All Forum Posts by: Brad A.

I have a new real-estate development opportunity that I am looking to bring on someone in an internship capacity. There is so much to do to plan and determine fesiability of the project that I would like someone that is willing do the grunt research. In exchange I am willing to share/teach how we have built and managed our 5 door rental properties and 2 flips in addition to learning themselves about the development process.

I am located in Plainwell, MI. Looking for someone in either Grand Rapids or Kalamazoo to make meeting easier.

Ideally someone about to start their investing career with either a degree in Civil Engineering or Business, but not necessary.

Direct Message me if interested.

My Wife and I are in the Kalamazoo Area and have put together 4 properties in the last 2 years. PM and I will give you some contact info. :)

@Nathan Johnson, wow this is a throw back post. haha

I will PM you, would love to talk numbers.

@Mike Wood Great Information, Thank You!

@Mike Wood Thanks

When your determining values for the neighborhood what are you doing? Is this something that I could accomplish by providing an appraiser with spec and plans before the process even starts? Much like the bank would do when considering how much to loan for the project?

Thanks Again

 Let me explain differently, when the construction is done I am hoping to all ready have 25% sweat equity in the duplex. (I am purely modeling this after the personal home we all ready built, 25% maybe a bit high considering you are doing it and having 20%, could be the difference in area).

When it comes time to roll it into the mortgage I want to have a LTV of 60%, so I would bridge the gap between the 20%-25% and my target of 40% equity

Thanks for your comments!

@Gary Dale McKee thanks for the reply, I am finding that this must not be done very often. Not much of a response here or on Reddit. I will keep you updated on my progress. I have a layout picked out that I like and I plan on purchasing those plans with profits from the first flip. That way I can get an idea on costs and how the numbers will really work out.

Back Story So my wife and I are upcoming investors. :) We will be finishing the rehab on our first flip in the coming weeks and closing on the next deal in the next couple weeks as well. Additionally we built a home about 1.5 years ago, acted as the GC and poored some sweat equity into the build as well. To sum it up we refinanced a construction loan into a 30 year fixed and ended up with about 25% equity without bringing anything to the table.

Now the questions When I am considering deals for our buy and holds that we want to have some day I like seeing 40% equity after financing with 20%. If I can build a duplex and walk away with 25% I only have to make up the 15% to reach my goal of 40%.

15% is less then the 20% I would normally have to fork up. Also I wouldn't have to hunt/compete for a deal that I can get at 80% the ARV.

Is anyone else doing this?

Michigan, Grand Rapids, Kalamazoo

@Scott Weaner

Could be the case, I have however used this agent before. So although he still could have done this I trust him more then most.

@Austin James

Yes Austin, that is an annual number. Thankfully I love the numbers part. :)

@Sam Ball

Inspection is a must. I doubt the seller is willing to provide any funds for repairs, but we will have a good idea of what we are getting into before Closing