All Forum Posts by: Allen Cones

Not sure. Zillo has the value at $554,000. I listed it for $450,000. I know I'm at the absolute max for a builder to consider. My gut feeling is the builder would have another $30-40,000 in zoning and lot clearing fees. Bringing the total closer to $500k . There are 7 tear-downs going on as we speak. A couple have already sold, pre-construction. Pricing ranging 1.1- 1.3.

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Originally posted by @Jean Bolger:

That sounds great! Of course it's hard to get a tenant excited about helping you with that though. They know it probably means they have to move!

You're absolutely right. I really believe my tenant tried to sabotage my open house. In fact, I'm sure of it.

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Originally posted by @Terry Burger:

If you want help developing I would call Integrity Construction Management out of Marietta, ask for Jonathan. Great guys, very knowledgeable, and can turn key the development for you. Tell them I referred you.

http://www.integrity-cm.com/

Hey Thanks Terry for the advice. When I get ready to move forward, I give your guy a call.

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Originally posted by @Victoria Winters:

If you enjoy playing the "what if" game as opposed to taking a real offer, pass and take a chance. Definitely "a bird in hand" is a guarantee.

It's realy not a what if. Although nothing is for certain, I like my odds.

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Originally posted by @Jay Hinrichs:

bird the in the hand sometimes is the smart call that's a huge gain

I no its a big decision.

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Originally posted by @Jon Klaus:

If you really can make $135k more by building, is there even a decision? Need help/expertise? Hire it. Or possibly JV with one of the ones offering to buy now.

Hi Jon, you're absolutely right! In fact I've only been a member a month or so, but I've learned a lot from you! I thought about what you suggested for one of the other Bigger Pocket members. Regarding puting two Duplexes on the property. Although, I have duel zoning, my lot is only 60 feet width, 169 ft length.

I may have to do A Craftmanstyle 5bdr/5bath. that when completed would be in 1.2-1.5 range a year from now.

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Originally posted by @Rachel Leonard:

Hi @Allen Cones . There's definitely a strong case for developing the property yourself. The question is do you have the funds and expertise to develop it? Also, if you took the $165,000 profit now could you invest in something else that will give you a better return than if you developed?

That's a great question. Spoke with my bank, they would be willing to give me a $450,000 new construction loan on top of my current loan. There lies the problem! The re-development loan would be contingent on my DTI ratios. Not sure if I would qualify for an additional $450k at the moment. I just need to figure out how to increase my income over the next 3-6 months.

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Open house was so successful; it made me reconsider selling my rental property.

I have a rental property in one of the most desirable areas in Atlanta, GA.

On Friday I had an open house, close to 30 people attended. I received 3 offers. The interest was so overwhelming. I’ve considered keeping the property, and developing it myself.

My question to the bigger pocket community is this?

I could accept one of the offers on the table that would net approximately $165,000. Or I could hire a builder and develop the property myself and possibly make 300k

Should I sell and take the money and run. Or should I develop the property and double my equity to leverage at a future date?

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All Forum Posts by: Allen Cones

Allen Cones has started 2 posts and replied 13 times.

Post: Disaster open house turned out successful

Post: Disaster open house turned out successful

Post: Disaster open house turned out successful

Post: Disaster open house turned out successful

Post: Take the money and run or re-develop property?

Post: Take the money and run or re-develop property?

Post: Take the money and run or re-develop property?

Post: Take the money and run or re-develop property?

Post: Take the money and run or re-develop property?

Post: Take the money and run or re-develop property?