Updated almost 7 years ago on .
Basement Apartment Conversion
Investment Info:
Single-family residence other investment in Lindon.
Purchase price: $375,000
Cash invested: $18,000
Converted our Basement into a Fully Functional Apartment- My only regret was that I didn't do it sooner! If the layout is good so that you don't hear or see each other (good privacy) and you get the right tenants: (low key/low maintenance-people you'd hang out with as friends) newly married that work or go to school all day and just sleep there make it a breeze! The point is think creatively and find ways to have others pay your Mortgage!
What made you interested in investing in this type of deal?
Finding a way to have someone else pay my mortgage
How did you find this deal and how did you negotiate it?
I checked city zoning laws and talked to lots of construction/handymen to discover how to get creative yet stay within codes.
How did you finance this deal?
Self- Financed
How did you add value to the deal?
Added Kitchen, Bedroom, Laundry and designed it to be unique and an attractive value to tenants while competing against apartment amenities. Would it add value to the home? (YES! Both in income and property value).
What was the outcome?
How soon would the remodel/conversion pay itself back? (answer 18 months). Can rent it out easy for $1,000+/mo thanks to the strong rental demand of local economy. I would highly recommend others looking at rental options as close as on your own property if possible.
Lessons learned? Challenges?
I did nearly all remodeling myself. I learned quite a bit- especially when it comes to what you can/cant do with your breaker box and local codes.