Adding Value to a Rental Property

Those are great ideas although some people would miss having the dining room for family gatherings. If you have the lot space maybe look into the possibility of a bedroom addition if you have a 2 or 3 bedroom home.

Hi Joe,
Someone mentioned in another forum about renting rooms instead of the entire home. Converting it into rooms for rent. Which can increase or double your profits. If the area would support it of course. I thought this was a great idea. What's your take on this Joe? Continued success....Lubertha

Thanks for the comments. It is so true the more space that is available the more rent you can usually charge. The increase in the stream of income will increase the value of the property. In the midwest most homes have basements. Anytime you can transform a basement in a rec room or more living space the more valuable the rental becomes. When you do a project always try to have as much livable space as possible.

In one of our recent deals, there is an enclosed back porch of a duplex with the 2 units upstairs and downstairs sharing the back porch common area. We are going to bring the wall and door of the downstairs unit out into the common area back porch area. This will increase the square footage of the downstairs unit. We will add a coat closet and a small area for shoes etc. for this unit. It will give the downstairs more square footage and create more appeal for prospective renters. Good luck on all your deals. Believe and Achieve! - Joe

If the local area codes would allow this, it could be a way to generate more rnetal income per property. This often can be popular in a college town or an area going through a sudden increase in employment opportunites such as a factory expansion now hiring 2,000 contractors to complete a job.

Often college students or contractors want a clean comfortable room with less amentitites, etc. Thus, there can be more opportunity for the real estate investor. A little research and as Dean has taught us to "think a little different" can go a long way to increasing a property's cash flow and future profit streams of income. Continued success. Believe and Achieve! - Joe

I'm have to look (& investigate) further into costs (& zoning codes) converting Full basement into livable apartment space (if that deal happens). Plenty of people on CL requesting an basement apartment here in Atlanta & probably elsewhere as well. That could be an additional $450+ in rental income base on amenities you provide them.

If the zoning permits this it is a good thing. Anytime you can add more space, another apartment, storage or a garage, it can really be a good thing. For the short term it can mean more rent, for the long term it can make the property appreciate in value a lot faster. Thanks for sharing your idea and insight. Good luck with REI. Believe and Achieve! - Joe

Thanks for the comments and the insight. You can often say make the most out of the investments you make and since property can be a sizable investment the more things you do to boost the value or the rental income will be a nice return on your investment for the effort you put forth. Good luck with REI. Believe and Achieve! - Joe