Updated about 2 years ago on . Most recent reply
Property Dilemma - BIG lot, tiny house and full stud down + rehab.
Looking at a property in a residential area with a ton of upside, I think. The issue/or difficulty is the house on the property is usually sized for the lot, layout, and location. The lot is a .4 acre, corner lot, but the house is a 2 bed, 1 bath, 791 sqft house. It needs total studs-down construction, if not more. So my dilemma is whether it would it be more cost effective to demo the house entirely and build something more feasible for the area/size lot or fully renovate the home, and have the tiny home on this huge lot. Subdividing comes into my head, but the house is smack in the middle so demo would be the only option. Oh and did I mention that this would be my first deal? I’ve been playing with the calculators and looking at many scenarios. Buy/wholesale, Buy/reno/flip, buy/demo/build(duplex and hold) or Build(single-family and flip), etc. My inexperience has me analysis paralysis. Also finding comps, etc. on a new build in the area is also difficult. Does anyone have any advice on some key points to consider? Experience in a similar situation? Any thoughts or advice is welcome.
