All Forum Posts by: Adam Nafaa

Originally posted by @Shahriar Khan:

@Adam Nafaa attached image is what i understand. Hope this helps. Having said that , its TOUGH  for a someone new to go through new build solo unless you tag along with someone like @Lee Hampton

That's a perfect depiction, that really helped a lot. And yes I agree wholeheartedly. Thank you so much I will keep you all updated, I truly gained a lot from this.

Shahriar,

Exactly I have been apart of some interior building for commercial spaces, but just doing the shells, never anything from the ground up.

When you say for the replat that lots must have 60 ft of frontage on for all sides that have road access could you further clarify that? I'm sure you explained it thoroughly I am just having trouble understanding or visualizing it. So if you replatted for 4 units they just have road access?

I really like the concept though. This was the first time I had heard this terminology used! And an exit strategy with the circular loop is a very good thing to keep in mind!

I appreciate your comments and your time!

Very sage advice Lee, and hitting the points of exactly what I hear everyone say in the Houston area when it comes to zoning. Very funny that you say that because I was just telling a friend how I thought it was weird that our small multi-family housing stock is a lot older, and you see nothing new popping up. There is definitely a rising demand for affordable housing that is within the loop. I have been also wondering if we will start seeing micro-apartments in the Houston Area as people search more and more to lower their cost of living.

I'll make sure to look into all the ordinances great rules of thumb with the 27 units per acre. So far no deed restrictions, but I need to do some more DD. 

Currently, the property is under contract so attempting to scope out my possibilities with this piece of property. Ideally, I don't wish to flip. I'm really into the idea of buying and holding. Thank you for your tips!

Thank you for your suggestion, Mathew! My mindset has been to bring good partners in. It was a prime off-market deal, the more I have been thinking about it though either building a single-family home or a duplex would potentially be the cleanest way to go about it. But then again making sure I have the cash to back the project up is what is really essential, but as I've seen many times here before if you create a great opportunity the financing will come. I will be in touch!

Thank your suggestion and guidance Mark! One of my worries is how expensive the lot already is. The appraisal of the lot just by itself was 440k, so I am having a hard time even figuring out the type of build that could even make the numbers on the deal work. i.e. Build a duplex on top or even somehow apartments. I am breaking the 1% rule because at a rough estimate of 800k all in there is no way I'm getting 8k a month out of it.

Hello BP community!

I am currently a law student located in Houston, TX. I have been following BP for a while, and have not done anything real estate oriented due to a lack of time, and a lack of capital. Recently I have had a deal come my way, that I feel that I must act on, but I am unsure how to go about it. I have a 6,000 sq ft. lot located in a prime area within minutes of downtown, and very close to Rice University. My first thought was to build a small multi-family, I was going to bring some friends into the deal to ad a network for fundraising, etc, and or potentially get plans in order, and find someone to sign to the loan, and give a down payment for an equity stake.

I am young with very little capital and am in need of some advice to either affirm my beliefs or point me in a different direction. What would you all do in this situation? Is this too much for my first real deal? Thank you.