Steps to take before adding an Additional Unit 💰👊 🏡
Real estate is a vast investment engine that you can slice, dice, and increase your returns through different game plans. Often times investors add additional units to their property to maximize the rent potential. However, this can be a long, costly plan, so do you search prior to implementing 🕵♂️ Here are steps to take to help you decide whether you should look at adding an additional unit to your property:
1. Check zoning 🔎 Make sure tour next potential investment actually allows for you to do this.
2. Run a complete budget 💰 and don’t forget the hidden costs. Does the math make sense?
3. Run a CMA for the stabilized value, if you are going to do the heavy lifting then there needs to be upside.
If you aren’t picking up the equity position it might be better to buy a property with the desired units you want.
Questions? Leave a comment below! 🔥
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