Real estate property 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!
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Join BiggerPockets for FREE:
https://www.biggerpockets.com/signup
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Follow Dan ‘The Real Estate Man’ On Instagram and Facebook:
Instagram: @dantherealestateman1 or https://www.instagram.com/dantherealestateman1/
Facebook: https://www.facebook.com/DanTheREMan1/
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Learn More About the Multifamily Conversion Strategy:
https://www.dantherealestateman.biz/
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Can You Build Wealth by Rezoning Your Property? Yes!
https://www.biggerpockets.com/blog/property-rezoning
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Residential Land Development - Zoning, Design, and Financing:
https://www.biggerpockets.com/blog/2009-10-23-residential-land-development-part-3-zoning-design-financing
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Follow David and J on Instagram:
@davidgreene24 or https://www.instagram.com/davidgreene24/
@jscottinvestor or https://www.instagram.com/jscottinvestor/
Episode 531
Show notes at: https://www.biggerpockets.com/show531
0:00 Intro
4:39 Stumbling into Commercial Real Estate
11:13 The Multifamily Conversion Strategy
20:16 How to Find a Property's Best Use
23:24 Types of Zoning
27:56 Building 44 Units on Underutilized Land
32:21 When to Go By-Right vs. When to Change Zoning
35:03 Building a Team & Finding a Mentor
45:32 Help (and Learn from) Dan The Man!
46:48 Real Estate Trends to Watch For
49:13 Famous Four
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