Updated over 7 years ago on . Most recent reply
Should I buy a home that is zoned as commercial?
The home is in a great location, and if I use the home as a short term rental (which is my plan), projected cashflow is $4,500 per month. Home costs $100,000. It's a no-brainer except for two concerns.
1. Home is zoned commercial and the city will not budge. The home is grandfathered in, as in, they won't demolish the home until it is either unfit for habitation or is burned down in a fire.
2. The home sits on a hill, and the home is sliding off. A $10,000 investment will fix the foundation issue.
Is there any reason you wouldn't buy the home if you were in my shoes?
Most Popular Reply
$4500 a month cash flow on a $110,000 purchase sounds suspicious to me are you sure about that?? I would definitely verify the commercial status and any restrictions for renting. Something doesn’t seem right about $4500 a month on $110,000 purchase that’s one hell of a deal if you could pull it off. Just do your homework.