that and I'm trying to sort out whether it's worth it.
How did the cost vs. return work out for you when you did those conversions to a 3/2?
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