All Forum Posts by: Joe McKelroy

thank you all for your input. as a newbie, i need all the advice i can get

need help here. I have 40-50k. should I convert my garage to a studio/1b apartment and rent that out or use that as a downpayment for a rental property? (it's a new construction 3bd 2b in an ok but not great neighborhood)

I don't know the value that would add to my home, but I know I profit around 400 per month as a long-term rental (renting out both units). if I furnished it or made both units an MTR, I would profit more. ($750 per mo cashflow possibly). as a 3bd 2b home, currently, it breaks even monthly. 

If I buy a 200k house in Waco right now, I could rent it and MAYBE break even with 20% down. 

what you you think is best? and why? 

Hey, I'm new here. Last year I bought my first house, a 3bd 2b new construction house in an okay neighborhood (waco TX). I am about to convert the property to a rental, but I was thinking about doing a garage conversion and renting it out as another unit (normal size garage). 

Should I do that? Will it add more income for me or make it harder to rent out? 

As a rental, I know I can get 1800 per month for the house with a garage. The small garage conversion would likely rent for 600-700 per month. Though I might have to rent the main house for less if I add the garage conversion. a buddy of mine runs a construction business and he tell me he just did one for 30k. Idk but I estimate 40-50k all in including furnishing. (maybe i shouldn't furnish it?) 

Has anyone done this? any advice?