Things have been busy for us and it seems like another month has gone by with me only making 1 blog post in April.
If you have followed the blog for a while, you know we love a good project house that other investors shy away from. In April, we ended up buying two “project houses.”
House #78 is a 2 bedroom 1 bathroom house built in the 1940’s that has no garage. We are going to be doing an addition and adding a bedroom and bathroom with a two car garage. The City Code Enforcement Department has an open case on this property and will be ensuring we do a good job on fixing this house up.
House #79 is even worse. It was converted into three different living areas. On title the house is 1,800 sq ft, but there probably is over 3,000 sq ft of living area that was added without permits. This house had been in escrow 3 different times and the buyers could not close, we ended up getting an accepted contract for about 60% of list price.
Our original game plan was convert it to a duplex and resell it. After discussing this with the City and Code Enforcement Officer we realized that the City wouldn’t be on-board for this plan as they want it to be a single family residence. Our new game plan is to get as much space as we can permitted and sell it as a single family residence with a “granny living quarters”.