Using portion of property for studio apartment rental

[Deonna Alvizo]

I am thinking of using a portion of my property as a studio apartment rental! Has anyone done something like this, what were some great things and of course some bad things you encountered? I am starting off and trying to increase the cashflow so I can really invest, was thinking this could be a good start for me.

[River Sava]

Quote from @Deonna Alvizo:

I am thinking of using a portion of my property as a studio apartment rental! Has anyone done something like this, what were some great things and of course some bad things you encountered? I am starting off and trying to increase the cashflow so I can really invest, was thinking this could be a good start for me.

Hi Deonna,

I have done this in the past and there are pros and cons to it, just like with everything. Obviously you’re going to have extra income which will be great for you if you are looking to invest. Also, I found that the additional help with maintenance and increased feeling safety with someone else living with you was a huge help. Cons are less space, privacy, and administrative work with becoming a landlord. However, they are worth, it in my opinion, if you are increasing cash flow. 

I currently am with a private nationwide lender that finances investment properties. I have been on both sides, investor and lender, and would love to chat more about future investment properties and how we can help you start your journey!