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All Forum Posts by: Jared W Smith

Jared W Smith has started 27 posts and replied 639 times.

Post: Anybody using a LLC with a business line of credit to BRRRR?

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457
Quote from @Billy Farley:

I am looking to do my first BRRRR that I do not live in as a primary residence. I have successfully rehabbed two homes and provided over 120k in equity from them. My idea is to form an LLC with my partner to qualify for a 100k business LOC with our credit scores (both 700+), our DTI ration, as well as my equity. Does anyone have experience doing this? I am also a real estate agent now who will be able to buy and list my own properties..

I would like to BRRRR if it makes sense on the refi to pay off the LOC, or sell for a quick turn around.

Thoughts/suggestions?

TYIA!

How did this work out for you @Billy Farley? I am looking to use my business LLC's LOC for purchase of buy and hold / BRRRR.

Post: Under contract on an Older Home (early 1900's).. issues

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457

What you've shown here is not really a cause for concern in my eyes, however I see much worst conditions regularly. They can all be fixed. As others said, overestimate for the repairs. How are the foundation walls, basement/crawlspace framing, HVAC/heating & cooling, roof, windows, elec.? These are the main areas which I would look at closely in an over 100 yr old property. All the best 

Post: NYC Developers - Queens property conversion

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457

Hello @Raul Tirado

I am currently working on a 2 units over 1 commercial mixed use property development converting it to a 6 over 1 in Bushwick, Brooklyn. Also in City approvals for a new development 6 unit in South Yonkers. From your post you are seeking to essentially knock down the house and build brand new. I may be able to assist in the initial zoning analysis and steer you in the right direction with my NYC connections to get the site developed. Feel free to reach out. Thanks 

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)

Post: Searching for Licensed Architect or Engineer

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457

Hello @Victor Garcia

My Engineer and I have completed these in the past. If you are still in search, please reach out. Thanks  

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)

Post: conversion of 2 fam in Queens

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457

Hello @Mary june Martillo

I've been contacted by dozens of investors looking to do conversions in NYC but very few actually pan out. It's a highly technical process cumbersome by NYC Dept. of Buildings, therefore it hard to explain what to do in a few short sentences. Generally speaking, per the NYC Zoning regulations, a R4B is limited to a maximum of 2-family homes. You may be dead in the water. See the below screenshot.


If the zoning allows a 3-family, you would need to meet all the rules and regulations in the Building Code as well as the Zoning Ordinances. The main areas usually causing problems being means of egress, fire separation for each unit, ceiling heights within each unit, sprinklers throughout all units, accessible unit and required parking. 

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)
 

Post: Help with home sales strategy - What would you do? need advice

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457
Quote from @Annie Balagot:

Hi BiggerPockets pros, I need some advice on what i should do. 

We live in a very desirable town 30mins outside NYC with great schools. My primary home, if sold, is prob worth around $2M and we only have $700k mortgage so tons of equity not being used. We have a $500k HELOC currently @ 9% we haven't used. we recently renovated and expanded this house so our basis is prob $1.5M so we're hitting the home exclusion cap.

Potential to buy a new home in town (kids still need 4 more yrs before going to college) for $1.2M with some work needed and potential to expand a bit.

Thinking we should sell home, take $500k tax free, put down 20% on new home so paying more in total mnthly payments but mainly in interest. Use the remaining equity ($1M) to go invest in more rental properties.

Or, keep primary home which has a 2.75% ARM until 2030 (mortgage out til 2050). My mthly payments are only $6.5k but I could rent my house out for $10-12K/mth. Can't use bonus depreciation but could use accelerated depreciation and get most (not all) of my rental income tax free. I'll still have my HELOC but it's at 9% and only $500k vs $1M cash.


What would you do? Sell primary or rent it out? Oh, primary house is in a flood zone and we had a major incident during IDA but our house was raised so meant to deal with floods so no damage but more a pain in the *** so concerned about dealing with that with renters or if more climate issues happen, could impact future value of the home.


Would love any thoughts or ideas! Thanks!

Hello @Annie Balagot, fellow Westchester County resident here. Have been living in county for most of my life. I have an idea of the location. I would strongly look at the rental market. Houses with that value in the rivertowns and surrounding areas may not command so much for rent plus finding those financial able and willing to rent it could be hassle-some. 

Please reach out if you end up need assistance with any renovations, permitting and/or construction expertise. All the best

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)

Post: Can I change architects during renovation project?

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457
Quote from @Stuart Udis:

This sounds more like a contractor issue rather than architect problem. How extensive are the contractors deviations from the plans and why weren’t the plans followed? It would be helpful to better understand the construction performance to date. 

Agree with @Stuart Udis. If the drawings were code compliant, then it's on the Contractor to follow them explicitly OR contact the Architect if changes are necessary for the constructibility. Also sounds like your Architect is hands-off. Was this person responsible for doing the permit filing or was that the responsiblity of the Contractor? Also, was the Architect retained for construction phase services? Sounds like they weren't or they would have caught the non-compliant work and stopped the Contractor and alerted you. Like @William Hutch alluded to, if the drawings are Code Compliant, why bother getting new drawings from a new Architect? Get a new Contractor to follow the drawings you already have and retain the Architect to do site visits to observe the progress of the work. This would be your easiest route.  

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)
 

Post: Possible to Convert Illegal Cellar to Legal Apartment?

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457
Quote from @Mario B.:

I would call the zoning department, health department, and building department.  All 3 typically have different requirements.  If the requirements are not possible for your property, you won't need an architect or contractor.  I'm dealing with this in CT as we speak, I'm converting my unfinished basement to finished.  A permit had to be pulled for electrical, plumbing, and an egress window has to be installed in a bedroom.

Honestly, I would just keep renting it out as is and not waste the money or resources on trying to convert it.  #1 you will now be on the town's radar and in their system, and #2 if it's not possible, you may loose the opportunity to rent it in the future if the city does a surprise inspection and deems it an illegal apartment.  

Now if you were trying to sell it and make more money calling it a 3 family, then I would consider it.  Why rock the boat now if you're making money?

Unless you know someone at one of those depts., that will get you no where. Calling NYC Building Dept. to ask specific questions about what you can and cannot do is useless. Owners nights are your best bet but often they don't stand by what they say either. Trust me. Been dealing with NYC DOB since 05'. Read the above comments. You either look at the Zoning Ordinance yourself and try to figure it out or you call in a professional. No City in CT is NYC. Not even comparable. 

A lot of investors are penny wise, pound foolish. Hiring an Architect to look at your problem and paying for 2-3hrs or spend 20+ hrs trying to figure it out and still may not know with certainty if what they came up with is viable, feasible or accurate.    

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)

Post: Considered 1 bedroom?

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457

Just a note- closets is a matter of the real estate industry and that people prefer a closet in a bedroom. Speaking strictly architecturally, a bedroom is based solely on the room's/space's usage. In the Building Codes, that I know of in the Tri-State area, there's no mention of a closet required for a bedroom to be a considered a bedroom. I believe this is the case across most of US.

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)

Post: ONLINE Renovation architect for design idea?

Jared W Smith
Posted
  • Architect
  • Westchester County, NY
  • Posts 651
  • Votes 457
Quote from @Charles H.:

Hello,

one of my renovation would benefit from a new kitchen layout. The issue is due to the floorplan, I am having issues having an idea on how to reorganize the kitchen.

Does anyone know or recommend an interior renovation design that could provide a design idea? Obviously I will be ok to pay a fee. Does this service exist?

Thank you.


There's reaching out to an Interior Designer but they may be limited since they may be unfamiliar with moving of walls especially if load bearing. Depends on their skills and capacity. Otherwise what you are asking is done by most residential architects. It's very commonplace. Why not reach out to a local architect whom does residential work to assist? Search "(property location city/town) residential architects". See what comes up and call a few. I would say, a smaller few person firm (or single person) would be a better and more economical fit for something small like this. 

-Jared W. Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)