Updated over 9 years ago on . Most recent reply
Multifamily Properties
Hello everyone, I'm a novice in real estate and am looking for guidance and support through this process. Seems like this is an exciting new adventure and I am ready to learn and form new connections! I am in the process of purchasing a duplex and using a rehab loan to make a mother in law suite in the basement. Hoping that this is a good investment strategy, especially being this is my first house.
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It really depends on what you want, income or comfort. Would converting the basement into a mother in law suite make your house a triplex? If so, the income could help pay for a garage.
If you are considering renting the basement I would check you city code to see if they have certain height, sqft, or other requirements for a separate unit. Some cities are a little particular and ceiling height can be an issue especially in an older home.
Both improvements will add value to the property however only one will generate income. If I were in your shoes, my wife would want the garage and I would want the unit... We would probably be building a garage.