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Updated almost 5 years ago,
What to do with an unfinished room(s)?
Hey all, I'm a new investor looking to get my first deal. I think I've found a pretty good property that will cash flow well for me. The property is a side by side duplex with additional basement space that isn't connected in unit, you have to go into a common stairwell to access the basement areas below. (Think 4-plex with one exterior door, but the basement/garden level units aren't finished units) Note: There are no egress windows in the basement so I am unable to convert the property into a 4-plex, nor do I currently have the funds to take on that much rehab work.
One of the basement "units" is unfinished (see picture) and I'm looking for creative uses for this space that will provide extra income for the property. Inside the pictured room there is a doorway just to the right leading to another nearly identical room. Two unfinished rooms, each roughly 14'x16'. Right now I'm thinking maybe storage unit(s). What are some other ideas?
There is also a fairly large laundry room in the basement currently (roughly 6'x16') that has two washers and dryers as well as a shower. What better uses can you think of for this space? At least one set of washer dryer would likely have to stay in this room.
Thanks in advance for all of your wonderfully creative ideas. I'm very excited to become a real estate investor!