All Forum Posts by: David McCracken

I appreciate the input everyone! I'm going to see how it goes once I get all the tenants moved in. If the basement tenant complains its too cold, I'll probably look in to provided a space heater or electric baseboard heat to supplement the forced air. Being that the basement flat is <300 sqft I wouldn't need much wattage to supplement the heat.

Thanks for all the help guys!

@Kevin Manz thanks for the tip I looked into a thermostat with multiple temperature sensors. Ecobee makes one that's a little more up to date. I may consider that in the future.

@Johann Jells I don't know if I want to sacrifice the hot water heater to heat the space. It will already have it's work cut out for it to provide hot water for showers, etc. Supplemental baseboard heat is a great idea, I am looking into electric ones. 

Hi all,

I have a duplex in Ferndale, MI that I'd like to turn into a triplex by adding a studio apartment in the basement. Can anyone recommend a reliable licensed contractor for this job? I'm happy to provide more details if needed. Thanks!

Hi BP,

I own an upper/lower duplex. I'm converting it into a triplex by finishing part of the basement into a studio flat. The basement flat is a small space, only about 300 sqft. There is one furnace so the heating is shared. The previous owner set up the thermostat in the common area of the basement.

Now I'll have three flats all with shared heating and one thermostat. In the winter, the temperature is going to vary greatly between the basement and second floor flats. What's the best way to ensure the tenants aren't constantly fighting over the thermostat? Should I make the new basement studio completely electric heat? Should I write in the studio flat's new lease the thermostat must be kept at a comfortable temperature for all building occupants, and recommend them by a space heater to cover any temperature difference?

Any help is greatly appreciated!

Hi BP,

I own an upper/lower duplex. I'm converting it into a triplex by finishing part of the basement into a studio flat. The basement flat is a small space, only about 300 sqft. There is one furnace so the heating is shared. The previous owner set up the thermostat in the common area of the basement.

Now I'll have three flats all with shared heating and one thermostat. In the winter, the temperature is going to vary greatly between the basement and second floor flats. What's the best way to ensure the tenants aren't constantly fighting over the thermostat? Should I make the new basement studio completely electric heat? Should I write in the studio flat's new lease the thermostat must be kept at a comfortable temperature for all building occupants, and recommend them by a space heater to cover any temperature difference?

Any help is greatly appreciated!

@Gary Newbold That would be great I'd appreciate it. Yes, like I said it's a studio apartment so it will have a kitchenette and a full bathroom. Let me know!

@Andrew McManamon no Andrew I don't, that's why the post is regarding contractors.

It's going to be a full apartment, so it will need drywall, flooring, kitchen and bathroom. No, no plumbing will need to be redirected, the roughing is already there. It will be under 300 sqft. It's in Ferndale, MI. I don't know whether to pull permits or not? I have to put in an egress window so I feel like I should. Any input on that would also be very helpful.

Hi BiggerPockets,

I'm in the metro Detroit area of Michigan and am struggling to find a team of contractors to help convert my duplex to a triplex by finishing the basement. The basement of the duplex already has the roughing and layout to be turned into a studio apartment. I pretty much just need the finishing. Everyone I find is either too expensive, or they're too cheap and aren't licensed. Does anyone have any recommendations?

Thank you!

Like others have said, the first leap is always the hardest. Without seeing your ROI it's hard to tell you whether to pull the trigger or not. I'm not sure how much you're financing, what property taxes are, insurance, etc. If you don't already, you need to have a spreadsheet where you can quickly plug all those variables in and have a good idea of your potential ROI. I shoot for 15% Cash on Cash ROI or above. But it all depends what you're comfortable with, and if you're investing in Class A, B, or C neighborhoods.

I will say I don't think rents are ever "capped". Do your research on rentometer, craigslist, and zillow to see what you can actually get for fair market rent. Try to get on the summer rent cycle if you can. Summer has higher demand for rentals, meaning you can get more than you would this time of year.

I just bought a duplex in Ferndale actually, an upper/lower configuration. But I agree with you that those areas you mentioned are pretty much priced out.