Building rental units on my primary residence...
Greetings BP fam,
I am interested in building up to three units on my property. It sits on a 9000 SF lot in Lakewood, Ca and is zoned for MFR. I close on the property at the end of April. It's currently a 3 Bd 1 Bth 1,128 SF single family with a two car detached garage that has been converted into a studio apt with kitchen and bath, which I plan on renting out as soon as I move in. (not permitted)
I am new to the world of real estate investing. I bought a condo in the Bixby Knolls area of Long Beach, Ca Back in January of 2016 for 260K and just sold it for 355K. Other than painting the kitchen cabinets and replacing the light fixtures, I didn't do much to it.
While in the process for looking for a single family home to purchase, I noticed myself more attracted to homes that were multi-family or had multi-family features. Long story short, I came across bigger pockets and made the decision to go all in.
I plan to do some immediate renovations to the house and turn it into a 3/2 with a nice master suit. Get it appraised and refinanced while prices are high, and either get a line of credit or pull cash out to help me build those additional rental units in the back of the lot.
If you have any advise or know of good affordable contractors in the area of Lakewood, Ca I'd love to chat!
I'll post before and after pictures as the project progresses and keep you guys up to date on my journey.
Thanks!