All Forum Posts by: Rami W.

A national builder has just put up new homes on our block. I have gotten offers from developers to purchase our lot which is owned free and clear. I have dreamed of developing the lot, but have no professional know-how in evaluating the financials/costs of new construction, permiting, environmental reports, etc. to come to a conclusion if it would be a profitable/worth my time. Otherwise the lot is an easy sell.

The preliminary research i've done, with proper re-zoning/approval, I could build around 6-8 SFRs. I know El Cajon is very pro-growth right now so that should help a lot.

Being a buy-hold investor, I lean more towards putting up multi-units apartment rentals. But there could be much more value in building detached homes.

Would any fellow BPers, with this experience, be willing to meet to discuss the future of this lot and help put together some numbers?

Thank you!
Rami

I didn't make the last event, but I appreciated that it was pretty central, which got me interested.

Sounds like the option to get back all your earnest money is a great deal for you If things don't work out. Puts more risk on the seller if the market tanks after all this time. Nice work!

Any updates on the progress of this project? Thanks!

Bummed I just saw this event! When is the next? Glad to see this is centrally located. Too many events in north county that make it harder to attend!

Is there another scheduled? Count me in.

@Matt C. @Antonio Gonzales @Lynn Currie @Al Dominguez  or anyone else,

There are 8 units allowed on the lot. How much should I expect new construction to cost for eight 2/1 units? 2-story building. Average to slightly above avg quality finish. The numbers I've found online are all over the place. 

Also, if you have any insight on tear down costs for an existing 2 story building.

Thanks for all the advice.

• The lot has street and alley access in the back. 
• I called the city and the lady basically told me everything I already discovered on the city wesite, but to come down and talk to someone or hire an architect.

So the house is in pretty bad condition. It won't qualify for a traditional loan and might be a complete tear down. This changes my strategy completely. I was hoping to have cash flow from the front unit while building the smaller units in the back.

I don't know how I'd fund the purchase for the lot since I'll need to pay cash. Family won't help. Hard money wouldnt work...

Plus I've never done a new construction project, so building an 8 unit building might not be a good first project!

I am looking for information/insight on the requirements for building a small 3-4 multi-unit complex BEHIND a SFR on a lot that is already zoned for Multi-units. I've found requirements for building on an empty lot, but not behind a SFR.

E.g. Are two separate detached buildings okay or is this a case-by-case basis depending on the lot characteristics in combination of the size of the existing SFR?

Any insight before I go down to the city to ask is appreciated.

Thank you!

Sharad, was the plumbing issue something that was overlooked during an initial inspection or was it known and only the 4-6 week wait the unexpected problem?