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All Forum Posts by: Brent Smith

Brent Smith has started 3 posts and replied 19 times.

Post: Fence Across Dry Detention Pond (that I maintain and pay tax on)

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14

Our home sits on a regular shape half acre lot. The rear 25% of the lot (same with the 5 neighbors next to me) is considered a detention pond so it has a gentle slope/swale. It is DRY and only has standing water a couple inches deep after heavy rains, but completely dries quickly... especially on my lot bc we are at the end where it is not very deep of a swale.

The builder told me I couldnt put a shed or structure on it, but a fence was OK. I paid for it, pay taxes on it, and am required to maintain it. HOWEVER, I am NOT allowed to build a FENCE through it for my security. The city is not allowing me bc they say in a 100 year flood the fence could create a flooding issue (it does not matter what kind of fence). Everywhere else I have lived, the detention areas are conveyed to the city and maintained by the HOA, or the HOA owns the land and maintains. Many detention areas (retention ares?) will even have playground equipment inside of them since theyre dry 99% of the time! The city told me an exception was made here in order to give the developer half acre sized lots to meet the minimum zoning.

Do I have any recourse here? Anyone had this issue before? I dont have anything on paper from the builder that said I could build a fence. It was a fiasco getting straight answers from them, but we were moving cross country and just pressed forward.

How is a fence considered a structure? Heck, I could even build it 4-6 inches off the ground to make sure any water could drain... but they say no. I'd love to secure and maintain the land I pay taxes on.

Post: Does Developer Need RE License to Sell?

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14

I'm sure it could vary from state to state.... but if I am the developer and homebuilder will I need to hire an agent with an active license? or can I hire a former agent as a "marketing assistant" and pay them a negotiated fee, flat rate, salary, etc? They would NOT have a license. They would ONLY be selling my homes.

Post: Modular apartments construction cost

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14

i guess its just the speed of constructions that's appealing? there definitely isnt any cost savings. 

Post: Cali Vinyl Pro LVP Experience?

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14

When you say thickness are you talking about wear layer? Thats most important... and it is measured in MIL thickness...  commonly 6, 12, and 20 MIL. Also, I hear you only want to glue down the planks... not just lay down. Prep work is everything.

Post: Refinish hardwood or install LVP?

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14
Originally posted by @Sam Shueh:

Install modern laminated flooring with new sound barrier and moisture barrier-silver. It even provides some thermal resistance with the foil and bubbles. People like new looks.  Make sure it is 12 mm or thicker. The cost for me is $1.45/sf+ installation. Make sure your doors do not need to be shaved off. 

 Do you mean 12MIL wear layer or 12mm total thickness? The wear layer is normally either 6, 12, or 20 MIL. Total thickness can vary depending on core, etc. Also, are you talking about glue install? LVP can be done lots wrong ways. I have heard that in recent years the 6MIL wear layer will last ten years and feel/look great as long as prepped and installed with quality glue. Thoughts?

Post: HUD 221d4 loan for a multifamily

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14

Yes I am getting pretty well versed in them. What do you mean a three family? A triplex? I've never heard of a 221d4 that small. Find a good lender that has done these 221d4 before and they'll walk you through everything. I'm happy to answer any specific questions... but you need a good lender. You can just apply direct to HUD.

Post: Costs to build self storage?

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14

@Michael Wagner and anyone else on here... i'm trying to evaluate a market. All existing storage unit (not climate controlled) lots are 90%-92% occupied. Avg rent price is right at $1.00 per foot.

Is that occupation rate high enough? Should I be more like 95+%? I dont think anyone has dropped prices, but you'll see a few concessions from time to time...

There is a new lot opening soon but it's in a part of town that seems to be saturated already. I'm gonna keep an eye on them. Where would you put the bar on absorption rate in order to justify another project? Also, mine would be in a different section of town.

Anyone have insight on traffic counts that are desirable? Tough to find a good deal on land when it has 20,000 trips per day in front of it... 

Post: Future Investor in Enterprise/Dothan Alabama area

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14

I’m only working on new development these days but always keep my ear to the ground for motivated sellers of existing property (residential and commercial) that can be renovated or even repurposed. 

Stay in touch on here but if you’re in Dothan I’m happy to try and rendezvous over a hot drink.

Post: Future Investor in Enterprise/Dothan Alabama area

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14

James I'm in Dothan. I'm an investor/developer. There are always deals to be found, but they are very difficult to uncover in this market... especially down here in the wiregrass area. find a good realtor in Enterprise and Dothan. Honestly, if you find one that understands RE investing they will probably take any good deals for themselves first. Just keep that in mind. It'll take several months or longer to build a network, and it will always evolve. Contractors are tough bc the market is good and there are not many tradesmen left in the world. Everything is expensive.

Right now I encourage all investors to sit on cash. You'll know when a good deal comes up. Banks are not motivated right now. They are happy to sit on REO and leave it vacant for a LONG time. Again, there are deals out there but hard to find and lots of investors hunting. Courthouse steps are filled and hardly any deals to be had there.

Post: Puerto Rico

Brent SmithPosted
  • Real Estate Professional
  • Dothan, AL
  • Posts 22
  • Votes 14

I am a developer/investor looking to get involved in the redevelopment in PR post-hurricanes. I'll be traveling down in a few weeks to get started but would appreciate any advice in the meantime. I am hearing terrible stories about the real estate purchase process and how different it is than here in the USA. Is it true only one agent involved in most transactions? Sales are heavily slanted to the favor of the seller? Home inspections are difficult and expensive but absolutely necessary in PR? I have a lot of questions and am interest in starting a dialogue. Thanks