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Updated over 4 years ago on . Most recent reply

User Stats

26
Posts
3
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Peter Mikhjian
  • Charlotte, NC
3
Votes |
26
Posts

Multi Family, Multi Parcel, Creative Strategy Guidance

Peter Mikhjian
  • Charlotte, NC
Posted

I've got a strategy question for all of you creative RE guru's.  I have an idea of what I want to do, but i'm looking for feedback from the best RE forum on the planet!

I'm under contract to purchase a property that has 2 parcels that are next to each other with 3 building total in South Carolina.  One parcel has a single family home on it, the other parcel has a single family home and a triplex.  The seller is currently just renting them all out.  The total package is the in the $400k range and single family homes in good condition in the area are selling in the $180k range.  If I purchased the package and just slightly raised the rent, it would be little work and a good return.  However, a part of me is thinking to get a little creative.  

The SFH home on the parcel with the triplex is in excellent shape and could probably sell for around $180k. I'm thinking to separate that from the triplex and sell it as a standalone to basically get my initial investment back. I'll let the rest of the rentals ride as is essentially. I think I could refi the remaining 2 buildings as well.

Is separating a house like this possible, could there be zoning issues, is it a relatively simple task?  Who would I even start talking to, the city?

Has anyone done something like this before and been successful at it?  Any suggestions?

Thanks in advance

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