I have found a fixer, i need help 😫
Good evening and happy mother's day to all mommies!
i have found a fixer that is in the market for about 2 months, has about 10k lot, possibilitie to convert the garage into a guesthouse. The house is 1400 3/2 and looks good. So besides the garage to be converted into a guest house the lot is so big that anothe house can be built on it. Or even an apartment building can be built.
please tell me what you think and guide me. I am thinking of a wholesale and i do not know where to start ..
thank you
While its possible others have overlooked the value add opportunities you've mentioned, you might want to do a bit more due diligence here. Over the last few years there have been many investors in the area buying properties with the specific strategy to add units/adus wherever possible.
How much value add is there actually if you consider all the construction costs and ARV?
what zoning is it in? you may also want to look into city specific regulations. both will impact what you can and can't do.
#1 House Hacking Contributor
- Real Estate Agent
- Colorado Springs, CO
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#1 House Hacking Contributor
- Real Estate Agent
- Colorado Springs, CO
Hi @Anna Piruzyan have you gone to your local meetups to network with local investors? That may be another great place to start to find advice and partners.
If its been on the market for 2 months you could certainly make a low ball offer and see if they accept it. If so, and you want to wholesale do you have a network of investors you can send this property to? If not, it may be tough to find a buyer before your contract expires.
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#4 House Hacking Contributor
- Real Estate Agent
- Los Angeles, CA
How do you know an apartment building can be built on it? Just because it is a large lot, doesn't mean it is zoned for it. And don't assume you can change the zoning.
Get it under contract (either with a listing agreement or wholesale) and start marketing the property/contract.
1. Does zoning allow for the exit strategies you talked about?
2. What's the current tenant status?
3. Are the sellers willing to sell it for 25-50% less than currently listed?
4. Do you have the network necessary to shop this deal to?
5. Question for the listing agent - "Why hasn't it sold yet? Have there been good offers? Has it fallen out due to major issues?
6. Are you looking at this as a house hack for yourself?