Building duplex or quad plex

[Logan Jamieson]

Hi all,

I have been presented with an opportunity to invest/partner/ or purchase a property in Brunswick Maine which currently has 1 home on it and is zoned a max of 5 multi-family.  The current home is most likely a tear down.  The location will most likely have low turn over.

Here are my questions:

1) as a rule I would typically stear clear of new construction vs existing remodel however I have had trouble findings multi family deals on southern Maine.  In which general scenarios does small multi family new construing make sense?  The current owner is a family friend/ business associate and purchased this property years ago with the plan up putting up two duplexes.  Essentially, they have a “deal” they are willing the share when i am having trouble finding them on my own.

2) the land is zoned for five.  Thoughts on two duplexes vs a duplex and a triplex or any other configurations?  Are two or three bedroom unites more common or profitable?

3) the property is local water and sewer, and the building would be close to the road.  I own a general contracting company and am hoping to put my boys to work and feed my business.  Can my company do the work a 201(3)k or it’s commercial equivalent?

4). I have an immediate family member who Is in the process of selling a major real estate asset and interested in doing a 1031 exchange/ loaning my equity for a project such as this if I can make the numbers work.  Any help would be appreciated!  My family members property was just listed last week with a broker so it’s time for me to put together any projects I’ve been working on so I am ready when it sells.  

Sorry for such a long post and thanks in advance.

- Logan