5 duplexes........ - Posted by brandoncbsre

Real Estate Investing Real Estate Financing
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Posted by Jimmy on August 25, 2007 at 08:26:36:

  1. splitting the single parcel into 4 parts. easier said than done? it all depends on the size of the lot and how the duplexes are situated. theremay be an easy and abvious way to do it, where you easily comply with zoning rules (size, setbacks, etc). it may be that there is no way to do it and stay in compliance. in that case, you might request a variance. good luck.

  2. in any case, YOU want to be the one that does the rezone/replat, and not the seller. The current config is an inpairment on value. keep it that way until you own the props.

  3. get a commercial loan for the 4-duplex lot. then try to split it into 4 pieces. if successful, you can then refi into four 30-year loans.

  4. condo conversion. MUCH easier said than done!! building code requirements (firewalls, creation of mini-HOA, contractual issues with common areas…). find an attorney in the area who has successfully quarterbacked a conversion project. that atty may be able to save you a ton of time and energy.

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5 duplexes… - Posted by brandoncbsre

Posted by brandoncbsre on August 25, 2007 at 04:18:42:

I am looking at 5 duplexes all on the same street. 4 of the duplexes are on the same tax bill and 1 is billed seperately. All the same owner (owns 50+ units all over town). I am thinking about trying to buy them and convert them to condos after 2-3 years. Would it worth trying to get the owner to split the 4 units into seperate parcels so that I could 5 30 year mortgages or would it better just to get a commercial loan sice I am planning on selling as condos in 2-3 years. Either way I can come up with 10 percent down and think the seller would hold 15 percent as a second. I dont want to split them into 10 parcels until after I own them. I have not told the owner my condo plan. If the condos don’t work out they would still be good long term rentals.