Anyone with experience converting single fam into multi-fam?
I'm getting started in an unusual way. Recently immigrated from South Africa to Canada, but moving to Atlanta in 9 to 12 months. I'm wanting to house hack when I arrive. I can't seem to find deals on the MLS for 2/3/4-plexes in the budget, but plenty of single-family. I'm wanting to maximize cash flow, so potentially looking at converting a single-family 2/3 story house into a 2/3-plex.
I've never been to Atlanta so I will take all your advice on good suburbs? Where can I find good 2/3 story houses? Have you used this strategy before? What was your success? does it hurt your resale value or bring it up? does it require any additional planning permission? are there materials on this topic?
I know it's a loaded question but, I'm on a fact-finding mission, I don't know what I don't know, so lay it on me.
@Lance Lamberton those who have successfully converted an SFH into a 2-4 unit property can share their experience but recognize that your investment strategy is going to be very expensive and time intensive. First, many counties aren't going to approve permits and change zoning laws. Second, even if planning is approved, you'll need to hire a structural engineer to get drawings, electricians to reservice wires, a GC to manage the whole operation, etc. In my opinion, you'll have much more success in acquiring an SFH with an in-law suite that could be sourced as either an LTR or STR via Airbnb. Hope this helps!