To Build or Not to Build
Hello all! This is my first bigger pockets post but I'm excited to hear what y'all think. Here's the deal:
I recently bought a house in East Nashville with investment in mind. I'm currently living in the house. It is zoned industrial residential. It's a small 1200 SQ ft house on a .3 acre corner lot. The house itself is in good shape but I may do some small things to make it look cooler (already installed 12 recessed lights myself). Here's my question:
I liked the house because of the space available to build. I want to build a garage apartment combo to get the most out of the available space. I'd like to do most of it myself to keep costs down. It seems that all zoning and setback rules will allow this. I'd like to Airbnb the house and apartment after all is said and done and hopefully generate some good income. My main concern is the fact that the railroad is in very close proximity. I'm afraid that after all the time, effort and money I invest into building, I won't be able to make the money I'd hope to make. Can anyone offer some advice whether general investment risk or offer some similar experiences? Thanks so much in advance.
- Jimmy