House Hack vs Rezone vs Wholesale vs Rehab
Hello All, happy new year! I hope 2017 is off to a good start for you!
We visited with a seller today who called in response to a letter we sent. To make a long story short the seller is elderly, has been in the home for 40 years, and will be moving out of the state in a couple months. We would like to purchase the property but I think it has more potential then a SFH.
As it sits the home is a 5 bed 2 bath. 3/1 on the main level, 2/1 down stairs. Lower level has its own entry point. The home is in great shape just very dated and would need cosmetic updating.
Our thoughts for exit strategies are as follows in order of interest...
1. House Hack. Live up top, rent out bottom, will need to add kitchen down stairs
2. Rezone to duplex. Seal units off, split utilities, the works
3. Buy or Wholesale the property to renovate as SFH
4. List it retail (my wife is a realtor)
We have never done something like this so not sure where to start. What would I need to be able to rezone to a duplex? Is that even what I would need to do? Do I still need to do that if I live in one of the units? I really want to get into rentals and think creatively to do so but is this forcing it?
We are finishing a rehab next month and could use some of the proceeds for down payment a longer term loan. Possibly BRRR strategy?
Thanks in advance for the help! House is in Woodbridge VA if it helps.