All Forum Posts by: Jared W Smith

Thank you guys for your responses. 

@Ron Joseph Yes, we are in similar situation. Looks like my gut was right and I'll just sell it. I got your PM. I sent response.  

Yes, you are right. It is in Yonkers. The value is a toss up. So many coops in area and I will admit it's just an okay neighborhood. I am ready to sell. 

Yes the Yonkers market is doing well. So I'm anxious to start. Thanks for commenting. 

@Esdras Senra It's been asked. I just read through it being new myself. This here will help you:

  https://www.biggerpockets.com/forums/839/topics/443411-do-i-need-an-llc-to-invest-in-real-estate

Hello All- I am learning the ins and out here on BP. 

I currently own a coop here in NY which is now rented out. It pretty much just pays for itself, not much cash flow. Purchased for $90k, owe $67k. Currently no PMI. I had a thought to refinance to pull money out for down-payment on a larger rental property. However because of all the trouble getting it rented (paperwork, red tape & approvals). I am more inclined to sell it and use any profits for investing. It wasn't the wisest purchase.

Trying to put together $40-50k for a down-payment for my first deal on another rental property. Thoughts?   

@Andrew Erickson I do not know many architects that market themselves on there. You'd likely want an established architect/firm whom is licensed in CA. A sole proprietors or small firm would probably be your best bet. 

You can start your search on the AIA (American Institute of Architect) California website. Here you will see a list of all the current chapters. At each local chapter, you can search for Member Directory. Here: http://www.aiacc.org/about/local-chapters/ 

Also, I will message you a local architect I know of who has pre-fab experience.      

I agree with @Jason D.. I am an architect here in NY. It will get very complicated to have to source the land and set it up. I agree that it would be wise to work with an architect on the building codes for an area (You will have to limit this area. If it is too large you may have to have multiple iterations to meet varying codes/zoning). I am not familiar with CA, however there are certainly local building codes and zoning information which should be taken into account when manufacturing. Once they arrive to States you do not want to have to make any major changes. 

Also I'd make contacts with many local architect to put a list together of architects with whom possible clients can contact about actually getting it onto a site (land acquisition, permits, utility extension, foundation, etc.).

@Andrew Erickson 

@Kevin Castaneda Unless you have a design background (architect or engineer) in understanding the forces at play and appropriate codes with references, then I'd say your should go with the engineer's report recommendations. They most likely did a preliminary calcs on the property and to size of the beams. This takes the tributary areas for each beam in account. You should confirm this with them. Yes, based of my experience working with many engineers, they always have a safety factor, usually 10-25%. It takes into account this for things like contractor installation and material variables. 

When dealing with the foundation companies/contractors, they are likely to tell you what they know best and it might very well work but unless they are having someone stamp it as a PE plus file it and take liability, I wouldn't trust their input.     

Personally if you renovate a 1920s home and discount the foundation work, it's negates the niceties on main floors. correcting foundation in future could disrupt the finishes. A good home inspector is going to for sure check foundation and make necessary comments. 

@Ryan Beasley First question, have to shot photography before? Any type?  Are you familiar with jargon, basic techniques, camera settings and the exposure triangle? 

I've shot many properties as an architectural and real estate photographer. I will assume you are knowledgeable on photography. There is no best camera, it's how you use these "tools." You can utilize a canon, nikon or sony body and pair it with a decent wide angle lens. If you get a crop sensor vs a full frame, you will have to get your lens for optimal focal length. Read the review on image quality. Then there's the actual art of capturing the property using flash, HDR, flambient (flash and ambient blend), and other variations.

$1000 could be tight to get a basic camera body, lens, speed light and a tripod depending on what brands and quality gear but it's doable. My advice is to get used if you can from Adorama, B and H Photo, Roberts Camera or KEH.  

Not exactly. Going this route won't yield anything accurate unless you can provide detailed information on the existing condition of the property as well as have the ability to relay exactly what the scope of work is. The more accurate the better. Going based on cost per square footage in my opinion varies. It's only helpful as a very early stage ball park. Depends on if property is anew build or renovation of existing. Either way getting a local architect on your team would be invaluable. He/she will have local contractor contacts familiar with your work. 

That's not entirely correct. I am an architect in NY and have been presented with many clients that do not know if they have the money to take on small to large residential improvements. If you have a good local architect, they should be able to understand yor scope of work as well as a preliminary review of the property to determine a ball park cost. I've done this a few times. I'll work with my client and then reach out to my contractor contacts. In my book this is a property analysis and it's probably $700-$2k depending on how detailed a report and varying factors with property location and existing condition.