Posted by Tyrone on February 25, 2004 at 15:07:54:
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12 Bedrooms - 3 Baths What would you do? - Posted by Tyrone
Posted by Tyrone on February 24, 2004 at 21:04:16:
I have a seller that wants to sell this property but I have no idea what to do with it but she’s selling the house for 40% of it’s ARV…
It’s in a blue collar area of town…
Wholesaling it is my first option of course…
What would you do with this property?
Re: 12 Bedrooms - 3 Baths What would you do? - Posted by C.A
Posted by C.A on February 25, 2004 at 14:53:24:
If it’s in or near a historical area. Keep it…Restore it…Sell it…or move in it!
Re: 12 Bedrooms - 3 Baths What would you do? - Posted by Sean
Posted by Sean on February 25, 2004 at 11:51:17:
Divy it up into a triplex, 3 3bedroom units… try to get an independent door to the outside for each of them so no common areas for you to have to worry about upkeeping, and rent the 3 bed units out for a pretty penny.
Unless where you live is the exception, 3 bedroom apartments are a rare beast, and are in demand by renters, and pull a much higher price than 2 bedrooms. 3800 sq ft is a tad small for 12 bedrooms… remember HUD/Section 8 wants bedooms at LEAST 70 square feet if memory serves with their own closets. I have a 3500 sq ft house that is a duplex with 3 beds in one and 2-3 beds in the other.
Or divy it into 3 2 bedroom units (4 bed a unit = 1 kitchen + 1 living room + 2 beds) and rent them out.
A 12 bedroom house is far too big for most families… in fact I stay away from anything over 4… the primary tenants in my neck of the woods wanting 5 or more beds are well over 90% welfare families that have far far too many kids for their income and don’t really take care of properties and cause problems etc etc.
You could sell it or rent it to a halfway house organization or find some other use like that, but probably the most practical use would be turn it into a multiunit, in my experience.
Re: 12 Bedrooms - 3 Baths What would you do? - Posted by Ashian
Posted by Ashian on February 24, 2004 at 21:28:07:
Do you mean 12 rooms and 3 baths?
Anyway, I would get it and use it as colateral maybe to buy something else. it really depends on a lot of things. (what work needs to be done, how much will it cost, if you really mean 12 bedrooms how can all of the occ. use the bathroom?
The house is on a Trashy Street - Posted by Tyrone
Posted by Tyrone on February 25, 2004 at 15:11:55:
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Yes, 12 bedrooms - Posted by Tyrone
Posted by Tyrone on February 24, 2004 at 22:25:59:
I know, I know…
The house is 3800 sq ft…
That’s why I need help… I don’t know what to do with this property…
Re: The house is on a Trashy Street - Posted by IB (NJ)
Posted by IB (NJ) on February 29, 2004 at 23:15:15:
If the house was up here in Northeast NJ, I would suggest you divy it into a 3 fam like someone below suggested. The value would skyrocket as a result.
Re: Yes, 12 bedrooms - Posted by E.Eka
Posted by E.Eka on February 25, 2004 at 08:55:08:
Is it a dorm or half way house?