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Updated over 5 years ago on . Most recent reply

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Nicholas Meyerhoff
  • Investor
  • NY (suffolk county)
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1st house finishing basement apt to rent and move on?

Nicholas Meyerhoff
  • Investor
  • NY (suffolk county)
Posted

I bought my first house. Doing the work my self. I’m finishing the basement to rent and move on to my second. How long does it take to see a profit. I’m also afraid I’m putting to much work into the house. Because I’m living there. How do I know when to stop. What’s a benefit for more income or just me building?

Most Popular Reply

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Bryan O.
  • Specialist
  • Lakewood, CO
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Bryan O.
  • Specialist
  • Lakewood, CO
Replied

@Nicholas Meyerhoff pick you finish level, then build to it. It takes however long you take to finish the work. If you are slow and it takes you a year, then it takes you a year. If you are fast then not. You get more than one benefit: you learn how to do the work if you didn't know, you get better at it if you did, you save the money that would be spent paying someone and raise the value of the home, then you bring in extra income to repay all the time/costs and build your wealth.

If you have any specific question it would help to have enough information to be able to help. Your post as it stands is like calling someone and asking, "How do I get there?" when they have no idea where you're going or where you are.

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