Best use of large 6/5 SF in great area

Member since 2023 · 3 posts · 0 votes

Hello!

I need some advice from experienced RE investors.

We want to buy a 6 bed/ 5 bath in a great area (top zipcode in the area).

Thinking of splitting into 2 units but re-zoning permits are almost impossible in area.

Ideas of converting to AirBnb or community center?

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Jonathan GreeneBusiness Member
Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
1y
You are only talking in theory and not giving enough information. Why do you think you can just split a single-family into two units? No one is going to allow that and construction-wise, it is usually not cost-feasible for the output rent on such a large property. It's also unlikely that you can convert a single-family home into a community center (not sure if you mean an actual community center or co-living space). To do Airbnb, you would have to furnish to the nines and add tons of amenities so it is group accessible. Think $150,000-$200,000 in set up on that. Why are you looking to buy such a big house to rent, the numbers usually won't work unless you go nuts on the design.
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Ashley KehrPro Member
Rental Property Investor · Buffalo, NY · Member since 2017 · 208 posts · 186 votes
1y
I would look into co-living where you rent by the room! Here is an episode we recently recorded with Miller.
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Eyitayo Temi
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Member since 2023 · 3 posts · 0 votes
1y
@Jonathan Greene,
I appreciate the advice especially on the costs. I was just looking to see if anyone has done such deals before.

further context: its a one-story (4k sqft on 15k sqft lot with permission for duplex). Sale price is 10% below market value and Seller financing available.

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Eyitayo Temi
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Member since 2023 · 3 posts · 0 votes
1y
@Ashley Kehr, thank you! Will check out the episode.
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