All Forum Posts by: Sol Romand

To all the wonderful BP friends! I've got a mixed use building with a vacant 5200 sg ft. medical space on the first floor. It's in on a Main St in an small town in NJ. After sitting vacant for a while I'm entertaining the option of converting to residential units. My plan would be to keep the front waiting room as a small commercial space and the back offices as efficiency units or studios. It will have to go thru township's approval, but I need to figure it. Has anyone done such a project before? Please share your experience!

My starting questions so far are

* If zoning allows multi-family, would I need any zoning approvals for a conversion?

* The offices don't have windows as the building has adjacent structures. Has anyone been successful with rentals without windows?

* The conversion would be costly. If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

Thanks

What area?

Hey @Don Spafford

Where can I get a copy of your virtual meetup lists?

 Being the fact that you're inheriting it, you might not need a 1031as your base would be the property value at time of death. Being that it's going thru probate they probably did an appraisal, so you should know your base price. You can do what Abel mentioned or just sell it w/o paying any capital gains and invest the proceeds into real estate.

Either. The ability to leverage your business and purchase real estate is valuable.

@Luis Alvarez Hi Luis. Would love to learn more, it's great to hear insight from a new angle. Could you please share your structure with me too?

I would say credit monitoring

 I'm currently invested in South Jersey, the return is great. However I'd love to hear what markets you're referring to.

Did you ever get an answer to this?

Great strategy! I have clients that do it all the time. The advise given above it crucial, but the system is simple. I have clients who get multiple unsecured lines of credit, it enables them to cover down payment, renovations and more. The line doesn't appear on your credit report and can easily be transferred into a checking account. Rates run at prime+, but it's a great entry point and leverage tool for many investors. Shoot me a DM if your interested in talking.