All Forum Posts by: Jennifer Lee

@Bob B.

Thank you. I totally forgot I posted this ;)

I went on to buy a 12 unit commercial as a result of the 6 unit purchase 2 yrs ago ;). Its currently 60% occupied ;)

@vinay H.  No, bc I found that they were doing something down the street that I wont be in direct competition with. So i moved on the get a 12 unit existing bldg

Hi 

Thank you! A quick follow up.

All of the advice are very good. Thank you. 

I met with the municipality. I found out that the lot adjacent will be a 300 unit apt.

On the bright side. At least my evaluation of area is proven. 

But I have to pivot and see an alternate highest and best use for this lot. But now I know the usage and have some of the process addressed.

Next step to see if what I want is buildable ;)

HI BP

It's been a while since I have been on BP.

I have been toying with the possibility of building an apartment building.

This is a bucket list thing, and I think an opportunity has come up.

This is a VERY general question, what do I need to consider when building an apartment building.

This is something OUTSIDE of my expertise.  

I have a general Plat for the lot, and a general usage, building location rendering. (Which hasn't been approved by the municipality according to the agent)

I have looked briefly on USAGE and Code/Ordinance, it's a Special Use, and it seems I can do what I want, if "everyone" agree.

I have contacted my Financing people, but I haven't gotten details on how to structure the loan.

I know the rental market in the area, if my numbers are correct (Ha!) it should work out...

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If this works out, I am buying VACANT commercial land.

1. Should I buy it with the approval in place? or buy the lot and then build in future?

I do want to make sure I can do what I want on it, 20+ unit. the current rendering is for restaurant/office/medical (3000-12,000sqft (2 stories)) 

2.  How does one usually structure this kind of loan? is it a construction loan?

3. What must I consider when building an apartment? Traffic, parking, fire sprinkler system, elevator? garage parking? Storage?

4. How long does zoning approval take, how complicated/annoying is it? I have the list of all the docs required.  

5. Get an architect or pick a building plan online and go to builder?

I am sure I am missing other IMPORTANT questions.  

Any advise or share of your experience will be helpful.   

I focused on health part

meaning scheduled elective surgery. expected business as realtor to slow down so took family vacation in summer ;)

realized my REI still functions without me in it 100%.

I'm back on the driver seat again on the REI.

realized we need double the freedom number of units... so that my next 5 yrs goal.

I do 5 year plans... so far on track since 2001

I agree with @Brie Schmidt

KEY is DISCLOSURE for both AGENT and SELLER

It depends in the situation; to take commission or not and let the listor do the paperwork.

For me  have had listor preform as dual or just represent the seller.  I also prefer the latter.

The other add: It also depends on your brokerage. 

My first company only allowed 2x 100% commission transaction a year. and that DOESN'T include LLC, it's personal name only. and that 2 transactions, buy or sell. not 2 properties.

My current company has a cap, if I make my cap I get 100%.  If I need the transaction to cap, I may take a commission.

AND you can take a lower commission than the other agent, you have to file a difference in commission addendum.

My other factor is my partner, he prefers I forfeit all my commission so we can get the deals.... LOL

I would be PROACTIVE, since it's servicing 20 unit. you can SCHEDULE a GOOD TIME FOR EVERYONE INVOVLED

If you wait for it to fail, you will be scrambling, and have to PAY EMERGENCY PRICES. (RETAIL and PLUMBER) , and you may LOSE RENTS if it takes longer than expected. Water is not like electrical outage.

Black Friday is coming up, hint hint ;p

I haven't had luck with HELOC on my rental. I had HELOC on my Primary, and we pull the equity to pay cash for our next investment (saving + Heloc) at the time interest was 2%. and we paid back ASAP. and repeat when we have enough savings.

YES! I was lucky enough my first staging experience, the stager consultation fee was a lesson. so she taught me how to do every room. the basic point. 

But I am friends with an interior designer so she minimally stage my house today. bath and kitchen decor.  she doesn't' have furniture

My clients that does the FULL stage gets top dollars fast.  I haven't done that yet

my YES was I staged my own home for sale, so I had staged pic, and VACANT house when I moved!

I took all the personal stuff out, I PICTURE STAGED the house... 

I have a short sale, I am agent... it's been 10 months.... and I had one that took 30 days!

it depends on the bank... 

I showed one today, that has been 10 months, and the bank hasn't even said ok or no to offer. and last the agent heard from bank was 4 months ago ;(

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How I explain short sale process is:

it' like getting engaged

you have proposed marriage to your fiance (seller). He/She said YES, now you are waiting on FIANCE PARENTS aka BANK to say YES or NO, and you have not control.  And if they say YES, they set the wedding date LOL