Looking at a 160k property that could be worth in north of 650k

[Russell Sutton]

Hello all,

This is my very first post on here. I recently found a property that has been vacant for many many years. It was up for sale multiple times throughout that period of time. It Is in need of major renovation. The property is currently being offered for 160k with cash offers given a discount. The property is currently a single family with 8br and 5br. I'm looking for advice because this will be my first property that I intend to transform from a sfr to a multi family. Given the square footage (10k+) I can safely say that my intended 4 units is extremely modest. Also, the rehab and hold will have to be completed in stages seeing as though the seller is combining 2 parcels and will not separate. The other parcel has enough square footage to also be 4 units, which I would like to complete once the first is finished or vasa versa. In total I can see 8-12 units on the property. The only way this will come to fruition is with a hard money lender. Given the arv being north of 500k, any advice on how of if I should proceed. I would like to complete this in stages as I have mentioned; however, all of the HML I have been in contact with either won't do more that a 4 unit property or the property must be completed and flipped in under 12 months and refinanced through anouther lender. This is a huge opportunity that I wouldn't like to miss out on.

[Robert Nason]

It's a very ambitious project for someone who's even been in the business for 10+ years. I would start with flipping a couple smaller single-family homes, or buying an existing three or four family that is performing well.