OfflineI found a place that is being foreclosed. It is about a mile from the school I presently go to. it is a single family home two story which i would like to turn into and efficiency (upstairs) and a 2 bedroom apt. it also had a HUGE workshop in the back that was used for car repair that I think with some creativity could be turned into 3 Units. It needs a little work but i have spoken with my dad, (who has spent his life hobbing by rebuilding and fixing houses) and he is willing to help me with this project. That would be 5 units on one property with a ton of Parking.
What i guess i am asking is would this be worth it and any other points you guys could give to help me in the right direction. I am not looking to get rich instantly but am looking to get started now.
Here are some links to the place
http://www.classifiedflyerads.com/vt/virtualtour.php?id=250291&branded=y...
http://madison.craigslist.org/reb/1219114744.html
* and a copy of his Email with property tax.
Dear Heylon,
This is a foreclosed property and we are still waiting on the bank to set a price. We have done several BPO’s and last one came in at $122,000, but the bank could go higher or lower than that. Most likely they would not go lower. I am guessing that we will from the bank within 7-10 days on a price that they want to go with and I will let you know more then.
The latest information that I have on Property taxes and assessments are:
Assessments
Assessment Year: 2008
Prev Land Assessment: $41,100.00
Land Assessment: $49,300.00
Prev Impr Assessment: $108,800.00
Improvements: $106,600.00
Prev Tot Assessment: $149,900.00
Tot Assessment: $155,900.00
Assessment Increase %: 4.00 %
Land Percentage: 31.62 %
Assessment Area: 51
2007 Taxes
Net Taxes (Inc Lottery Credit, Spec & Other): $2,843.18
Lottery Credit: $101.79
Total Specials: $0.00
Other Taxes: $0.00
Please feel free to contact me if you have any further questions or if you would like to see the property.
* I'm just wondering if there is any thing i am missing or what my next move should be. Thank you for any input.
Goblin Ink.
Right now the Property is not on the market I'm thinking they are going to go for 122,000 at least that's what the agent says and from what i know (which isnt alot) it seems about right. I have some creative ideas fro the place and have told him just that but nothing more. Would telling him i want to turn it into several rented places help me or hurt me in deal making. Any reponce is welcome. Thank you.
You need to figured out how much this is going to cost you to renovate the place. The garage building is going to be your biggest expense, plumbing, electrical and sewage system. You also need to find out from the town if they will allow you to have multi units on that property and have a permit for that.
Hope this helps
Paul
This dose help alot, I am learning as I go and every ones help is very much appreciated. With every answer though always comes several questions.
I am ignorant to this whole thing and am learning, but where would be the best place to find out about if I can have multi units on the property?
For what I understand the property is zoned for commercial but not necessary for residental for rentals. You need to go to your town hall and ask them if u can get a permit once you buy the property. I am sure there are others multi units in your area much less and more profitable because it's ready to go and make you money.
Paul
The thing about this place is that it is less than a mile from a major tech school in the area (that i as well am attending) and there are no other buildings that close that fit the criteria but i understand am i am always looking at other properties.
Thank you again Paul
It may be a good rental property for students that are attending at the tech school. Have your father figured out how much is it going to cost you to renovate. You will have a better idea to see if it is worth while.
Best in success !!
Paul