Upgrading property through conversion

Rehabbing, Fix and Flip, Rental Properties
1

Hello everyone,

I wanted to start a thread that specifically talks about the ways to increase property value through conversion techniques. Please share with us any other methods you are aware of. Thanks!

  1. Convert an existing carport into a garage.
  2. Finish an unfinished basement or attic.
  3. Add an extra bedroom or bath.
  4. Add a deck or porch.
  5. Build an addition.
  6. Add a shed or outbuilding.
  7. Convert a SFH to a Multi-family (What style of home works best for this?)

-KeithInVa

2

Install central A/C/Heat in dog house ;D

3

While I’m at it…I’ll add a satellite dish to the chicken coop. hehe

-KeithInVa

4

You could park Sean’s BMW in the garage and sell it as a package!

http://www.reiclub.com/forums/index.php?board=29;action=display;threadid=12782

This would kill two birds with the same stone.

Keith

5

Hey,
A port-o-john for an outside reading room.
Peace,
Richard

6

Keith, good topic, but certain very broad. One tidbit to consider when doing an attic or basement conversion is emergency assess. By code, you need to have a secondary escape path (i.e. a window). That window needs to be at least 5.7 sq ft. (5.0 sq ft for below grade). With that said, I actually own two place (one basement, one attic conversion) where that is not the case. With the attic deal, I advertise it as a 1 bdrm with loft and the basement one is a 2 bedroom with a den. I know of one city in VA that is starting to look more closely at this.

7

While on this subject, I have a 2 bedroom with finished basement. Several potential tenants have mentioned using the basement as a bedroom. Am I obligated to prevent them from doing so?
BTW, this is in IL, if that matters.

-AL

8

They can do whatever they want, you just can’t call it a bdr. (as far as I know)