All Forum Posts by: Garrett Sanford

Hey all, so I am looking at a property that is zoned single family but it has 2 sides. Altogether it is a 4/2.5 single family, but part of it is an addition with a kitchen and only 1 adjoining door making it out as more of a 2/1 and 2/1.5. I am looking into the idea of purchasing it and renting out the other side. I am wondering what some of the pros and cons of this scenario are. My main concerns are splitting bills, mail, and AC temp (only 1 AC unit). Does anyone have any experience with this situation? Good? Bad? Practical remedies? Is this the kind of situation I should stay clear of? If I am the live in landlord I feel like I could properly vet my tenants and find someone who we can agree with each other on some of these things, but then what if I move out and put other tenants in the unit and they arent able to agree on what temp to keep the ac, who pays how much of the bills, etc. 

LET ME KNOW

-Garrett

Ok guys so this is a weird one and my research has so far been pretty inconclusive (although in its infancy).

So i found a 2 unit condominium near my target area. One is currently for sale and the inside seems to be in great shape via mls pictures, although the listing recently expired. The outside seems to need at least a decent amount of cosmetic work, likely a new roof, etc. The other unit has vacancy signs posted all over the doors with code violations cited (mostly relating to the yard). I did some skiptracing and found out that the owner of the "vacant" side has died. I dont know what shape the inside of the vacant unit is in, but judging by the outside of the whole building Im guessing it will need some work.

My goal is the ol' live in one rent the other, but trying to figure out the play I will need to make. Im wondering if i can do a 203k for the side for sale and get some hard money to BRRRR for the other sides purchase and rehab and try to combine the allotted rehab costs to to handle the outside work on the whole unit?

Also, would there be any perks to rezone as a duplex? Is that even possible? Would that effect taxes or insurance to wrap them? Or would it just make sense to factor in my 10% Cap/Repairs/Vacancy/Management for the total rent of the building (planning on renting it from myself) instead of treating it like 2 seperate condos. My only reasoning for renting it from myself and paying myself "management"is if it is cashflowing I may want to rent out both sides eventually, although I do love the property and could see myself there long-term.

If i did a 203k for the one side and BRRRR'd the other side would I be able to refinance the whole thing into one mortgage once the rehab is complete? The outside work would HAVE to build equity in both sides, so does it matter if its owned as 2 condos or a duplex?

I just see a property with 2 forms of distress and think I may be able to get a solid deal out of it, however I want to see what is possible and what is smart. Sorry if this post is a little scatter brained, hopefully someone can make some sense of the direction im trying to go in.

Hey guys, I am thinking of investing on a SFH in my area, it is a pretty trending area in Orlando, but my main question is that they are building a huge new apartment project down the road from where I am thinking of buying, and I was wondering if anyone has any experience as to whether that will drive SFH rental prices up or down in my area?

@Jason Brown ya thats what i meant, hell ya good for you bud!

@Jason Brown Taking the dream and making that first step, awesome. I hope to be able to do the same soon. Where did you find the private money? Also, if you live in the area what is the reason you elected to get it managed instead of doing that yourself? Sounds like you could increase your cashflow by 50%. It may be harder, but it sounds like youre in the business of learning lessons so that may be another experience to consider!

thanks @Grant Rothenburger!

@Jens Nielsen Absolutely, send me a message with the rundown!

@David Thompson nevermind you literally just said DFW 😂

@David Thompson thank you for your great input, what a out the Ft. Worth area? Iv heard good things

@Zamir Kazi Id love to hear some of your experiences, especially with syndication