Welcome back to another MINIsode of the Real Estate InvestHER Show. These MINISODE episodes will be 10 minutes or less and be a real life story from Liz or Andresa!
On this week’s episode, Andresa shares a story when bought a commercial building off market. This building was zoned commercial on the first floor and had two residential apartments above the storefront space. Due to the changes in the community, Andresa knew she would need to convert it to residential. As many have experienced, the zoning process can be a challenging and frustrating process, but she navigated the process and was finally able to convert the building to a triplex.
Today’s minisode lessons include:
- Build a relationship with the community and seek to understand where they are coming from.
- Ask for what you want. You may not get it all but you need to ask for what you want -always!
- Get team members that know the process involved immediately. Our local attorney had done zoning changes several times so he was able to navigate to the process easily and our architect was aware of what the community might ask.
- Before purchasing the building, run the numbers for different scenarios. In this case, we ran the numbers as a residential triplex and a mixed-use building, in case the zoning was not approved. Both scenarios made financial sense, which reduced our risk.InvestHER CommunityJoin us on our mission to support and empower as many women as we can to live a financially free and balanced life. We invite you to join the InvestHER Community Facebook group along with other new and experienced women real estate investors!https://www.facebook.com/groups/InvesthercommunityFollow us on:
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