531: Can’t Find a Deal? Here's How to "Make a Deal" w/ Daniel Harvey
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 14 November 2021
⏱️ 57 minutes
🧾️ Download transcript
Summary
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
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Transcript
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| 0:00.0 | This is the bigger pockets podcast show 531 where we cover owning the zoning, |
| 0:04.5 | finding a property's highest and best use and why you don't want to ever forget your online |
| 0:09.6 | passwords with Dan, the real estate man, one Harvey. Even investors who are not in the Philadelphia |
| 0:17.1 | area can kind of take away from this strategy is looking at a property and trying to figure out |
| 0:22.7 | what is the best use for this property and having a more sophisticated view of how they're |
| 0:29.6 | looking at properties is about having multiple tools and your tool. |
| 0:39.5 | Welcome to the bigger pockets podcast to show where we teach you how to invest in real estate by |
| 0:43.6 | bringing on top performers, expert investors and just plain regular people, where we cover the |
| 0:49.1 | tactics and mindset that go into being successful in real estate investing and show you that you can |
| 0:54.3 | do it if you also take consistent action. I am here today with my co-host Brandon Turner. We just |
| 0:59.8 | got back from BPcon. Brandon, what's been, oh wow, did you shave your beard? |
| 1:05.2 | You know, if I had a nickel for every time somebody confused me with Brandon Turner, |
| 1:10.4 | I would have just made my first nickel. No, I'm just kidding. I have been growing it out for about |
| 1:15.1 | three days now. It looks good, doesn't it? Oh, it looks amazing. Yeah, nice to get the top half. |
| 1:19.5 | Like, Brandon's got a good balance right between the top and the bottom. |
| 1:22.4 | Yeah, people can't see me if you're not on YouTube, but trust me, I'm stroking the beard as |
| 1:26.5 | we're doing this whole interview. Yeah, that's awesome. So today I'm here with J. Scott, |
| 1:32.5 | bigger pockets OG written the books on flipping housing, the book on negotiating, the book on |
| 1:37.9 | estimating rehab costs. Is there anything I'm leaving out there? There's another one. |
| 1:41.7 | What's the economic cycles? Yes, the economy. Good one. So, and I'm here with David Green, |
| 1:49.6 | who's written the books on building a real estate business as a real estate agent, |
| 1:56.4 | building real estate agent business, the burr book, long distance real estate investing. Am I |
... |
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