Hi @Bryant Schur and thank you for offering your help for us beginners!
I bought an old 2f (built in 1860) last week. Short term goal is to rent it out and long term (in 1-3 year) is to tear it down and build a new building on the lot since it is a big lot 13,000 sf. I just checked with City's building department for zoning issues. It is in downtown and zoned as ADDC - mixed used. there are many possibilities - as long as I keep it 3 stories and under.
What is my next step? Already I have some construction/architect company contact me for the project. I hold the property under my own name - should I convert the title to an LLC before the new building project starts? What do I say to my lender - "I want to tear your building down?" My insurance company won't be happy either.
Where do I get the funding? The builder told me it will cost $230/sf to build in my area - Metro west of Boston.
I could build 6 units, or 9, or 12 units depending how many I can fit on one floor. The lot is 13,000 sf and the setback requirement is 0,1.5, 1.5 and 15 feet...
If you could tell me which direction I should focus and the logical steps I'd really appreciated.
Thanks!
