Updated over 2 years ago on . Most recent reply
Triplex which is registered as a Duplex
Hi everyone,
Actually we are working on a great Triplex deal in LA, which after we did a bit of a due diligence, we figured this property is registered as a Duplex in the city and the third unit is not registered, however the property has 3 electricity meters and it seems a permit is issued by the city almost 70 years ago ( the property is 100 years old) to build the third unit, while a certificate of occupancy or any similar approval has never been issued on the additional unit.
Just wondering if anyone of you folks have had a similar experience and would it be too risky to acquire such a property?
Our strategy is to do fix and flip and exit in a couple of months, so could we buy as is and sell as is?
Thank you!