All Forum Posts by: Mark Reed

I'm ready to take a look. How did you find it? What's it near in Downtown? I am very familiar with the area.

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Theresa Harris

Thank you for the numbers! One ballpark figure I got was about at the $20k mark, so I'm feeling good about it so far.

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Jeff Willis

I have checked with the local government for the legality, and they said as long as i have the permits before construction, there's no problem with any of that stuff, including the second full kitchen. Good news!

My mom has an old house. It is one level with a basement. We're thinking about converting the basement into a rented space for tenants. The basement is about , there is a full bathroom (with the home's water heater in it), one large "bedroom" (small windows, but no egress window), one small "bedroom" (small windows, but

no egress window), a large 26x26 room with a fireplace, a large laundry room, a storage room, and the HVAC for the house. The basement also has its own walkout entrance on a concrete patio at the back of the house underneath the deck. The walkway from the front of the house around to the basement entrance is paved. The driveway is wide and long enough for several cars. I think, if fixed up, the basement could be a nice space for tenants. I would put a full kitchen in the large room.

Known numbers:

• Mortgage: $1150/month
• Rental range for basement: $1000-1300/month
  

Questions:

1. How do i know if it is worth it? What numbers do I run?

2. Is it worth it to put the egress windows in the bedrooms?

3. The electrical would have to be re-done, with an extra box added to accommodate the new appliances and everything. Would it be worth it to separate the basement electrical from the upstairs electrical? Additional meter?

Welcome, @Chris Childers. I'm in the Stafford area, and am looking in Fredericksburg area as well. I have been listening to the podcasts and reading the forums. So much information! Keep at it!

@Michael Perez congrats on the first rental! Did you get your RE license to get a job in real estate, or to have access to the MLS?

@Taylor L. I’d like to make it down to Richmond eventually, but I’d like my first deal or two to be more local to me. I’ll get to Richmond, though. Already looking!

@Steve Tarrell I'd like to start with a SFH, and with that, work my way to BRRRR. Maybe with a flip or two on the way there.

Hello, BiggerPockets! I live in Stafford, VA and work full-time in Northern VA. I also spend quite a bit of my time in the King George and Fredericksburg areas. I am looking for my first deal in the area. I am open to deals/houses in the following areas: King George, Colonial Beach, Fredericksburg, Spotsylvania, Stafford, Woodbridge, Lorton, and Springfield. I have started listening to the BP podcast and reading the forums, just trying to educate myself on everything I can involving flipping and renting properties. I'm ready to buckle down and do my first deal!