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All Forum Posts by: Alex Lee

Alex Lee has started 9 posts and replied 34 times.

Post: 203k Loan Considerations

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16
Quote from @Paul Welden:

@Alex Lee

@Shawn Mcenteer is correct ... there is a directory of Certified 203k Contractors
Even on conventional renovation loans, most lenders and borrowers still use Certified 203k Contractors b/c the guidelines/timelines/rules/processes are almost identical. 


 how does 203k and renovation differ?

Post: 203k Loan Considerations

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16

that's interesting I didn't realize there was an approved contractor list

Post: 203k Loan Considerations

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16

I'm looking into buying a massive fixer upper in New Jersey. I was playing with the idea of selling my condo, taking 300k of the equity to put a down payment towards a house listed at 660k.

I'm assuming the reno will run $300/sqft and going in with the assumption that phase 1 will run 750k (figure the expansion of the house will have to wait) for the gut reno.

I assume/hope (but definitely not banking on) that I will be able to refi in 2-3 years at a lower interest rate; if not for a lower rate.


This will likely be a family home for the next 5-10 years at LEAST so investment value isn't quite at top of mind ATM.

Questions:

Even if it's not for lower interest rate, do you feel it's advisable to refi to remove the 203 loan in the future?

Would you recommend a 203k in my case?

Would it be smart to tack on another 203k in the future assuming my income covers payments?

Post: Residential Assisted Living- What is up with this?

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16

This is something I've been mulling over and I admit that I'm kind of curious to know how it all works (regulations, certifications, process) 

Post: Client looking to buy $15mm/yr+ GC company

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16

I have a client looking to buy GC companies north of $15,000,000 (cap of $100). I know this is a random ask, but if anyone knows someone looking to sell off their GC business in Georgia please let me know. I'll connect you.

Post: Meet-up or coffee chat in NYC?

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16

Hey Kenji, 

Brooklyn CPA Realtor myself. Starting to work on building my own portfolio and looking to invest out of state myself. Great to see that there are more of us out there

Post: How strict are building codes?

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16
Quote from @James Hamling:
Quote from @Alex Lee:
Quote from @James Hamling:
Quote from @Alex Lee:
Quote from @Bruce Woodruff:
Quote from @Carini Rochester:

@Bruce Woodruff Agreed! Most additions of that size never get built. They get dreamt about, planned, priced, then never built. It's $300/SF and up in my area. This OP should be looking for a house that meets his needs, not a house that will need a 1200 SF addition built on it.


 I agree. A smaller remodel might make sense, but when you're looking at virtually the entire house (which means moving out while work is going on) it usually makes more sense to just buy what you want. Or do the whole house. Or buy new...

generally 100% agree. with both of you; especially for project that are going to land in our investment bucket I honestly have a hard time seeing common instances where this much work will make any sense whatsoever. 

For the primary, a big part of it will be for family bliss. In the event there are additions, I'm already assuming that the rest of the house will be remodeled at the very least so that there is congruency. 

I'm still weighing options but ultimately I wanted to pick the brains of you wiser sages as you know the area better than I. I really appreciate you folks taking the time to provide insight because I have been getting wildly different bits of info and figured talking to operators would make the most sense.

Ok, so to wrap my head around this. 

So you thought coming on here, to BP, was the path to certainty in answers vs looking up the building codes where your looking to do things?     Vs looking up and calling contractors in that location and talking with them..... 

Aaaaaahhhhhh..... Please, make this make sense. 

Look, generally speaking, in any market worth being in today, with cost's what they are, your NOT going to profit by doing big scale reno's, especially not "pop-the-top's" or big similar additions, not how your looking to do the work or how I suspect how you'd be buying, which looks to be all retail. 

Buying via retail, big scale reno via retail, your gonna be deep in the red. You'd be far better off to just build new. It will be faster, cheaper, simpler. 


 So I suppose some clarifications are in order.

A) Regardless of comments here, I will be verifying and running due diligence on my own. I'm merely trying to establish a baseline. Building codes can be looked up--assessing the rate in which certain municipalities will add layers of difficulty to get things permitted are another.

B) I was curious to see how people felt about big renos--but for me, the big reno would be for a personal family home and so as much as it hurts my wallet, in the more immediate future it's for family bliss. I agree that large scale renos/expansions seldom pencil out (at least from what I have seen). 

maybe I should have added a trigger warning with the OP


The triggering thing here is it makes no sense what so ever. 

Asking opinions, on an item where opinions mean literally NOTHING. Building Code is not an arena of opinions, other than the inspectors as it comes to interpretation. 

And with code so EASY to look up. I don't know anywhere one can't readily look it all up online. Permitting generally has informational fact sheet's along with it as to the process for it all. 

So again, I just don't get it, and the replies make even less sense. Instead of looking at the information, asked for opinions on the information, to then go and look at the info..... thaaan what was point of the opinions? 

Look, to your exact posted questions; 

How hard is it to expand a house in Georgia? Ask GC's in Georgia, there the only one's who know what's going on and difficulty level with the 3 factors of code, labor, materials. 

How hard is it to build out from 1700sqft too 3k? We would need a LOT more details to give any answer, there is literally 0 info here. What kind of home starting with, age, if platform framed or balloon, rambler, split level or 1 1/2 story...... There is only about 50 baseline factors to give even a basic answer on this. 

What I am picking up here is your word vomiting a thought, and looking for accurate answers, there is no answers because you didn't give anything that can be answered. 

The only thing of any fashion of answer that can be lent is, in general, a "Reno" on scale of what mentioned here is NOT a "reno", it's a RE-development. Your taking a property and turning it into something significantly different. 

In general, those ONLY return not-0 and profitably IF there is significant market potential at significant UP classing a property. For example, taking a old 2br nothing too a luxury 4/5br something in an area that has gone through massive UP-classing change. 

Other than that, it's often much cheaper to just tear it down and build from 0. Retrofitting and additions are NOT as simple as just clicking more lego's onto the existing lego's. 


 thanks for your input

Post: How strict are building codes?

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16
Quote from @Alecia Loveless:

@Alex Lee I’ve stopped considering any form of construction it’s just too expensive right now.


 So far from the ones I've found, the only way that it gets close to penciling out is if the rehab is lipstick work. Do you feel more comfortable in the long term outlook (and are there areas you feel more confident about than others)?

Post: How strict are building codes?

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16
Quote from @James Hamling:
Quote from @Alex Lee:
Quote from @Bruce Woodruff:
Quote from @Carini Rochester:

@Bruce Woodruff Agreed! Most additions of that size never get built. They get dreamt about, planned, priced, then never built. It's $300/SF and up in my area. This OP should be looking for a house that meets his needs, not a house that will need a 1200 SF addition built on it.


 I agree. A smaller remodel might make sense, but when you're looking at virtually the entire house (which means moving out while work is going on) it usually makes more sense to just buy what you want. Or do the whole house. Or buy new...

generally 100% agree. with both of you; especially for project that are going to land in our investment bucket I honestly have a hard time seeing common instances where this much work will make any sense whatsoever. 

For the primary, a big part of it will be for family bliss. In the event there are additions, I'm already assuming that the rest of the house will be remodeled at the very least so that there is congruency. 

I'm still weighing options but ultimately I wanted to pick the brains of you wiser sages as you know the area better than I. I really appreciate you folks taking the time to provide insight because I have been getting wildly different bits of info and figured talking to operators would make the most sense.

Ok, so to wrap my head around this. 

So you thought coming on here, to BP, was the path to certainty in answers vs looking up the building codes where your looking to do things?     Vs looking up and calling contractors in that location and talking with them..... 

Aaaaaahhhhhh..... Please, make this make sense. 

Look, generally speaking, in any market worth being in today, with cost's what they are, your NOT going to profit by doing big scale reno's, especially not "pop-the-top's" or big similar additions, not how your looking to do the work or how I suspect how you'd be buying, which looks to be all retail. 

Buying via retail, big scale reno via retail, your gonna be deep in the red. You'd be far better off to just build new. It will be faster, cheaper, simpler. 


 So I suppose some clarifications are in order.

A) Regardless of comments here, I will be verifying and running due diligence on my own. I'm merely trying to establish a baseline. Building codes can be looked up--assessing the rate in which certain municipalities will add layers of difficulty to get things permitted are another.

B) I was curious to see how people felt about big renos--but for me, the big reno would be for a personal family home and so as much as it hurts my wallet, in the more immediate future it's for family bliss. I agree that large scale renos/expansions seldom pencil out (at least from what I have seen). 

maybe I should have added a trigger warning with the OP

Post: How strict are building codes?

Alex Lee
Posted
  • Realtor
  • New York City
  • Posts 34
  • Votes 16
Quote from @Bruce Woodruff:
Quote from @Carini Rochester:

@Bruce Woodruff Agreed! Most additions of that size never get built. They get dreamt about, planned, priced, then never built. It's $300/SF and up in my area. This OP should be looking for a house that meets his needs, not a house that will need a 1200 SF addition built on it.


 I agree. A smaller remodel might make sense, but when you're looking at virtually the entire house (which means moving out while work is going on) it usually makes more sense to just buy what you want. Or do the whole house. Or buy new...

generally 100% agree. with both of you; especially for project that are going to land in our investment bucket I honestly have a hard time seeing common instances where this much work will make any sense whatsoever. 

For the primary, a big part of it will be for family bliss. In the event there are additions, I'm already assuming that the rest of the house will be remodeled at the very least so that there is congruency. 

I'm still weighing options but ultimately I wanted to pick the brains of you wiser sages as you know the area better than I. I really appreciate you folks taking the time to provide insight because I have been getting wildly different bits of info and figured talking to operators would make the most sense.