All Forum Posts by: Lawrence Smith

I have 20 acres under contract in Lady Lake, Florida and I want to divide property into separate lots to create mobile home park. Currently property is zoned at R-1. What should be my next steps to make this plan happen ?

           I have 20 acres under contract in Lady Lake, Florida and I want to divide property into separate lots to create mobile home park.  Currently property is zoned at R-1. What should be my next steps to make this plan happen ?

@Russell Brazil Gotcha thanks, that makes sense. What resources do you use to verify if it’s a rent controlled building ? 

@Russell Brazil So is your suggestion, never go after properties in DC that currently have tenants ? Don’t invest more into DC ? Just trying to figure out a solution. I see you are investor in DC as well, so if you have ever dealt with reposting a property with this type of scenario, ideas would helpful.

@Russell Brazil  Thanks for the information.  Could you give me a bit more insight on rent control ? I assumed if I was able to get the tenants to relocate I wouldn't have to worry about that with new tenants in the building. I would like this information for future investments. Thanks >>

I walked the property today and currently am working on getting it put under contract. This is a 6 unit building in Washington, DC, with a current NOI of $53,000. The current owner has only 4/6 units occupied and rented for well below market rent avg of $1600 a unit. My intention was to make this subsidized housing and rent each unit $3872/ monthly, which is 100% government paid. I believe my biggest obstacle will be relocating current tenants to different housing.

FYI in order to get that type of rent I would need to convert each unit into a 3br which is very doable, I am estimating $300,000 in repairs to do this. Otherwise if units stay 2br units which they are currently the government pays $2872. If I am missing anything in my anaylysis BP family let me know. 

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Thanks !! Going to check this out now. 

I'm fairly new at the landlording side of real estate investing and I wanted to know what are some of the tools that you all are using to collect rent and record maintenance request. Any Suggestions ???

So I am analyzing this property in Washington,DC and I wanted to know if these numbers seemed accurate to my BP Fam. This is a multi-family property that is 4 units with 1br/1 bth that currently rent for 1200-1300 monthly. I planned on going in and adding an additional bedroom to each unit taking the rents to 1709-1750. Purchase price is $779,000 and I am estimating 100k rehab cost, because of the location, the ARV will be just under 1mm. I would be putting around 5% down with this specific loan. https://www.biggerpockets.com/...