All Forum Posts by: Courtney Fricke

Welcome Brandon! Looking forward to networking with you more. Glad to see others from the St. Tammany area on here.

As for the zoning references above, contact your local county's planning and development or zoning office to discuss what their process for finding out the zoning and then possibly changing the zoning on a location you are looking to buy. I would recommend end game being a MFR buy and hold for both. As for your initial financing question, I would jump on this deal any way that you can! How I would do it is that I would find a hard money lender to help get the financing for the purchase and any of the repairs for the 4plex plus I would get the repairs started on the 5plex/old hotel. With the HML's cash I would get the 5plex closed in. I'm imagined a complete gut but if it's already just gutted internally and not externally even better. Depending on which unit brings in less rent - where you are staying currently vs the 4plex - I would move in to the lesser of the two as a house hack. Preferably it would be the 4plex so that as cashflow is generated you can continue to work on the 5plex. If you can handle the debt to income ratio, get the hard money lender to lend for both the purchase and repairs of both properties. Once they're in working order get them refinanced to purchase back your HMlender. Another thought is to talk with local lenders and if you move into the 4plex I wonder if you can get an owner occupied FHA and 203k construction loan. Anyways, best of luck. Worst case scenario, wholesale the deal to capitalize on it still! At the end of the day I will say that it sounds like a deal on paper but still figure out if it really is. Find out what all the numbers are for both buildings. Compare them to local comps or cap rates. Find out comp rents and what repairs are needed for the 4plex. If it's still a deal then, don't pass it up! Best of luck!

Proud of you Jimmy Wilkinson ! Congrats on making the big move into full time REI!

I'm down for meeting tomorrow night. 

Best of luck, @Mike Hay

Christopher Mora welcome to Bigger Pockets! I'm not sure if the original post is still active but I'm glad you still replied. Are you still actively investing in St. Tammany Parish area? I'm an investor and wholesaler in that area now. Always great to connect with others in the area!

Brian Brandt Starbucks works for me. Want to send a location? Did we settle on a time yet?

Welcome to Bigger Pockets, Mike! Congrats on the triplets and finding out the benefits of REI. What area are you looking to invest in for 2018?

@Jordan Lin You're welcome! Best of luck. 

Since you are the land owner I would recommend trying to purchase the house for little to nothing from your siblings considering the condition. Depending on your relationship status with them it could even lead to you needing to get the advice of a real estate lawyer. Biggest piece of advice, don't overpay! Try to let your siblings see it as a solution. Anyways, I would suggest trying to purchase the house from your siblings and then sell to a "We Buy Houses" ad that you see around Baton Rouge. They'll buy as-is and should give you a fair, cash offer based on the condition of the house which you should include land with the deal. So it's a complex matter that I recommend seeking the advice of professionals in your area on. Best of luck!