All Forum Posts by: Sol Romand
Sol Romand has started 13 posts and replied 51 times.
Post: Convert medical office to residential
- Posts 54
- Votes 12
To all the wonderful BP friends! I've got a mixed use building with a vacant 5200 sg ft. medical space on the first floor. It's in on a Main St in an small town in NJ. After sitting vacant for a while I'm entertaining the option of converting to residential units. My plan would be to keep the front waiting room as a small commercial space and the back offices as efficiency units or studios. It will have to go thru township's approval, but I need to figure it. Has anyone done such a project before? Please share your experience!
My starting questions so far are
* If zoning allows multi-family, would I need any zoning approvals for a conversion?
* The offices don't have windows as the building has adjacent structures. Has anyone been successful with rentals without windows?
* The conversion would be costly. If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion?
Thanks
Post: Atlantic City Investing
- Posts 54
- Votes 12
What area?
Hey @Don Spafford
Where can I get a copy of your virtual meetup lists?
Quote from @Abel Curiel:
Hello @David Stratton and welcome to the BiggerPockets forum!
Firstly, sorry for your loss.
The best strategy depends on a few things:
- current condition of the property: how much rehab (if any) is needed; vacant or occupied
- highest and best use of the property
- your long-term goals... and more
If the property is habitable (or just needs a cosmetic facelift), I'd consider the BRRRR strategy. You can get the property rent-ready and consider a cash-out refinance.
If it doesn't make sense to rehab and rent out the property, you can consider selling and using a 1031 exchange to get another property with more immediate income potential.
All the best!
Abel
Being the fact that you're inheriting it, you might not need a 1031as your base would be the property value at time of death. Being that it's going thru probate they probably did an appraisal, so you should know your base price. You can do what Abel mentioned or just sell it w/o paying any capital gains and invest the proceeds into real estate.
Either. The ability to leverage your business and purchase real estate is valuable.
Post: Can I have multiple LLCs operating out of one bank account?
- Posts 54
- Votes 12
@Luis Alvarez Hi Luis. Would love to learn more, it's great to hear insight from a new angle. Could you please share your structure with me too?
Post: HELP!! Question about LEXISNEXIS
- Posts 54
- Votes 12
I would say credit monitoring
Post: Is the NJ forum dying out?
- Posts 54
- Votes 12
Quote from @Bob S.:
Quote from @John M Chludzinski:
Is it just me, or does it seem like the NJ discussion is drying up? It used to be so much more active, and the past 6 months have had very few posts.
I would think so , as there are much better areas with lower price points providing double digit net caps,
I'm currently invested in South Jersey, the return is great. However I'd love to hear what markets you're referring to.
Post: Double Qualified Deal (LIHTC & Opportunity Zone)
- Posts 54
- Votes 12
Did you ever get an answer to this?
Post: Business LOC to use for RE deals
- Posts 54
- Votes 12
Great strategy! I have clients that do it all the time. The advise given above it crucial, but the system is simple. I have clients who get multiple unsecured lines of credit, it enables them to cover down payment, renovations and more. The line doesn't appear on your credit report and can easily be transferred into a checking account. Rates run at prime+, but it's a great entry point and leverage tool for many investors. Shoot me a DM if your interested in talking.