Updated over 6 years ago on . Most recent reply
Flint Multi Family in an Opportunity Zone
I recently got a great deal on my first multi family - a 5 unit commercial building in Flint, MI.
Building is vacant & needs a full rehab. It is also located in a qualified Opportunity Zone. I paid cash, holding coats are not bad
I am out of state & not sure I'm up for the challenge of fully renovating it myself. Considering selling it AS IS. I don't have any repair estimates yet either, I'm just assuming it needs everything
Anyone have any tips/experience on selling in an OZ?
Should I consider partnering w someone who can handle the rehab?
Any other creative ideas on what to do with this opportunity??
Most Popular Reply
"I'm just assuming it needs everything" - If I was prospective investor/buyer in Flint I wouldn't touch your property. I'm sure you're aware of the water quality problems they experienced and the infrastructure the city is still repairing. I would go through the property top to bottom and develop a rehab budget.
What are the numbers are the property? Location? Prospective cash-flow? That helps investors know if they want to partner on this project, and trust me people are looking on this site.