My realtor (business partner) has sold me on a few different multi family homes before but I’m a little out of my depth on this new opportunity he pitched me and need some advice.
He recently closed a deal in a superb neighborhood for 10 duplexes (tenant occupied) he put into his name. He says that each lot in the deal is approved by the township to be transformed into either a 4plex or 6plex and he also has architectural approval for everything.
In short, as one of his customers he’d like to sell me a lot, hire the contractors to turn the duplex into a larger property, and flip it or I would add it to my collection of rentals.
I guess what is really bothering me is not knowing the right questions to ask. Do I ask for proof of the town approval and architectural approval? Aside from putting up the money is it a challenge to add extensions to a property? What red flags do I look for?
I have never been burned by this person in the past and have invested significantly with them but this would likely turn into the largest undertaking at this point in my real estate career.
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source https://www.reddit.com/r/RealEstate/comments/hhsadk/realtor_trying_to_sell_me_a_duplex_to_transform/
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