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Updated about 6 years ago on . Most recent reply

User Stats

71
Posts
35
Votes
L. Brown
35
Votes |
71
Posts

Home Hack options- advice needed

L. Brown
Posted

Hello, BP nation! I am under contract on my first house hack (and first home purchase)- hurray! It's a duplex with a tenant in one of the units. My plan is to live in the second unit, have the basement finished so I could live down there, then move to the basement so I can rent out the second unit and completely cover the mortgage. I need to get my GC to walk through the space with me but from looking online, it may cost at least $35k to finish the basement. I'm thinking about how I would use the space once I move out.

Option 1: I could do a basic finishing (to make it live-able) and when I move out, make it a part of the first floor unit rental or Air B&B it
Option 2: Alternatively, I could “go big” with the basement and try to make it a three family (obviously this would require approval from the city).
Option 3: something else I haven't thought of

I'd appreciate your thoughts. Thanks everyone!

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