All Forum Posts by: Jared W Smith

I’m currently under contract on a mixed-use property that is zoned for CB (Commercial Business). The ground floor is occupied by a commercial restaurant, and the upper floor is designated as SRO (Single Room Occupancy) under a pre-existing non-conforming use. Additionally, the property has a pre-existing designation as an Artist Dwelling.

I’m looking for insights on the following:

1. What defines an Artist Dwelling? – Is it simply an apartment with a studio, or is it a designation that requires a formal process, such as registering as an artist?
2. Is it possible to convert the SRO units into Artist Dwelling apartments? – I’m exploring whether I can remove the SRO designation and replace it with Artist Dwellings, but I’m unsure of the legal requirements or how this conversion works.

If anyone has clarity on the definition of Artist Dwellings or proven strategies for making this type of conversion, I would greatly appreciate your input.

Thanks in advance for any insights!

Hi BP folks,

Does anyone have recommendations for a local architect who 1) works with multifamily and 2) works with rehabs?

I'm looking to do a gut rehab on a 2-3 unit property in the next 6-12 months and am in the process of selecting my team. Thank you in advance for any recommendations you can share!

Hey BiggerPockets Community ! 

I have about $180k in equity in one of my investment properties and I have a nice amount of cash on hand and I have an idea that I would like your thoughts on.  I want to build a home on a plot of land and I need your advice to confirm the process.

1. Find a purchase plot of land 

2. Get approved for construction loan (This is normally a loan at an 80% LTV, right)

3. Hire land use attorney to confirm what home type I can build 

4. Obtain permits and approval from neighbors to build 

5.Hire GC to build home 

6. Obtain certificate of occupancy to sell home (from county or city)

7. Refi loan from construction to owner occupied loan (preferably conventional)

8. Sell home on MLS

My logic is that that price at which I will construct the home will be considerably less than the price at which I will sell, thereby giving me nice profit margin . I plan to do this in D.C or in a suburb of D.C. Is my logic/approach here correct?

Most residential developers specialize in one of three areas:
- Entitlements & Permitting (Paper Lots)
- Horizontal Development (Finished Lots)
- Vertical Development (Finished Homes)

Some developers focus on multiple, depending on the market, their risk tolerance, and other factors.

Historically, we've focused on entitlements and permitting, with some horizontal development.

Now, we have a few projects where we plan to do all three.

What do you specialize in?

@Ali Farhat adding a basement unit starts with a great architect and a great GC. It is an expensive project, and probably only pencils if you have a 6 figure budget... this isn't what most investors want to hear though. You will quickly learn about footings, water service replacement, electrical load calculations, and a bunch of things you don't know about. 

This topic comes up a decent amount here in Chicago because of the amount of grandfathered in "non-conforming" units. The amount it costs to "do it right" normally makes new garden units cost prohibitive. 

I have a storage room that is old and worn (leaks rain and has a smell of rat droppings) that I have a plan to tear down and rebuild in the near future. I'm looking for an architect and a general contractor (not sure if I need more). What kind of contractors should I be hiring? I have a neighbor across the street who is licensed and does general construction and fine carpentry and another neighbor from a different place who is an architect (not sure if licensed or not). I'm deliberating whether I should hire my neighbor (he just had leg surgery and walking with a cane) across the street to do construction because if the construction turns out bad, I strain the relationship with the neighbor across the street, and also whether I should hire my neighbor from another place who does the design because I kinda don't prefer he knows where I live (just because if the design turns out bad, I strain another relationship with him and exposes my address of where I live). How should I proceed? Thank you.

Does it have to be an architect local to the state you are rehabbing/building in that would have to sign off on your plans or can any certified architect sign off on your drawings?