Should I Convert The 2-car Garage Of 2/1 To Another Bedroom?
I just signed a contract on a 2/1 900 sf house that has a 2-car garage and a car port in the front of it.
I have heard from some other investors who bought nearby that the 2 bedroom houses didn't see that quickly and slow in renting. My real estate club director who I have been getting a lot of advice from said that the 2 bedroom should rent and sell fine.
My question is if you think it is worth spending the money to convert my 2-car garage to turn it into a 3-bedroom house or just leave it as it is.
If I leave it as it is and it sells, I stand to make about $20k in equity after rehab, but I would like to keep it as a rental. Let me know your thoughts based on your experience.
Thanks!
8-)
If you are going to keep it as a rental, I would convert it for the extra rent. Sometimes I have converted a two car garage to a one car garage and added an extra bedroom...
I would not advise keeping rentals though until you have built up some cash-flow. Can you sell it, make some money and maybe purchase a 3-2 that you dont have to convert? I would go that route. I would also start buying and retailing-wholesaling-keeping for the long term appreciation in uprising area.
Best Regards,
Jeff Adam
[addsig]
I think it depends on whether a 2/1 with a 2 car garage is typical or atypical for that area. Check out your market to see if 2 BR's are in demand.