All Forum Posts by: Wave Taylor

Great story. Cant wait for the follow-up. Good Luck!!!

Greta plan. Good luck!!!

Wow.!!. I will check with city planning. Thanks for that answer. Most helpful.

There are a lots of 2-4 unit properties that are for sale in my area that are not zoned as multi-unit dwellings. Should I let that fact stop me from making a purchase? My real state agents seems to frown on purchasing those type of properties. How hard or difficult is it to get a property zoned as a multi-unit property?

Great story. Congrats on your success!!

Congrats Derek. I am still looking to purchase my first one.

I checked out the area. It is a decent neighborhood. Not a war zone. She said that the mortgage was not assumable.  I will not owner-occupy.

Spoke to a woman who has a 6-unit bldg. in a class C+ neighborhood. 5 units are occupied, getting about $600 per unit. That is probably $100-$200 under the going rate in that area. She says that she wants out of the property. She is an absentee owner. She has a mortgage of about $160,000 and says that she would be willing to sell it for what she owes. 

I don't have a lot of money but I was thinking about offering her about 2 or 3 thousand dollars, which would be applied to the $160,000 and having her carry a note for the rest. I would refinance it in about 5 years and pay her the balance.  She says that she attempted to refinance the bldg. but her bank told her no.  I have yet to ask for an income and expense statement.  The average cap  rate is about 6.45 percent for class C properties.

The Gross operating income is $3000.  I have estimated the Operating expenses to be $1206.00.

Any advice?

Good responses guys.  Thanks!!!

Has anyone every purchased a 2-4 unit building that was note zoned as a multi-unit dwelling? And if so, how did it work out?