Single family turn to a duplex

[Jonathan Valdes]

Hey BP,

I have the chance to lock down a single family house here in Bergen County NJ.

-asking 400k

-4bdrm

-2bath

-LG yard

-$8811 taxes

- great school!!! #2 in N.J.

- 1280sqft per level

- partial finished basement

- potential ARV $450k to $500k. Definitely more then $450k!

I offered 350k with a 60 day close.

Counter - 375 with a 45 day close.

I want to stay under 400k all in.

-currently it is a single family, I have to convert to a multi. Not a problem!

- currently 2 bedrooms, bathroom and living space on the second floor.

- if I was good rent ($2200-$2500) I would have to pop the roof up (currently a colonial). Then create a second bedroom that is currently a crawl space. But my 5yr old can walk through with out having to put her head down.

- I would create a kitchen from scratch, luckily the current area is above the current kitchen.

Questions:

1) How much much do you think will take to get the house to a 2 bedroom on each floor?

2) I currently work a w-2, should I go half private $ for the house. Then hard money on the construction? Should I try and JV it?

Please share your thoughts!

I am pressured to make a deal before the summer, but I will not make the wrong one!

Thank you in advance!