Making OVERSIZED Victorian Style Homes Into Apartments
I have found and AWESOME piece of property.Problem is,it is an 8 bedroom 3.5 bath ****Must Reach Senior Investor status before posting URL's***'S HUGE!While brainstorming and doing a little bit of drawing,I figured on turning it into a 10-12 unit apartment building.What sorts of problems does anyone see with that?If purchased,it will have a Mortgage payment of $321.00.Doing the math,I came up with a POS CASH FLO of $3455!The house costs $68k.What is a reasonable dollar amount for the construction cost compared to the total cost of the property?[ Edited by briandalegm on Date 09/16/2003 ]
First off: How can you turn an 8br home into 10-12 aparments??
Additionally, a simple call to your local zoning board will answer your question to see if that is possible. It may even be available online. Basically you need to know how it is zoned. Then by reading the description of the zone you should easily be able to tell what is allowed in that zone.
A side note--spot zoning is possible although there is a lot of red tape to go through. I have not done this personally.
The house can be turned into 10-12 apartments based on over 6000 square feet of spaced,it is very common in the town where I live for homes with only,say 2000 square feet to be converted into sleeping rooms,efficiency aprtments etc.
After seeing this place, I feel this is the only option.Price is to good and the local demographics will support that kind of ****Must Reach Senior Investor status before posting URL's***houghts?