Comments on: Should I add that Extra Bedroom? http://www.financiallyfreelandlord.com/should-i-add-that-extra-bedroom/ Get Your Questions About Real Estate Investing Answered Sun, 05 Sep 2010 04:56:15 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Dan http://www.financiallyfreelandlord.com/should-i-add-that-extra-bedroom/comment-page-1/#comment-113 Dan Tue, 22 Dec 2009 19:01:53 +0000 http://financiallyfreelandlord.com/?p=273#comment-113 This house has a 2 car garage that is being left alone. It also has a nice workshop in the back. This house has a 2 car garage that is being left alone. It also has a nice workshop in the back.

]]> By: Scott Nachatilo http://www.financiallyfreelandlord.com/should-i-add-that-extra-bedroom/comment-page-1/#comment-112 Scott Nachatilo Tue, 22 Dec 2009 17:14:06 +0000 http://financiallyfreelandlord.com/?p=273#comment-112 Dan, I believe you made an excellent choice. For this particular house, it really does make sense to go from a 3 bed to a 4 bed. I think you'll be looking at an extra $50 to $100 per month in cash flow as a result of that decision. It's safe to call that an extra $1,000 per year in cash flow. Without knowing your rehab cost to make that conversion, I'd have to guess that the extra cash flow from that improvement will pay for itself in less than 1 year. Just be careful to cover all of your bases with section 8. For example, your new bedroom will definitely have to have a closet. In addition, sometime section 8 has a problem with garage conversions being called a bedroom. I don't know if that's where you got your additional bedroom, but just keep that one in mind. Dan, I believe you made an excellent choice. For this particular house, it really does make sense to go from a 3 bed to a 4 bed. I think you’ll be looking at an extra $50 to $100 per month in cash flow as a result of that decision. It’s safe to call that an extra $1,000 per year in cash flow. Without knowing your rehab cost to make that conversion, I’d have to guess that the extra cash flow from that improvement will pay for itself in less than 1 year.

Just be careful to cover all of your bases with section 8. For example, your new bedroom will definitely have to have a closet. In addition, sometime section 8 has a problem with garage conversions being called a bedroom. I don’t know if that’s where you got your additional bedroom, but just keep that one in mind.

]]> By: Dan http://www.financiallyfreelandlord.com/should-i-add-that-extra-bedroom/comment-page-1/#comment-111 Dan Tue, 22 Dec 2009 15:38:28 +0000 http://financiallyfreelandlord.com/?p=273#comment-111 This is essentially what I just instructed my rehab crew to do. Only difference is it is currently a 3 bed and I sprung for the fourth bed but not the fifth. This home has a huge dinning area and a second living area. My original plan was to take have of each of these rooms to get 5 beds. After doing a market rent analysis on gosection8.com I found there was only about a 20 dollar difference in rents that I could expect. So I left the extra living rm alone. This is essentially what I just instructed my rehab crew to do. Only difference is it is currently a 3 bed and I sprung for the fourth bed but not the fifth. This home has a huge dinning area and a second living area. My original plan was to take have of each of these rooms to get 5 beds. After doing a market rent analysis on gosection8.com I found there was only about a 20 dollar difference in rents that I could expect. So I left the extra living rm alone.

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