Updated over 6 years ago on . Most recent reply
Duplex to Quad in FL
Hello! New member here looking for some advice, I am pending sale, getting closer to closing on my first ever property! It is in FL, it is a decent cash flowing Duplex on an oversized lot, It is already Rehabbed and looks really nice! 0 down, seller paying closing costs, and 3.25% on a VA loan.
As a part of the deal, the seller is getting the permits and parceling out the lot, giving me the opportunity to build two more units, if I chose.
I want to know what people think about this option, is there room to cash flow decently when financing a new building on a lot? How would you recommend financing this? I have zero Idea on what it costs to build a two unit Duplex, or even where to start except for just getting with an architect to have plans drawn out after showing them the survey. (This is what I assume) Then, getting with a builder for a quote?
I was also thinking, if I do build the two extra units, I could perhaps get a new appraisal and refinance after its all finished, perhaps that would help even more with the cash flow on this property. Like I said, I am brand new, but I'm hungry and I want to soak in as much information as possible.