All Forum Posts by: Evan Lagerloef

Hi All,

I am looking for some advice on transferring a Single Family Home into a Duplex, mainly what I should be looking for, what to prepare for, and costs associated. I am still in the hunt for my first real estate deal so I do not have a lot of hands on experience.

Property - I recently viewed a 3/2 home that is around 1600-1700 sq ft (it says 1200 on the MLS but after walking the property and talking to the owner it seems larger). The owner of the home currently has the house set up as a makeshift duplex, living in a 1/1 and renting out the other portion as a 2/1. The only separation is basically a door that has locks on both sides (so it is not an official duplex). Electrical and water are not metered separately. The home is a concrete wall home (the inside walls are concrete as well) that was built in 1957 with a new roof replaced last year. The house is currently on septic but the house is located in an area where city is offering to set up city water for free. The house is in a medium density zone and there are a few cookie cutter duplexes down the street that look recently built.

Now that you have a little background, does anyone have experience with making this kind of transformation?

What are some red flags or other things I need to look out for?

What would it take to turn this into a duplex? What kind of codes do I need to look into?

What are some major costs associated with this kind of transfer?

I apologize if this question is a little vague or open ended, having never done something like this I am just trying to get a better grasp. Any advice is greatly appreciated!

Thanks for the input @Frank Wong! This is great information and I really appreciate the advice! I’ll be reaching out the the mortgage broker soon and banks following shortly after.

Congrats @James Gates! That's awesome to hear, I'm looking at doing the BRRRR strategy in the near future as well! I'm curious how you decided on the area of Huntsville, AL. I would like to invest in other areas but it is overwhelming trying to narrow down possible locations. What are some of the traits you were looking for that made you decided on AL?

Hi All,

I am currently looking to buy my first personal residence but will also be looking to buy my first investment property this year as well. For my personal home, I am looking for a fixer upper to basically do a live in flip. Ideally I would like to live there for at least 2 years and fix it up while I am living there, doing as much work as possible myself to save $$ and to learn more about rehabs.

I am planning on starting the pre-approval and loan process but I wanted to get some advice on working with banks vs. working with mortgage brokers. My credit score is pretty good, I have a W-2 job, and a decent amount of cash saved up for a 20% down payment.

Is there a time or situation you would prefer working with one over the other?

Should I just work with both and see where I get the best rates?

What are some pros and cons of both?

Any advice is greatly appreciated! Thanks

Hey @Michael Bacile,

I would always keep your options open. But if it is your first deal, don't let the closing costs keep you from getting a good deal. It's worth trying to partner with someone who has money and more experience so you can learn from them, if you can show that it is a good deal you shouldn't have any trouble finding an investor. But following up with what Amanda said, you definitely do not want to stretch yourself too thin with money cause unforeseen issues are bound to come up. Maybe focus on learning more and saving as much as possible for the time being.

Hopefully this advice helps and good luck on the search! 

@Chai Xiong How have the vacation rentals worked for you? It seems like they would do well in Kissimmee considering the proximity to Disney? Is there a certain size (Bedroom,Bath) that you target or have noticed work better for rentals? 

Hey All,

I am new to Real Estate Investing and wanted to reach out to to begin making connections with people around the area. I am currently located in the Sanford/Lake Mary area and I am looking to invest around North-East Orlando (Possibly Lake Mary, Casselberry, Winter Park, Oviedo) but that is up in the air as I am still researching the area. I am primarily looking for small multi-family houses to house-hack or SFH to fix up and rent. I would love to hear back from investors or real estate agents in the area who have any advice on good areas to invest and what to look for. Any feedback is greatly appreciated, thanks!