Duplex into Triplex

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cailmoney

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Hi, this is my first post here and I was just looking for some information on turning a duplex(that used to be a triplex) back into a triplex. I`m 19 years old and I am looking at my first investment property and came across a duplex that used to be a triplex but was converted back into a duplex. Their is an unfinished basement now (which used to be the third apartment) and the seller is offering $3000 at closing to finish the basement bathroom and kitchen. I am interested in this property but am not too sure how difficult it is too turn a duplex into a legal triplex. Any ideas?
 
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Noel

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QUOTE (cailmoney @ Sep 4 2009, 10:04 AM) Hi, this is my first post here and I was just looking for some information on turning a duplex(that used to be a triplex) back into a triplex. I`m 19 years old and I am looking at my first investment property and came across a duplex that used to be a triplex but was converted back into a duplex. Their is an unfinished basement now (which used to be the third apartment) and the seller is offering $3000 at closing to finish the basement bathroom and kitchen. I am interested in this property but am not too sure how difficult it is too turn a duplex into a legal triplex. Any ideas?


I would recommend calling city hall.

It could be fairly straight forward. They`ll be able to advise you.
 
invst4profit

invst4profit

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Remember when buying a property such as this that the value of the property is based on today`s income not future income.
Monthly rental income should be 1% or more of the purchase price. For new investors these are often difficult to find but they are definitely out there and worth holding out for.
Make lots of offers based on that criteria. Remember if you are not embarrassed by your low offer you offered too much.
 
tahani

tahani

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REIN Member
well i want to say congratiolations. your 19 and your buying your first duplex. WAY TO GO.
i would for sure talk to the city. check out the zoning. see how long this home was a Triplex .
one of the best way to increase a home value is to increase its income and by adding a unit, you for sure will increase the value. its worth doing.


tahani
broker of Record.
Key ConneXions, Real Estate Brokerage.
 
Thomas Beyer

Thomas Beyer

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REIN Member
QUOTE (cailmoney @ Sep 4 2009, 11:04 AM) ... I am interested in this property but am not too sure how difficult it is too turn a duplex into a legal triplex. Any ideas?

Step 1: find out the zoning at city hall. Is this triplex a possibility without rezoning ?
Step 2: assuming it is legal, find out what the building code is for a legal basement suite, especially as it relates to fire code, electric wiring and parking.
Step 3: ensure that seller does it to code .. or you do it ..
Step 4: ensure that the price you pay TODAY doesn`t assume something that may or may not happen TOMORROW (say a 3rd suite or add`l income) .. i.e. don`t overpay
 
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