All Forum Posts by: Miguel Carmo

Hi Anthony,

Thanks for your thoughtful response to our questions. It definitely spurred a lot of good conversation between my wife and I. I agree, I think it would be hard to come out on top having strangers oversee/complete the work. We needed to hear this! As you said, that small bump in rental income is making us think twice. 

Thanks for the offer on the referral for a contractor. We will be sure to reach out if we strike out on our leads.

Thanks again, I learned a lot from your post!

Miguel

Hi everyone,

My name is Miguel and have been consuming Bigger Pockets content for the better part of 2 years. Finally making the step to reach out into the community. I apologize in advance for this long post.

My wife and I live in East Providence and have built a good amount of equity. We are  to move on and buy our "forever home" in a few years. We love the area and believe it has a lot of potential. When we do find that next house our plan is rent the current home in East Providence. It is a cape house and the second floor is an unfinished attic. Our plan is add a full back dormer upstairs, creating 2 bedrooms and a full bath. So here are my questions:

1. Would it make sense to from a value standpoint to do this? This house is conservatively worth 200K.

2. From a rental standpoint, how much more in monthly rental income would would create rather than just paint the walls, put some flooring down, and added some electrical outlets? Basically moving from 3 bed 1 bath, 3 (nice) beds 2 bath.

3. Does anyone have any reccommendations for some reputable fair contractors in the area? Our budget is 30K (is this feasible?)

Thank you in advance!

Miguel