Covered Patio = Easy Cash

Many fix & flippers have certain things that they look for when they look at fixer upper properties that they see as an easy way to build alot of equity with little cost. Although I am a huge fan of garages and rarely see the logic in converting a garage into living space, I have personally doubled my profit on smaller properties in desirable areas simply by converting covered patios into livable space. For the siding, windows. doors, lumber, sheet rock, paint, carpet, etc you would need to fully convert a covered patio with a concrete floor to livable space was less than $20/ft^2 doing it myself and sold it for $100/ft^2 6 months later. That 875 ft^2 addition cost me $17,500, but added $70,000 to my profit or $52,500 in Net profit by just adding a sunken family room and another bedroom. So keep your eyes open for large covered patios and figure out how much extra you can make by adding a few more square feet!

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