All Forum Posts by: Kobe McDaniel

Its technically zoned single fam/center ("full range of residential use")

I’ve recently come across an off-market single family home that has been modified into a triplex with 3 separate floors as units. On paper it roughly pencils out at the owners asking price of 850k. However, it is not permitted and would have to be sold as a single family home 3 bd 1 bth 1000 sq/ft instead of multi family 6 bd ~3 bth 2900 sq/ft.

The other single family homes on this block are roughly 600k each. While I would be getting a deal on this “tri-plex” I am very hesitant to pay so much for this as it is legally a single family home. Furthermore, could the city ever come in and make me shut some of the units down? Also, how would I go about funding this since there’s no way it would appraise anywhere near the purchase price.

Any help would be greatly appreciated!

How do you get Boomers to sell who are sitting on multiple properties?

Hello BiggerPockets community! I'm Kobe from the greater Seattle area and I’ve been passionate about real estate investing for some time now. I'm particularly passionate about developing and working with investors as an agent.

Outside of real estate, I enjoy sports and getting ourdoors.

Excited to learn and connect with you all!

Great idea, thanks for the response!

Hi BP,

I’ve got a mixed use property I’m looking at that has zero Comps. Because it’s commercial on the bottom and mixed use on top, I’ve got nothing to compare it to. Any tips?

Thanks

Hi BP,

A deal that I'm currently working on has the potential of involving 2 separate partners, not including myself. One partner would front cash for renovation, and the other would front the down payment. What are some creative ways of structuring an equity split between the three of us. Thanks

Hello BP community,

I have a potential seller finance deal where the purchase price is 650k. They are asking for 20% down and a 3 year balloon payment. I want to make sure I'm not missing anything here, is there any other info I need to properly analyze this? Also, it's 2 units. One rents for ~$1600, and the other does not currently have a tennant and needs some $$$ put into it. Any advice would be great on this. 

 Good thought, small change in the grand scheme of it.

 Will try this. AIRDNA free version is good for overall market research, ie looking at the whole area of Seattle instead of a specific county/city.