All Forum Posts by: Cristina Alicea

Thanks Tom and Michael. Helpful info!

The garage is located at my SFH. I have a long driveway with ample off street parking.

Hi Bigger Pockets friends --

I have a large free-standing two car garage (830 sq ft) and have been toying with the idea of converting it into a one bedroom apartment. I have worked out the design so that I can retain a one car garage and still fit a 500 sq ft apartment. I have to check in with the city about zoning/permitting and get a good estimate together, but my rough estimate after talking to a contractor friend is about $40k for the whole project. In my region, I can net $700-$800 per month on the apartment. I am at the brainstorming phase of this idea and am uncertain if I want to commit to doing it, so I'm asking around and getting feedback. 

I already own a duplex and have good cash flow from those units but it will still take another couple of years before I can afford to buy another one.

If I can work out all of the logistics, do you think it is worth doing the conversion or should I save the $40k and wait to use it to invest in a separate property, like another duplex?

Thanks for your thoughts!

Cristina

Thanks Brie and Gloria! Very helpful info!

Hi everybody, I'm new to bigger pockets and real estate investing, so I still have a lot to learn. I also have a couple of questions that I haven't been able to find the answers to while researching so I thought I'd send it out to all of you for help. I just purchased my first Multifamily property (a duplex which is netting me about $1,400 per month) and want to buy another one asap. I have cash for 25% down. Is there a waiting period to getting a mortgage on my next purchase? Should I set up a separate LLC for each property I buy or is there a different approach you recommend? Are there any books you all recommend that I should read about investing in buy and hold real estate? Also, another larger question. I've read a bunch about people getting investors to front money on purchases, but usually the examples given are in regards to flipping properties. Do any of you get investors for a buy and hold? How is that typically structured? Do they get a portion of the monthly income or do you refinance after a few years and pay the debt plus interest to your investor? I'm not clear on how that relationship would work. Thanks for your insights!! Cristina