All Forum Posts by: Travis Hargreaves

Hello everyone I have a zoning questions.

I recently looked at a piece of property that has two separate houses (listed as a multifamily) on the same lot and I was told they can only be sold as together. The seller is basing his prices on the comps of houses around him, but none of these comps have two houses on the same parcel of land. I asked the agent if it was possible to split each of the houses and resection the zoning. He said the owner has attempted this, but had no luck. However, I'm not sure how hard the previous owner had tried. My question is has anyone every tried to take one plot of land and split it so they become two separate houses to be sold individually? This would be my exit strategy, with my main strategy buy, rehabbing, and renting. Both houses need an extensive rehab so I would hate to pour money into both and if the time comes to sell I would only have potential buyers base the worth of the house to the properties around them. This would be nothing like the other around because two house exist.  

That sounds perfect. I thought it could be helpful from a lender perspective, but a one page paper showing my goals and how I plan to achieve them should suffice. Thank you everyone for the advice.

Quick question. After much reading and listening to podcasts real-estate will soon be apart of my life. As with the E-Myth I would like to devise a business plan with policy and procedure in which to not only show my lender and CPA team members, but also allow friend and family to understand the seriousness of this venture. Does anyone know a good reference business plan or format in which to use that showcases what I'm trying to accomplish? I have minimal background in business and focused most of my efforts into medical. The niche I will be focusing on is BRRRR strategy.

My real-estate agent just informed me of a deal in which a property is for sale with a unique situation. This property has a seller who wants to sell now, but is still looking for a house in a nearby town and would like to live in the current house as a renter until she finds a new property. The sales price is $189,900 with comps of $237,000 and average rental prices in that area as $1300. It does require work once she moves out, which we still have to estimate the cost in our scope of work. I have just never heard of a situation of this nature. I like the uniqueness of it and would like to help her situation, but I am curious of the motivation to sell and still live there a while longer, instead of waiting until she finds a house and then sells her own home. I know there is not a lot of inventory in the area she is looking at, it just seems unique. Any suggestions in this situation would be much appreciated.  Thank you.  

@Stephanie P. thank you for getting back to me so quickly. I would be willing to house hack, but my partner has recently purchased his primary residence. I have been looking for a multifamily property or something equally as creative to allow this opportunity, but my have yet to find it in my farm area. I had consider some tax implications, but not to that extent. According to a book by J. Scott using local banks is a great route until.  We are thinking of keeping our investment properties in a small area that easy to check on if any issues arise. Would you suggest a mortgage broker in my local farm area? We have 5 smaller local branches as well as the well known national branches in the area. 

I didn't even consider that. That could be a big issue years down the line if we sell or how we calculate our net worth, the number could be skewed between us which could cause hostility. Thank you for that and I will bring that up with him as well. 

I have done a lot of homework through reading books, reading forums, and listening to podcast and had a quick question. I have started to gear up for my first purchase when the numbers make sense with a BRRRR strategy as the niche. My partner is a general contractor and I will be providing the landlord aspect once the property is occupied. My question is with a known partnership going into a deal how should one go about getting the financial situation with either a conventional financing or portfolio lender. Our plan is a long-term relationship in which one person would purchase the first property and the other person would buy the next and so on and so forth. If this was to be the case would a lender require both of us present for the loan or just the one who will be owning the asset. We are thinking of doing it this way in case a tragedy of either death or divorce at it will hopefully shelter the other one if this where to happen. Any help is very appreciated.