All Forum Posts by: Cassidy Burns

Hi @Garrett Hogan, this is extremely helpful.  Thank you.  

One more question, would I be able to rent it out as a single family residence while going through the zoning process?

Hi BP,

So I have an opportunity and am trying to decide what the best use for the space would be.  Below are some of the numbers, I'd appreciate any advice on how to go about the conversion and also which scenario looks best.

Single Family Home.  206 Chestnut St. 

-4 bed 2 bath

-2 kitchens

-3 levels

-Asking Price: $49,900

-Appraised Value $61,300

-Has a commercial garage that is  being rented on the back of the house by a plumbing company.  Company has occupied for 12 years.  $500/month.

Renovations Required:

-Paint

-Update Flooring

-Deep Clean

-New Fixtures (Fans, lights)

Capital Expenditures: 

-New Roof (2 years old)

-Water heater replaced 3 years ago

-Updated electric.  Baseboard Electric Heat.

-No A/C

My question is what would be teh best use for the space.  It can be converted to a Duplex if I desired to.  I have a Duplex that is down the street collecting

-Unit #1: $510

-Unit #2: $510

I think safe numbers for this home would be: Could be higher 

-Unit #1: $450

-Unit #2: $450

The Single Family Home could rent for : 

-$650/month

My biggest concern is the Sale after I hold for 5 years.  The Duplex Comps would probably only go for $60,000 based on the current market but there are 3 houses on the same block that have sold for $90,000 in the past year.

So Final Numbers: 

Single Family: $650 + $500= $1,150

Duplex:  $450 + $450 + $500= $1,400.

Which would you do?

Welcome @Neil Brown.  

Welcome @Michael Shea!

Thank you both.  @Russell Brazil @Michael Plaks very helpful.

Hi All,

I have a question about LLC's, S Corps, and C Corps.

I work as a real estate agent in Washington DC and want to corporate myself for tax reasons.  What are the guidelines for where I am allowed to start my S Corporation.  Do I have to start it in Washington DC?  Also, what benefits does it have in terms of tax write offs, tax savings, etc.?  

Any advice is greatly appreciated!

Welcome @Matthew Young, you will not be disappointed!

Hi @Sharif Ibrahim welcome!  You will not be disappointed.

Hi Bigger Pockets,

I am interested in attending/networking an investor meet up in the Washington DC area.  Is there anything scheduled currently?  If not who in the area would be interested in attending one?  I wouldn't be opposed to setting up a monthly meeting.  

I look forward to the relationships built!

@Tiffany Alexy @Ryan Hopkins @Keivan Darius thank you all for reaching out! I hope to talk further.

Best,