All Forum Posts by: Bryan Zayac

Has anyone in here invested in Bethany Beach? Sea Colony specifically? Looking to discuss any experiences.

Also, I am looking to find a contractor to renovate a property in there.

All -- I own 13 acres of some uneven terrain. I'm looking to develop contractor garages, but ideally those would be slab on grade, so I couldn't do that everywhere without a lot of site costs.

I'm new to this space, and looking to also get an idea of developing over fill and what that process looks like. Any site developers here to discuss that? 

Any creative ideas as to how to develop? Had a thought of developing two different phases, one with contractor garages on the more flat land, and townhomes in another area that is more uneven.

Thanks,

Hi all -- I recently purchased 13 acres and built a 10K SF warehouse/office space for my business.

I'm looking to begin developing the rest of the land with some contractor garages. Is anyone working in this space currently? Trying to get an idea of what amenities are being sought, and ideal size of the spaces. I've often seen ~2,500SF per unit, but looking to see what is out there.

Also, the land is not entirely flat, and I'm new to development, so I'm trying to get some ideas on what might be good options for developing with this topography. 

There are a lot of townhomes being built in this area, which is a thought of developing those on one section of the land, and contractor garages separately where they could be slab on grade and more flat area.

Thanks,

I'm looking to see if there is anyone familiar with any lenders for a Delaware condo, 2nd home, that would lend up to 90 LTV?

@Wayne Holliman Thanks Wayne for the reply. 

I think a lot of my questions regarding the BRRRR strategy revolve around the response you gave.

I'm having a hard time understand how a full gut of any size can be done for 15-20K.

My wife and I recently completely gutted our 2100SF home, and aside from the higher end finishes, we were looking at 50K easily. Electric, plumbing, drywall, etc..

I think this is where I'm struggling to see the ability for this to be done correctly, properly, and effectively.

@Nicholas Lohr

@Joseph ODonovan

Hey guys -- I'm actively seeking a BRRRR opportunity in Northeastern PA (NEPA). A common theme among the homes that would qualify as a BRRRR opportunity are that the properties would be very aged and typically need and entire gut job to be done correctly. Knob and tube wiring, old plumbing, beat up plaster walls. My question is - when evaluating a BRRRR deal with similar circumstances, do you guys plan a full on gut, or more cosmetic, accepting a lower rent? I understand that there are many answers and it will depend on if the property can cash flow with a full gut rehab and be able to refi. But I guess for me I'm having a hard time knowing that in such an old house you're just hiding the old issues by dressing it up. I would prefer to completely gut and redo the property the "right" way. Thoughts?? Experiences?

I'm currently in Bethany Beach, DE. And have been looking around at Bethany, Fenwick, and Rehoboth Beach locally. Seems like some decent opportunity in these areas, more so in Bethany than Rehoboth, but only have about 9-10 solid weeks of rentals.

Monica Evans great question. Was just attempting to figure out how to do this on my phone, but couldn't figure it out. Interested to see.. thanks for asking.

Adam Guiffrida Chris K. Thanks for the input guys. This is indeed the same property Adam was talking about. I walked the property with my contractor on Friday, and we're thinking more along the lines of 50K in repairs than 30-40. The foundation doesn't seem to be the issue, more the roof as Adam alluded to. I would definitely plan to rip out all of the shoddy work done by the owner. If I plan to move forward I'll be making an offer around 70. I need to rework some numbers. I'll check back. Thanks again guys.

@Shannon Trivett Thanks for the reply Shannon.

The property is actually in Dunmore. I live in Dunmore myself, and there is no trash tax, I simply had that in there from the disclosure in case there is something I'm unfamiliar with. That should have an * next to it.

The property tax is accurate - of course, if it were 5 blocks over and in Scranton, it would be significantly higher.

I plan to handle the grounds maintenance myself. It's a small lot, thus not much grass, not too many sidewalks, but that's something to consider as well. Thank you.

Tenants pay all utilities.

There seems to be an issue with 2 of the tenants, as I was unable to view one of the 2-1BR units yesterday for the second time. I would almost certainly need to get them out before moving forward.

This is a B- neighborhood in Dunmore, close to the hill section. One of my main reservations is the 3BR unit. I feel that SFH are a riskier investment because it's all or none. And this is not exactly a SFH rental in the standard sense, as it doesn't have much a a backyard and has 2 other properties on the lot. But then again, duplexes may share a yard and space as well.