All Forum Posts by: Robert Zeuli

Has anyone ever converted a side by side 2 Family to either condos or town houses?

Which one and why

@Lindsey Spivey do it !!!!

@Cal C.

Have you profited from another deal since then?

Investment Info:

Single-family residence fix & flip investment in Saugus.

Purchase price: $185,000
Cash invested: $10,000
Sale price: $250,000

This condo was purchased as a buy and hold or flip but I decided to move in instead. Entire Renovation was done by me over the course of a year. I pulled the equity recently to purchase an Airbnb!

What made you interested in investing in this type of deal?

Easy to find condos that need work, easy to rehab, cheap if you keep them, maintenance free. Great for the single person investor.

How did you find this deal and how did you negotiate it?

Off market.

How did you finance this deal?

conventional 0% down loan

How did you add value to the deal?

Almost everything. The hardest job was the wall we removed in the kitchen and the exposed beam finish work. Get creative! Unique is value

What was the outcome?

The place is so nice and the mortgage is so cheap I will stay here for a long time. Primary residence should never be looked at as an investment unless its a multi.

Lessons learned? Challenges?

Don't gut the bathroom just because you don't like the popcorn ceiling. I saw that coming!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I recommend you do something like this for your first one if you need a place to live and have little money. It's a great experience.

Looking for an Investor partner on Condo Conversion!

I have a two family under agreement in Stoneham, side by side, built in 1985, with separated utilities, separate driveways, private parking, private yards, condo conversion complete other than paperwork. Both units are in good condition and renting at market value for the condition. Some minor updates can be done to improve property value or rents. Scope of work between $10,000 to $20,000.

The numbers look great and potential profit is around $230,000 but I will need a partner to fulfill the $750,000 needed. Willing to split everything 50/50.

If interested let's connect and discuss further.

I have a 2 family in Stoneham under-agreement, side by side, built in 1985, with separated utilities, separate driveways, private parking, private yards, condo conversion complete other than paperwork. 

Both units are in good condition and renting at market value for the condition. Some minor updates can be done to improve property value or rents. Scope of work between $10,000 to $20,000.

The numbers look great and potential profit is around $230,000 if converted but I will need a partner to fulfill the $750,000 needed. Willing to split everything 50/50.

Open to Wholesaling this property to the right person as well. 

Contact me for exclusive details. This is an off-market discreet sale so please understand that owner privacy is important to us. 

I am in the works of buying a 2 family, side by side, built in 1985, separated utilities, separate driveways, private parking, private yards, condo conversion complete other than paperwork. Both units are in good condition and renting at market value for the condition. Some minor updates can be done to improve property value or rents. Scope of work between $10,000 to $20,000.

Comps say the property as-is value = $750,000. 

Comps say with the $20,000 put in both condos would sell for around $500,000

I can buy it for $700,000 have the work done for cost through my network and sell each condo without realtor commissions. (family business)

Questions?

All the property work required to have it made into condos is completed except for the paperwork. The homeowner didn't have the attorneys finish the legal side because his taxes would increase dramatically and its a rental for him. Makes senses I thought from his perspective. For this specific situation whats the costs I am looking at to make this 2 legal condos?

Since they are side by side must I form an association or can I make it two condos and each owner owns their side of the building? 

I am open to teaming up with someone who can bring the cash and willing to split the profit 50/50

Days to offer and days on market in Stoneham for multis and condos are under 20 days. Should move fast. 

Has anyone used them for a deal? How was your experience.

@Mike Hurney that’s awesome. If you wouldn’t  mind connected her and I would appreciate it. My numbers easy to find if she googled my name 

@Bruce Greig This is excellent info. Thanks. There is no standing water due to multiple sub pumps but they are running constantly due to the water table. It’s been listed for 130 days and all the offers have fallen through. Different reasons but it seems like everyone’s scared of the water project. Do you know of any companies that specialize in fixing issues like this?