All Forum Posts by: Jason Garrison

@Wayne B. I've thought about that.  In fact my painter even mentioned the same thing to me when I told him what I was thinking of doing.  

The bathroom and kitchen will be tile.  I was just thinking of staining the rest of the basement floors, two bedrooms and living, dining room b/c it'd be cheaper and easier to maintain.  Wouldn't have to worry about spills etc...

Any ideas on best flooring base on the little info detailed above?

@Derek T Thanks great tip.  @Barbara G.  The basement will be a two bedroom, one bath with utility room, full kitchen, dining room, living room with fireplace.  

It will be considered a duplex since it has it's own entrance. 

Does anyone have any tips on renovation order?  I'm remodeling my basement.  It will soon be turned into a duplex to rent.  

The sheetrock and mudding is finished.  I have concrete floors I'm going to clean and stain rather than put hardwood or carpet down.

Do I paint the walls first or do I go ahead and stain the floors.  

What is the correct renovation order?

Thanks Bigger Pockets Family 

@Missy H. @Brandon Hall Thank you both the the great feedback.  If there is one thing I heard loud and clear it's don't do your own taxes.  Leave it to the professionals.  

I'm calling a real estate CPA.  Big Thanks on Big Pockets.  

I'm a newbie when it come to income property so I have a question about how the taxes work and what I should do to prepare for tax season.  I want to ensure I do this the correct way.

I've been in my house since Dec 2013 and I'm now turning the basement into a income property.  It's a two bedroom with one bath, utility room, kitchen, living room with working fire place.  

My goal is to rent this space for $1,000 each month.  I will handle the utilities to make things easier/less complicated.  

What do I need to be thinking about when it comes to an income property?  A few things that come to mind; Taxes, how do I market the space, should I do a flat rent and pay utilities.....  

Thanks in advance for the great feedback.  You are my inspiration!  I want to be financially free just like you.

Jason 

WOW!  To all that provided feedback to my question I really appreciate it.  All great points and you each sound very experienced in real estate. I learned about this resource on the 48 days podcast with Dan Miller.  He was absolutely right about the online communities willingnes to help.  Thank you all

Any ideas on how to get into real estate with no liquid cash to purchase or inject into a property?