Multiplex as first investment?!?

[Adrienne Donato]

If you were running numbers on a potential multiplex property, with 3 different streams of income:

- 2 fully rented apartments

- Detached 2 car garage

- 3000 sq ft Zoned for Commercial use & storefront (but I’m looking into rezone options)

what are your creative ideas for the rezone space? And if it can’t be rezoned, what types of businesses do well in a somewhat quiet residential area?

This would be my first investment property!!!

It’s a little more than I intended to spend in a first investment, but I’m so intrigued by the space, I’ll sort out the money. Or get a partner.

Help please! And thank you. #askbp

[Mary M.]

One thing to think about - office, retail, commercial are all taking a major hit due to C19.... 

And in general, any commercial space increases risk by a large degree.... these types of spaces can sit vacant for years even in the best of times..... so be sure to have a hefty vacancy expense in your underwriting and see if it pencils out even if you never rent that space at all.   Also, you will need a very nice reserve fund for when you do have vacancies. 

As for creative ideas- how about coworking space or small offices for accountants, maybe therapists, etc. if you can break the space up in to multiple rentable spaces you reduce and spread out your risk 

Good luck :)