So my real estate agent put me onto this site a little while ago and I've been trying to read up on this site at least 3 nights a week. So far I like what I've seen.
Here's my current situation. I own one rental property. It's a single family residence approx 850 sq feet. However it's on a rather large lot. I think the city has the frontage listed between 90 and 110 feet. The house in one one side and there's a triple car garage next to it.
So my question to you.. What's my next move?
A) look into rezoning the property creating two titles move the garage to the back of the property (with back lane access) and put another house onto the now 2nd parcel of land. (There's one house just for sale down the block that is being sold , w/o the property and I could hire movers to move the whole house)
B) forget that project as there's too many costs and look into just picking up a BURRR through an auction or real estate listing this summer.
Earnestly awaiting your feedback... if you need more details to make your decision please let me know
Hey Steve, so your main question is should you try to leverage the fact that you have a good amount of land to work with or invest your money somewhere else? Did you get an idea of the costs of re-zoning? How much was the house? I have never heard of just the house being for sale, unless its a mobile home situation.
The house is on land that I think the owners want to either sell to a developer or develop themselves.... All beside them condos have gone up and it's river front property in a nice area.
Occasionally in my area some people want to sell the homes just not the land... 2-3 years ago there was a free house offered on kijiji (perhaps the U.S. equivalent to craigslist) the only condition was that you had to move it off the property.
Another individual I know bought a "house only" for 5K had some land elsewhere, poured a basement and had it moved for under 30K.
This move would literally be just down the street so I have already opened up discussions with some local building movers in the area, but I haven't been given definitive figures yet. I would imagine the move would cost around 10-30K, with another 20-50K in applications and zoning fees from the city. All said and done I think the whole project would cost approx 80-100K and I would have a 200K house and a second property to rent.
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