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Updated over 8 years ago on . Most recent reply

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Doris Daily
  • Investor
  • Minneapolis, MN
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Multifamily Properties

Doris Daily
  • Investor
  • Minneapolis, MN
Posted

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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John Woodrich
  • Flipper/Rehabber
  • Minneapolis, MN
1,389
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1,800
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John Woodrich
  • Flipper/Rehabber
  • Minneapolis, MN
Replied

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.

  • John Woodrich
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