All Forum Posts by: Brett Merrill

Joel Owens thank you for the advice. I’ll start making some calls today.

Hello BiggerPockets community! I have a quick question that I would like to pick everyone’s brain about. I have a great property located in a downtown area that is currently listed for commercial. It is an interesting property because it was originally a multi family home that was turned into office spaces meaning that they took all of the kitchen and showers out and turn them all into offices. All the plumbing is still intact in capped off. I would love to converted back to a multi family. I have already spoken with the building department and it is zoned properly to be reverted back to a multi family.What I am struggling with it is how to get a list of everything that would need to be brought up to code upon final inspection. I have spoken with the building commissioner and it seems like no building inspector is willing to just go out there and walk around and give a list of things that need to be brought up to code. The commissioner said that I should get an architect involved. I have called around to a few places but it does not seem like many people do this. Does anyone have any advice as to how I could officially do this so I can get a good estimate on wood would need to be done. They are offering seller financing so there is a good amount of money opened up for renovations. Thanks for the help!

Hello BiggerPockets community! I have a quick question that I would like to pick everyone’s brain about. I have a great property located in a downtown area that is currently listed for commercial. It is an interesting property because it was originally a multi family home that was turned into office spaces meaning that they took all of the kitchen and showers out and turn them all into offices. All the plumbing is still intact in capped off. I would love to converted back to a multi family. I have already spoken with the building department and it is zoned properly to be reverted back to a multi family.What I am struggling with it is how to get a list of everything that would need to be brought up to code upon final inspection. I have spoken with the building commissioner and it seems like no building inspector is willing to just go out there and walk around and give a list of things that need to be brought up to code. The commissioner said that I should get an architect involved. I have called around to a few places but it does not seem like many people do this. Does anyone have any advice as to how I could officially do this so I can get a good estimate on wood would need to be done. They are offering seller financing so there is a good amount of money opened up for renovations. Thanks for the help

Hello BiggerPockets community! I have a quick question that I would like to pick everyone’s brain about. I have a great property located in a downtown area that is currently listed for commercial. It is an interesting property because it was originally a multi family home that was turned into office spaces meaning that they took all of the kitchen and showers out and turn them all into offices. All the plumbing is still intact in capped off. I would love to converted back to a multi family. I have already spoken with the building department and it is zoned properly to be reverted back to a multi family.What I am struggling with it is how to get a list of everything that would need to be brought up to code upon final inspection. I have spoken with the building commissioner and it seems like no building inspector is willing to just go out there and walk around and give a list of things that need to be brought up to code. The commissioner said that I should get an architect involved. I have called around to a few places but it does not seem like many people do this. Does anyone have any advice as to how I could officially do this so I can get a good estimate on wood would need to be done. They are offering seller financing so there is a good amount of money opened up for renovations.

Hello BP Community!

Here is a deal that I currently have an accepted offer on. There are a few new twists and was hoping to could help give me input on what you would do.

House:

- 3985 sqft 6 bed 5 full bath

- A beautiful 1000+ sqft open studio with bedroom and full bath attached which is part of the overall sqft. This space is currently being used a salon. It has its own gas, AC and electric utilities.

- The rest of the house is a 2 family 3 bed 2 bath for each floor

- B-/B neighborhood

Numbers: here is the report that I ran through BP rental calculator. I ran the rents to see the numbers following the seasoning period. For the first 6-12 months the cash on cash return will be current- $1600.

** HERE IS THE TWIST**

- Because the studio has its own utilities, bedroom and full bath I obviously was going to turn it into it's own beautiful unit renting at 1000+/month. However, due to the house being zoned in an agricultural area it can only be a legal 2 family with a "storefront" as it currently is as a salon, yoga studio, massage, etc.

- Therefore I ran below market #'s for commercial space.

- I'm just wondering what some of you might do. The #'s still work nicely however I have never tried to rent commercial space and am worried that it will sit vacant for a while. It is currently a turn key salon and might rent right away and could always be turned into any other type of studio.

- I am currently trying to apply for a variance on the property but know that those do not usually go so well.

- Even if the commercial space sits vacant the property will still cash flow a little but not my current numbers. I'm trying to leave emotion out of it and rely on good deals only.

Thanks for the help! Let me know if any other info should be provided!

- Brett

@Mike Hurney Thanks for the response. BRRR strategy as of now. However, I've been trying hard to determine what my niche market is going to be.

@Dan Pezzano

Hey Dan thanks for reaching out. I hope you all the best on finding that good multi-family deal. No I have not been looking much in that area secondary to no real knowledge of that area. Im from the Amherst area originally and have much better knowledge of the Hampshire and Hampden counties. I figured I'd keep my REI farm small until I get a little skin in the game.

@Ann Bellamy Thank you for the heads up! I was looking at that meeting but will not be able to get back out to that area for tomorrow. However I will be attending your upcoming event out this way. 

@Troy Southerland Thank you for the helpful links! Three as of now is what I designed my action plan around which will give me and average of 4 months to acquire each and the initial cash flow that I would like to see. 

Awesome @Ann Bellamy! I was just looking to see if there was something sooner. Count me in for that one as well. 

Hello @Ann Bellamy I'll be there. Thanks for the heads up. See you there!

Hello @Justin Silverio I'll be there. What is the date/time?