What Do You Think?
I recently bought a property in the bronx- it is bleeding me about 300 dollars a month but it is appreciating nicely- I bought it at 425,000 with 5% down and it is now FMV 500,000- the mortgage is covered but the little electric bills and heating bills is stopping the cash flow.
My problem is that the basement can be converted to a unit with four rooms that one could possibly rent on a weekly basis.
I have a contractor that gave me an estimate of 30,000 to do a solid job- adding bathroom and kitchen, sheetrocking the indoor garage and making it into two rooms like the neighbors have it, seeling off all the pipes. I am wondering if I do this and take the risk of renting basement apartments to cover the cost. I am waiting on a bank to give me a line of credit. Is it also wise to use a credit card?
Any one with a proven contractor that can really do basements at a good price and work fast and well
Thank you for your input
It sounds like the conversion may make sense depending on the rents you can get. If you do this, make sure you get permits and that you comply with any City rules for housing rents...the last thing you need is to do the conversion and have the City breathing down your neck for an illegal unit.