All Forum Posts by: Heather Wear

Good morning!

I am hoping to purchase a vacant lot 2 doors down from me zoned for MF. There is a duplex on either side and I am househacking the duplex 2 doors down. I would like to start a pro forma for building a duplex to see if the asking price for that land would work for me or not. I am thinking I need to speak to an architect prior to being able to do the pro forma. How does someone pay all these architects just to analyze if a piece of land will work for them or not? As well as the soil test. That has to be done prior to buying as well correct?

Any insight would be greatly appreciated.

this is awesome! I am looking to do the same thing. How did you determine what to pay for the land prior to moving forward? you had to have had numbers ready prior to buying the land and then got with an artchitect? how did you determine your cost prior to buying?

this is awesome! i am looking to do the same. how did you determine the cost of construction prior to buying the lot to know if what you paid for the lot was a good price or that you'd have equity once its finished? i am looking at a lot thats zoned for MF they are asking 45k but i am nots sure if thats a good price or where to go from there. any insight would be greatly appreciated!

@Matthew Porcaro I haven’t found any in bad shape, but I will keep looking! Thank you for the advice!

@Brenden Mitchum hi Brenden!

I have not seen any with an ADU, although that would be amazing.

I will definitely plan on renting out the house as a whole rather than each room individually when I move out, providing it cash flows.

I will check out Zillow and realtor.com for sure, they are just much more time consuming I’ve come to find out as I can’t filter for not being a 55+ or country club on Zillow which is what a huge amount of properties are in my price range. I can filter for non 55+ on Realtor.com, which helps.

Thanks for reaching out and taking the time to provide insight!

@Duriel Taylor I will look into this thank you so much!

@Antonio Cucciniello I will definitely run the numbers and make sure it cash flows once I move out before deciding on a place.

I could look further north or south and see what else is out there. My area is crazy expensive.

Regarding the 203k loan I don’t have any experience in rehab but I guess the only way to learn is by doing. I will look into this option as well.

Thank you so much for your advice!!

@Paul Welden that's a great idea about the Air Bnb! I am doing an FHA with 3.5% down. Thanks for your insight!

Hello BP community :)

I have been eager to start my real estate investing career for a few years now and am now looking to purchase my first home. I live in palm beach county Florida and I want to house hack in order to be able to save for a second property.

I am pre approved for 225k. I would love a duplex or triplex to start out with but in my area with that amount of money I have had no such luck finding any. So I was hoping to get a 3 bedroom property and rent out the other 2 rooms but I am only really seeing 2 bedrooms from what my realtor is sending me on the mls. So renting a room out would help me out but I am still going to end up paying a lot with the remainder of the mortgage and possibly HOA.

I am wondering if there is a better strategy I should take or if anyone knows a surrounding area that might be better for what I’m trying to do. I work from home so I could potentially move further I would just prefer to be close to my family.

Any input is much appreciated!