My plan: get a HELOC on my home to have some capital to start BRRRRing.
Doing some needed fix ups before applying for a HELOC (adding a half bath, residing the house, adding a closet in the master). Looking for some ways to add value to my home. I have a three season porch that needs some love. The floor in the exterior corner has some water damage that needs to be repaired.
Trying to think of the best option that will give me the best return. Here’s what I’ve come up with...
1) just repair the floor so it is safe and usable.
2) repair the floor, refinish the walls with drywall (currently are weathered old beadboard and sheet metal flashing around the windows), replace drafty storm windows with double pane windows and add an exterior door making it a much warmer, insulated 3 season porch but not technically/legally interior space.
3) pull permits and fix the footings, make it legitimate square footage to the house, put the half bath and a sweet entryway/mud room that opens up to the kitchen/dining area.
We’d be doing this ourselves and want to get rolling on our first property so time is a factor though not a huge issue. Would putting in the extra effort and money to make the porch actual living space add enough value to make it worthwhile?
