Updated over 8 years ago on . Most recent reply
Garage Hack in Maine
This fall a property popped up in the local classified ads and is located 1 mile from my house. I am in bad need of extra garage space so I bought it primarily for the garage. It's pretty rough here.....
There was so much moisture in the crawl space that the subfloor warped. The humps in the floor were so bad you couldn't even close some of the interior doors. All the subfloors had to be ripped out and we found 6 broken floor joists. What a mess.
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Purchase price was $30k and I'm at just under $25k in repairs. I'm on track to refi and get all money money back out of it. House rent will more than cover all expenses and I'll be able to keep at least one bay of the garage. Depending on the tenant I may keep the entire garage for myself.