- Joined
- Dec 11, 2017
- Messages
- 6
I've been preparing to purchase my second investment property. I have been educating myself for the last few months and plan to invest with my brother. My brother has said he won't be ready to invest until summer this year. In the meantime my tenant in my current rental property has informed me she will be moving out on May 1st. I'm looking at this as an opportunity to finish the basement on this property. It is plumed for a toilet and is really just a big empty square so I don't think it will be a lot of work or cost all that much to finish. I'm thinking if I finish it with an added bathroom I may need to use the money I had planned for my next property, but this reno should increase my cash flow on the existing property and give me equity I can pull out of this rental to return the money I spend and allow me to invest this summer as planned with my brother.
What I would like to know is if this is a good plan, and what exactly would be necessary to meet the definition of a finished basement. Is it just carpet, drywall, paint kind of thing or are there strict requirements? Then when I go to refinance do I talk to my bank about inspecting the reno and appraising?
Thank you and any suggestions for good contractors would also be appreciated.
What I would like to know is if this is a good plan, and what exactly would be necessary to meet the definition of a finished basement. Is it just carpet, drywall, paint kind of thing or are there strict requirements? Then when I go to refinance do I talk to my bank about inspecting the reno and appraising?
Thank you and any suggestions for good contractors would also be appreciated.