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Updated about 8 years ago,
Building Apartments
Hello my name is Clint. My friend and I have been talking about this Idea that I came up with 3 years ago while I was renting a room in a 100 year old house. I wanted to buy that old house and remodel it to be six separate apartments. Now the idea is to buy said house and burn it to ashes and claim insurance money to build. I'm just kidding. We well demolish it and build. Once built and renting we well refinance. Kind of like the brrrr strategy but its the bbrrr - buy build rent refinance repeat. The problem I come to is that the land the old house is on in zoned industrial with a use of multifamily. The house was there before the land got zoned as industrial so it was grandfathered the multifamily use.
My questions are if the house is demolish and the land is zoned industrial can apartments be built on the land? or, does the zoning have to change to residential R2?, can it be changed? and if not can it be changed to Commercial and have apartments built?
I'm really curiously what you might know in this topic.