All Forum Posts by: Christopher McGuire

What is involved in buying apt building then selling off units as condos? Rezoned??

im about as newbie as they get but im starting with less than 3k....depends on where you live. I can buy a house in my area for 50k but some other places would be 4x that.

I have been reading all that I can on this forum and all over the internet and you guys have some great info here! I would love to get some of your opinions on this. I am 23 years old and a senior in college. I have been looking for that "perfect" property for almost a year now and I finally found it...or so i think...this is where you help. This house is in the historic district in my town about a 10 minute walk from my college. It is 1500 square feet and has a guest house in the back...i will be in it for less that 55k. The house needs a paint job bad and a roof in the next 2-3 years. There is one spot in the floor that is a little soft so I think it might have some minor foundation problelms that i am getting checked tuesday. Here is the part that gets me excited.....The main house rents for 500 a month and the guest house rents for 350 a month! Thats 850 a month gross coming in with only a 300 monthly payment. A truly unbelieveable deal....the owner is moving out of the area and is trying to dump it. Also I think the house would be worth close to 75k after a new roof and paint job.....look forward to your thoughts.

Thank you so much for taking time to respond to my post. I am going to do the intrest only loan I think. The house and lot have been appraised for around 290 so I should be able to get enough from the loan to cover construction expenses. I will keep you guys updated, keep up the responses I love hearing from people who know a lot more than I do.

First of all I want to thank all of you. This is my first post but I read everything on this board and it has helped me out so much. I am getting ready to make the leap I have been studying about for a year now. I do need some advice though....let me give you the layout. I am about to purchase a lake house that is on the market right now for 250,000. The house is ok and the lot is ok, nothing special really about it. The lots around it are going for 225,000. This is why I am buying. The house is very 1970's and needs a LOT of cosmetic stuff but nothing major other than replacing 2 decks. Houses similar in size are going from 400-450 in the area. I think I can get it looking very nice and the way I want for 40 but I am going to plan on 50. I am very young and inexperienced in real estate but I have read all I can read about it. My probem is money....like I said I am 23 and don't have much. What are everyones thoughts on getting a loan where I only pay interest for a year? Im going to try and have it flipped in 3 months. Sorry for the rambling but I am pretty excited and would love to hear everyones thoughts. Thanks