Using My Own Home To Generate Income

[Jeff Beaman]

I live in the suburbs north of Denver, CO and purchased a 2 bedroom townhome with an unfinished basement in February during a "sellers market". I am now in the process of looking into other living arrangements and would like to use my home to generate income, but with a high mortgage and HOA, the avg rent prices in the neighborhood project that I will have a difficult time covering my monthly costs. I am beginning finishing my basement to add another room and would like to rent each room to college students (I live 5 minutes away from a community college and 2 minutes from public transportation perfect for commuting to some schools in Denver) in an effort to rent higher and cover my monthly costs to profit monthly.

I would love to hear from someone who has overcome the issue I’m facing in terms of buying high and trying to leverage my home to turn it into an asset providing passive income. If you’re that person, please share your story and your successes and failures if you feel comfortable. I would love to learn from you.

Thank you!

[Brandon Sturgill]

@Jeff Beaman just be sure to check your local ordinances/codes around basement dwellings...these are usually pretty technical and restrictive...in general, basements are not considered "habitable"...and to make them habitable is pretty pricey. Most of the concerns are related to egress and fire.

And in general, finishing below grade space only returns .30-.40 cents on the dollar...