531: Can’t Find a Deal? Here's How to "Make a Deal" w/ Daniel Harvey
Real estate zoning allows those with a keen eye, creative mind, and delayed gratification to transform a once-vacant warehouse into a massively profitable multifamily deal. While this isn’t as easy as the simple buy-and-hold strategy of real estate investing, it can generate far more profit, equity, and appreciation than buying a single-family home or even multifamily buildings outright.
J Scott joins David Greene to talk with Dan ‘The Real Estate Man’ Harvey, who has been using this multifamily conversion strategy for years after he realized how many vacant commercial properties were being under-analyzed by investors. The tactic isn’t too complicated: find a commercial property with the right zoning, convert it into multifamily housing, stabilize, refinance, and do it again! Dan says that this strategy is a slight off-shoot of the ever-popular BRRRR strategy, but with FAR more upside.
Even if you know nothing about zoning, construction, or analyzing big deals, Dan will help you navigate how to do your first multifamily conversion in this episode. He even gives a direct callout to anyone who wants to help him and learn from his experience!
In This Episode We Cover:
Understanding the different types of zoning codes in your area
Finding the “best use” of a property and using that to siphon off maximum profit
How “By-Right” zoning allows investors to fully capitalize on a property’s best use
Calculating future rents and value of a property after a multifamily conversion
Combining residential and commercial space to eliminate vacancies on your property
Building a team and finding a mentor that will give you the knowledge to grow
And So Much More!
Links from the Show
Brandon Turner's BiggerPockets Profile
Click here to check the full show notes: https://www.biggerpockets.com/show531
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