All Forum Posts by: Connor Deneen

@Matt Robinson

Matt, thanks! The analogy to the stock market makes complete sense to me. Thanks to both of you, I appreciate your help!

Connor

@Benjamin Ervin

You make a really good point, buying for what it "might be worth one day" is a heck of a lot riskier than buying for what you know you can cash flow or get on a flip right now.

Thanks Ben

@Benjamin Ervin

Thanks for the reply Ben, I've been over and looked at the area a few times. It looks to me that the "nicer" area is closer to the water, but my real question is what is the best way to know whether or not the area has to potential to take off like East Hill has over the past few years.

Question for you all, is anyone familiar with the Sanders Beach area in Pensacola? I've been getting mixed opinions about it being a good/bad area to invest. Thoughts?

Mr. Carroll, thank you, I will call them today!

What is the best way to go about legally turning a property that is zoned as a single family home into a triplex?

The property currently has a 3 bed 2 bath unit (main house) and then two lofts in the backyard. All units are on their own meters, but the owners of the property are living in the main house. If I go in on this deal I plan to live in the house for a bit and then eventually move out and rent out all three units. (The two lofts are already rented out on a month to month basis while the property is on the market.)

1) Can I rent out the properties when I'm not there WITHOUT changing the zoning. (It's zoned for single family residential in Milton, Florida).

2) If I do have to rezone it, what is that process like and how does that effect the resale value of the property if at all? 

Any other input would be greatly appreciated as well. Thanks!

Sean and Deanna, thank you both for your input. Sean I forgot to mention that I will be living in the house myself until I move to my next duty station, and Deanna I will look into what it is zoned for. Again, thanks for the input!

I don't think the area is close enough to downown pensacola to actually be used as an airbnb, but that is something I haven't thought of, so thanks for that! As for the Parking area, theres room for four cars to park right next to each other in the driveway. The tenants that live in the loft use the side gate for an access point to the backyard, I may put up a fence that way they sort of have their own little walkway so the backyard is seperated, but I haven't decided on that yet. Thank you for your reply Carrie!

Hi,

I am looking at a property that has the potential to cash flow really nicely if all three units are rented out. The only problem is that I'm not sure how I would get someone to rent out one of the units, let me explain.

The property lists as a single family home that has 5 beds and 4 baths. But in reality, it's a house (three bed two baths) and a property in the backyard that has an upstairs and downstairs that both have their own entrances and each have their own bedrooms, kitchens, and bathrooms, basically lofts. Each loft is currently rented on a month to month basis as the house is on the market, and the tenants are paying $600 a month. The house itself is where the current owners live but I could easily pull another $1000-$1200 out of it if I had renters in it. So total cash flow each month would be close to $600 a month. (I'd be using the VA loan, and asking price is 200k).

The problem I'm having is how successfull would I be in finding tenants to occupy the house.

The house is in a very heavily student-naval-aviatior populated area, so I could easily target them (I'm one myself), but I feel like this would be limiting my market. I mean, what family would want to live in a place that has strangers living in the backyard? Unless of course the family wanted to use the loft as a mother-in-law sweet or something along those lines. Thoughts?