Vacant multi family in Atlanta

[Tamika Barnes]

I found a vacant multi family in Atlanta for $150K. I’m a first time investor and trying to decide if I should rehab and make it a 4, 6 or 8 unit. It’s zoned for 8 but units would be tiny. Renovation is estimated $175K. If I choose 4 unit then I can use a conventional mortgage but if I jump to 6 or 8 then it’s commercial and I may need a partner. Any advice?

[Thripura Vemireddy]

Hi Tamika

When buying vacant Multi family properties 

Check for 

1. Current zoning ( is it still multi family)

2. When you renovate, You need to bring upto today’s code( firewall, fire sprinklers, electric, plumbing, insulation...)

With all the above, check the renovation cost, it becomes kind of new construction.

Let me know if need more details 

Thanks 
Reddy