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Listeners of the show will remember Jillian Bandes who, in episode 74, discussed what real estate investors should consider about building structure when looking at commercial multifamily investing. The project manager for Bandes Construction covered 6 hot topics on building structure and maintenance that investors should be aware of with commercial multifamily properties.
In this episode, we discuss Jillian’s first investment property….a single family home with an ajacent rental apartment. She discusses razing the property, dealing with the local code and building officials and her plans on whether to rent the units or live in one and rent the remainder. The property was purchased through a foreclosure and we cover the online methods now employed by Pinellas County. Not only is this project about a potential home and investment, but Jillian is passionate about blazing the trail for urban renewal and redevelopment in St Petersburg’s core and her unit is in the heart of a rapidly changing area.
- Residential property permitting and zoning regulations differ from commercial properties
- Property location
- Choose property in an area you are familiar with
- Walk surrounding neighborhood
- If investment property, define target rental market
- Due-diligence
- If foreclosure property, know state of title (liens)
- What is the property zoned for? Is property up to code? Accessory buildings permitted?
- Work with local and municipal officials
- St. Petersburg, Florida
- Undergoing immense urban growth period
- Investors need accessibility to invest in properties with potential for redevelopment/renewal
- South St. Pete offers development opportunity and reasonable prices w/ proximity to cultural amenities
Jillian extends a big thank you to Carlyn Neuman of Tampa’s 360 Realty for helping to navigate online foreclosure bidding as well as to Katrina Trump of Bank of Tampa, for assisting with securing financing.
