So investing in Real Estate....Last time I mentioned BIG and SMALL investments and the return which certain types of investing can give you. Comments came about and people asked, but I don't have very much money or I don't have cash just laying around. Well neither do I, so how can people like you and I invest in REAL ESTATE. Well..
There are a couple of ways, first of the simple way--rent out a room out
of your house. Rent a house with an extra room and rent it out for half
the rent. This will save you money and create a cash flow to start
investing. Or if you own a house, rent out a section. Either the garage,
or a room. Or if you think you are handy, convert your house to a
duplex! Okay, so that sounds far fetched, but that is what I decided to do.
So I have a 1100 sqft 3 bdrm 1 bath house and I decided to create a
studio apartment on one side. One of my bedrooms is 20x12. I closed off
the door to the rest of the house and put in an exterior door to this
room. Then I took out the ceiling and created vaulted ceilings to give
the space a bigger feel. I split one side of the room in half and put a
studio kitchen on one side and a bathroom on the other side. We added
stairs and created a loft above the bathroom and a separate bed area with AC above
the existing living room in the attic. Two of us added the sewer lines,
water lines, move and added electrical lines, framed all the walls, textured
and painted everything in about a week. (Granted I have to add cabinets
and finish some tile and put in the floor, -which might take me another
month-but everything else is done.) So the first question people ask..
wow! How much did that cost and is it worth it. Well, Thank You
Home Depot! They financed almost all of it via a Home Depot card.
Even with the interest, the rent I will receive from this studio apartment will
pay my card off in about 6-7 months. So is changing one room in my house
and creating a cash flow for as many years as I want worth it? ABSOLUTELY
If you are interested in pictures, let me know or if you are interesting
in creating your investment and have questions on how to get started,
call me; 972-322-1717