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Updated almost 8 years ago on . Most recent reply
Single Family w/ Illegal Units
Hello everyone - just learned of BiggerPockets recently and have been addicted to all the information on this website ever since. So glad to be around.
To the point of this thread:
My realtor has proposed me a triplex property that has amazing cashflow. It brings in ~$6,000 in rent, with ~$1,500-$2,000 in cash flow after all expenses including mortgage.
The problem is (and the reason why I think the asking price is low) is that the house is legally just a single family. I'm not sure what to look for to see if the property can be legalized as a multi-family, and am a little nervous in moving forward with this otherwise amazing deal.
Anyone have any thoughts or suggestions?
Thanks everyone