If you can't afford multi family, can you just build it?
Hello all,
I recently made the decision to move forward in my real estate investing journey by making my first purchase of a four plex located in Roebuck SC. It's in the Spartanburg county area about thirty minutes from Greenville SC. So far I am in the process of fixing up the property, it has three residential apartments on the second floor that are all currently occupied and one open area on the ground floor that is being leased by a commercial company. Currently the building cash flows quite well; I am working on a few strategies to optimize the cash flow and am running into a bit of a problem with one idea that I've had.
If the company that is renting the lower level of the building ever moves out, I would like to convert the downstairs floor into three additional two bedroom/ one bathroom apartments. I have messaged several contractors so far but only one of them has replied. Their estimate to complete the project was $75/sq. foot, which to complete two of the three apartment complexes at 930 square feet each would run me approximately $140k. The ceiling on the lower level needs to be finished, but the exterior walls are in good order, there is plumbing already run and electrical wiring throughout the downstairs area. There is already an existing kitchen and central air as well.
Has anyone in the Upstate SC area done any kind of renovations similar to what I am wanting to do? And if so would you mind talking about the costs that were associated with that kind of work?