All Forum Posts by: Carolina Mejia

 Thank you Tanner, I emailed the city and they did confirm that is the first step! I'll be seeing it this weekend to see if I take the plunge.

 Thank you for the insight Lawrence. I did email the development board of the city and they did tell me I would need to rezone. I've got the information on how to do it and am actually going to see the property this weekend and see if I should pull the trigger. I will definitely update as I go. 

 Thank you for your reply, it does in fact have parking because it was a commercial space. 

Hello everyone- I found an building 3200sqft in a sleepy town in GA. I was thinking and realized with the space I can remodel it to a great private assisted living space- basically a add a large kitchen, add 4 accessible showers to the 4 bathrooms and add/amend the building to fit the parameters for senior care.
My question is when doing this, what kind of steps do i need to take in due diligence to make sure its going to be able to get done (permits and Etc.?) i know you can apply for permits- but how can I know ahead of time? 

My next questions is how do i find out if there is a market for this in the area? I think the house could support 7-8 rooms + kitchen bathrooms and a social space, i can add a garden outside. It think it would be a great space and also a great investment. It's a ranch so i know that is important. Also it has a lot of parking.  Any advise would be great. Zillow doesn't show the actual address so i don't know what it is zoned. That's the first thing ill look into when i reach out. Any ideas?

Hello everyone- I found an building 3200sqft in a sleepy town in GA. I was thinking and realized with the space I can build out basically a quadriplex. It would take moving around the walls, adding 4 showers to the 4 bathrooms and adding a kitchen (already has multiple sinks -( it may have been a daycare). the rents are high, i could rent out for $1200 each + bills since they wouldnt be separate and my cash flow would be aprox $2000 a month once i move on to my next home. My question is when doing this, what kind of steps do i need to take in due diligence to make sure its going to be able to get done (permits and Ect?) i know you can apply for permits- but how can I know ahead of time? Any advise would be great. Zillow dosent show the actual address so i don't know what it is zoned. That's the first thing ill look into when i reach out. Any ideas?

 Hey Mark! I am just used 7% as a standard- this will be my first time getting prequal so i'll put the real numbers in once i get my rates. As far at the comps, its a little difficult. I'm going to ask my agent to get me some but this is the cheapest property for sale right now, there are 3 or so in the $200ks and then they jump up to $400k to 1.3 million just 1-2 miles away. 

I have found a property that is a SFH with a duplex on the same lot. As a LTR all three units, it cash flows $800~, as a straight Airbnb STR (estimated 30% occupancy: 10 nights a month each unit) it cash flows $1937, and as the LTR for the SFH and the duplex STR it cash flows $1300~. I got an agent to send an official offer and he has asked that I get the prequal done- So I am doing that now- I have looked at it and everyway I run the numbers it cash flows great and the CoC starts at 34% at 20% down payment. I am really excited but what am I missing!? I've put in a 70% increase in the taxes just in case, i put $350/month for insurance (hoi + flood) that's the set expenses for LTR options, then for airbnb i added $1760 to $4320 in variable expenses (depending on straight STR or the STR<R mix) please see the analysis below. What else should I be looking at? 

 OP was 4 years ago, what did you end up doing and how is it going so far?!

Can you partner with someone who can get the loan for you? Maybe another option.