Updated over 1 year ago on . Most recent reply
Tear down multi family
Hey bigger pocket fam,
I’m working out my first deal that I’m excited about but the hurdles keep coming. I found a multi family that’s within my budget but in the remarks it’s said to be a tear down and there’s a tenant who is still living there. The house is situated in a desirable neighborhood but it seems they are only looking into cash offers.
1. Outside of comps, How do you know the land is worth the tear down?
2. What would you do with the tenant? It seems eviction would be inevitable.
3. would you suggest hard money lending? If yes, what would you recommend I do if broken down in steps?