All Forum Posts by: Ben Goff

The property has 7 one bedroom units. And can bring in $3,000-$3,500 in rent.

We purchased the property from the owner for $155,000 we have put $80,000 into the property so far. We have a lot of the needed supplies already purchased for the inside and a lot of the inside work has been done but the city stopped us after pulling an electrical permit because it was flagged as being a 7 unit but was in the city system as a single family.

We have done 2 single family rehabs before this one. This is our first major problem rehab property. We have exhausted our rehab funds and are looking for a partner to help finish the project or to buy us out and take over. I really believe this property can be a great income producing property when completed.

The city will allow it to be multifamily with proper fire safety installed. There are a lot of these properties in the area that are not up to code and city is willing to work with owners to get them to code.

Currently Working with the city inspector now and he is requiring fire sprinklers be installed as well as some fire separation between some of the units.

We have an architect making drawing of the home now then an engineering firm will add the fire sprinklers to the drawings and some electrical changes. When complete it will be submitted to the city for approval. Total for this will be for $7,000-$10,000 covered by us. Lucky for us it will not have to be a commercial fire sprinkler system and can be a residential fire sprinkler system estimated at $10,000 to install the system.

I have a lot more pictures of the inside as well.

Hi Jay

I will send you an email over today with more details.

Hi Stephanie. what are the cash out refinancing options you offer? We already had a bank in mind but always willing to look around and see what is available.

Multi family 7 Unit
$255,000
Johnson City, TN

$315,000 ARV

308 Lamont St is a 7 Unit multi-family home.
Outside Of the property is complete and beautiful, went from being the ugliest property on the street to the prettiest. On the outside at least. Near College and VA hospital. Lots of other rehabs going on the same street and near by neighborhoods.

Ran into an issue with the City, Think we have it solved.
Looking for a partner to help finish or someone to buy us out.

Message or call me for details or questions. 
Ben Goff 602-705-6745

Before picture

Keywords: Johnson City, Tennessee, Kingsport, Tri City, Knoxville, Nashville