Adam K
New Contributor
As everyone knows I purchased my first place in VA back in January of 2008. Ended up having to knock it down to foundation and rebuild it. I was going to live in the basement and rent the upstairs. The property is doing well btw I still have not rented it yet just because I still want to do a few things to be able to get more for rent. But im in the basement and am building my 30x30 2 floor garage now. I will add pics at a later dae.
Back to the point of my thread
fftopic:. I have been looking in my area for quite sometime now that I live here. I am right next to the quantico military base with alot of military money. I am seeing alot of property up forsale mostly townhomes. In the 60k to 130k range mostly foreclosures. Since the foreclosures have gone up so has crime in this area. Mainly due to the boarded up houses they make easy targets. I know from a very good source that Quantico is going to be getting 50k more troops (with families) to this area and are already maxed out on there ability to house them all.
Now what I was thinking was going back to what Robert Kiyosaki stated in one of his books the ABCs of RE Investing. Sometimes revitalizing a neighborhood can turn a bad investment into a good one. (Probably not an exact quote but its close).
I am thinking about going a step further instead of just buying properties to rent in this area. Buying a larger property and building an apartment building in its place. I have one property possibility already its an old run down Inn that is used to house mostly enlisted marines, and in some cases hookers and drug dealers. The property is much larger than the inn with more than enough room to build a larger building than whats on it with more than enough parking.
Im thinking that taking this obvious drag down on the area. Building a large apartment buidling to not only help with the lack of housing for the military but also work on revitalizing the area. (And of course making a good profit for me)
Right now this is more a thought that I have only put a little time and effort into. So far I have spoken to the owner of the Inn not telling him any of my plans just engraciating myself apon him. (Fixed the computer at his house and the office at the inn.) The vibes I got from him is he is 55 years old and doesnt want to deal with the hookers and drug dealers anymore. Probably looking to retire soon so suffice it to say I could probably pickup the property for a good price under market value.
I have spoken to my Uncle that built my house for me to work up some ficticous numbers on how much it would cost to demolish the old building and put up a new 75 to 100 unit apartment building. I also spoke to a friend of mine who works for the county about permits that would be needed. Im still waiting for this information from them but I should get it within the next 2 weeks or so.
(Edited) Just thought of something else. As a second options just in case things dont go the way I plan. I could clean up the Inn update it give it a face lift turning it into a long stay type motel for the military personnel. So I could hold the property make some money off of it until all plans are finalized. I could raise the rents get a better occupancy rate (Better quality of tenants) doing this as you all know could raise the property value. Helping with the cost of building.
Anyone with any feedback, thoughts, concerns, or anything I havent thought of yet would be helpful.
Thanks!
Adam
Back to the point of my thread
fftopic:. I have been looking in my area for quite sometime now that I live here. I am right next to the quantico military base with alot of military money. I am seeing alot of property up forsale mostly townhomes. In the 60k to 130k range mostly foreclosures. Since the foreclosures have gone up so has crime in this area. Mainly due to the boarded up houses they make easy targets. I know from a very good source that Quantico is going to be getting 50k more troops (with families) to this area and are already maxed out on there ability to house them all. Now what I was thinking was going back to what Robert Kiyosaki stated in one of his books the ABCs of RE Investing. Sometimes revitalizing a neighborhood can turn a bad investment into a good one. (Probably not an exact quote but its close).
I am thinking about going a step further instead of just buying properties to rent in this area. Buying a larger property and building an apartment building in its place. I have one property possibility already its an old run down Inn that is used to house mostly enlisted marines, and in some cases hookers and drug dealers. The property is much larger than the inn with more than enough room to build a larger building than whats on it with more than enough parking.
Im thinking that taking this obvious drag down on the area. Building a large apartment buidling to not only help with the lack of housing for the military but also work on revitalizing the area. (And of course making a good profit for me)
Right now this is more a thought that I have only put a little time and effort into. So far I have spoken to the owner of the Inn not telling him any of my plans just engraciating myself apon him. (Fixed the computer at his house and the office at the inn.) The vibes I got from him is he is 55 years old and doesnt want to deal with the hookers and drug dealers anymore. Probably looking to retire soon so suffice it to say I could probably pickup the property for a good price under market value.
I have spoken to my Uncle that built my house for me to work up some ficticous numbers on how much it would cost to demolish the old building and put up a new 75 to 100 unit apartment building. I also spoke to a friend of mine who works for the county about permits that would be needed. Im still waiting for this information from them but I should get it within the next 2 weeks or so.
(Edited) Just thought of something else. As a second options just in case things dont go the way I plan. I could clean up the Inn update it give it a face lift turning it into a long stay type motel for the military personnel. So I could hold the property make some money off of it until all plans are finalized. I could raise the rents get a better occupancy rate (Better quality of tenants) doing this as you all know could raise the property value. Helping with the cost of building.
Anyone with any feedback, thoughts, concerns, or anything I havent thought of yet would be helpful.
Thanks!
Adam
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