All Forum Posts by: Vida Lolitaa

I have a 3 unit building in Farmington Maine with healthy cash flow and a large lot with room for expansion. This is a college town with huge demand for apartments. 

Unit A: 2/1- $1000/mo

Unit B: 2/1- $1200/mo

Unit C: 3(4)/2- $1500/mo

All tenants pay their own electric and there is no house meter. Each unit has its own water heater. I pay heat on units A and B. See attached income sheet. 

$300,000

Hey everyone, my name is Alex, I’m a new investor in Ontario and I have learned so much watching the podcasts and reading books from bigger pockets, I love the community and how helpful everyone has been, I would love to network with some other Canadian investors and learn some more!

Hi, 

What kind of property did you invest in? I am looking to invest somewhere as well trying to weigh out my options as far as location. Are you from Canada? What made you choose Ontario? What was your process? I am looking and trying to learn how to invest in my first property.

Thank you

@Vida Lolitaa

I would talk with local real estate agents and look on the MLS. Based on your financing options, you are going to be limited to 4 units or under, given 5 and over become commercial lending, so no FHA or owner-occupied options.

I am assuming you plan on living in one of the units, but to be clear, that will be a requirement for at least 12 months, under most mortgages.

You may get other's posting about talking with wholesalers or trying to find off market deals.  While these are options, it sounds like you are very new to real estate, and I don't suggest either of these options for people that are brand new to real estate, for various reasons.  But if I am misreading your comment and you are able to navigate transactions on your own, then these can be ways to get properties.

As for the financing side, talk to lenders. Call local banks. It is likely most of them are familiar with both conventional, FHA and potentially other financing options that could be a good fit.

Thank you so much I appreciate all the information, I am grateful for everyone that takes the time to help me gain knowledge it really does help me feel more confident. I take all this information and add it to the list of things I have to do in order to feel more organized with my planning. Please let me know how I can support you in any way.

Thank you

Highly recommend Shawn Cleary in Charleston. Hes a great agent, very well-versed in house hacking and investing. 

Hi Vida,

Based on your goals and budget, here are some suggestions for building a small home with a business space in the Atlanta, South Carolina, or North Carolina areas:

Building options:

1. Modular homes: These can be a cost-effective option, allowing for faster construction and potentially lower costs compared to traditional building. They offer flexibility in design and can be customized to include a business space.
2. Shipping container homes: While trendy, these can be challenging for mixed-use (residential/commercial) purposes due to zoning and building code issues in many areas. They may work better in more rural locations.
3. Prefab/kit homes: Similar to modular, these offer cost savings and faster construction times. Look for manufacturers that can customize designs to include commercial space.
4. Pole barn homes: Popular in rural areas, these can be an affordable option for a combined home/business structure.

Location considerations:

1. Zoning: Look for areas zoned for mixed-use or that allow home-based businesses. This may be easier to find in smaller towns or rural areas.
2. Growth potential: Research areas with growing populations or emerging business districts.
3. Tax incentives: Some localities offer incentives for small businesses or specific industries.
4. Infrastructure: Ensure reliable internet and necessary utilities for your business.

Potential locations to explore:

1. Atlanta suburbs: Consider areas like Decatur, Marietta, or Lawrenceville for a balance of affordability and proximity to the city.
2. South Carolina: Look into growing areas like Greenville, Rock Hill, or smaller towns in the Upstate region.
3. North Carolina: The Research Triangle area (Raleigh-Durham-Chapel Hill) offers opportunities, as do smaller cities like Asheville or Wilmington.

Remember to thoroughly research local building codes, zoning laws, and business regulations in any area you're considering. Your $300,000 budget is workable in many areas, especially if you're open to more rural or suburban locations. However, costs can vary significantly depending on the specific location and type of construction, so be prepared to be flexible with your plans.

Let me know if you have any further questions. Regards,

Jackson.

I've seen investors succeed in doing this in Hocking Hills Ohio. 

We looked into a shipping container building a couple of years ago. Beyond the novelty of it, the mechanics of getting it done were such that it made more sense to look at modular construction. There is actual potential to scale and develop a market position that beats stick built in modular, in my opinion this doesn't exist with container builds. You can absolutely do a container project for the marketing factor or just because you want to.