Signal Mountain Quadruplex

[Gina Shumway]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

I am taking what was once an industrial warehouse and converting into a quadruplex on signal mountain.

[Gina Shumway]

Quote from @Kevin Luttrell:

Quote from @Gina Shumway:

Quote from @Kevin Luttrell:

Nice job! I'd love to hear more about this. What are the numbers you're looking at for this project? 

Hi friend!!
    I got this project off market from a connection of mine (I'm a realtor/investor). I got an appraisal prior to starting and my numbers looks like this 

PP: 137k
Closing costs:5k
Renovation: 230k
projected holding costs: 26k
ARV: 620-650K
Estimated rents: conservatively--> $4400/month. I actually hope to get closer to $5000/month.

 Wow, that's fantastic. Way to get creative and think outside the box with converting a warehouse to a multi-unit! 

What does the permitting process look like and getting the zoning changed? 

 This property is literally on the Sequatchie County/Hamilton County border. I love it because there are no zoning restrictions in Sequatchie county (as opposed to Hamilton), so I didn't have to seek approval for that. As far as permitting, only septic is required. That being said, I am getting inspections of all major systems to ensure quality as this will be a hold for me (I would do it anyway, my name is on it). And even better, it's about half a mile from neighborhoods with $800,000+ homes and there are virtually no rentals in the area so should do well!