OLD HOUSE WITH LOTS OF POTENTIAL
Hi!
I am new in real estate investing and still trying to learn as much as i can. I have 3 rental properties and looking to buy the fourth one. I would really really appreciate if someone can help me with the advise
I found a house that was built in 1911. Its fully renovated and it located in decent area close to schools and amenities but next to apartment building. I t has a large lot and its zoned that it can have 4plex built on it.
Can you please help me to find an angel how can i maximally use all potential that this house has if i decide to buy it. What i am thinking is to buy it and rent it for next 10 years. After mortgage is paid of i can use the lot as a downpayment to build multy family unit there and keep renting it.
Is this something that experienced real estate investor would do? Is that a good strategy or there is a better way to use this property ? Or should i consider some other strategy as building multi family unit can be expensive and will not bring me enough cash flow in future
Thank you. I would really appreciate any advise