All Forum Posts by: Emilio Ramirez

Lakewood has it's own adopted municipal building codes. Each municipality has it's own rules on when a permit is or is not required. Jeffco would only pertain to unincorporated areas. If you tell them exactly what you're doing, the lakewood permit counter will give you a list of required submittals and/or architectural exhibits... assuming they're open again. 

Plus the sales commision should be in addition to your ROI.

Bob, the Owner of Homewrights, is a great guy. I've only heard good things about them. But I like to think I have a pretty great thing going as well. I'm lucky enough to get to play in some amazing Denver neighborhoods. From Cherry Creek North to University Hills I've had the pleasure and priviledge to design and build some amazing houses and help some visionaries make some good money. 500k on the last sale and about $1 -$1.5 million projected on each of the next two... not too much different from you, John... :)

Nicole... without knowing the details of your deal it's hard to say if 10% return is a good deal. I would say probably not.  Banks in Denver are typically requiring 25% Owner equity, and on that last sale that I mentioned that netted 500k, the Owner more than doubled his money. 10% return for the investor seems way to small for the risk involved. 

Hi Nicole. Not exactly sure what the 10% you're referring to represents? Cash invested or projected return or? Feel free to clarify and I'll weigh in on your question. Or give me a call. Always happy to talk shop... :)

It looks like comps include a garage. if so, then you're over priced. Being east of dahlia is also less desireable.  12 days on market hardly seems like cause to give up the sale... would have been nearly impossible to sell by Oct 1 with the list date... I would keep it on the market, possibly with a price reduction, eat the oct 1 cost increase and work on a new mortgage.... Do you really want to be a landlord? Maybe lease to own? 

what size project? 

Denver Addressing can be found here... https://www.denvergov.org/maps...

further questions and changing addresses, creating new ones can be done through  addressing... https://www.denvergov.org/Gove...

For a 10k gain in value... I think it is an absolute waste of time and money... but I also think your numbers are wrong. That being said, if you have a year or two to do the work yourself go for it. I think finishing a basement is an easy value add (assuming all the other factors make sense, location, ARV, etc. ) However, if you bought the new build at the price of a similar property with a basement already finished... not sure the equity will be there unless the appreciation/inflation ride goes on... Finishing a basement of that size is a lot of work. Most basement guys I know are doing a job like that in 3-5 months depending on how far they take it and how many subs they use versus self performed work. If you don't own the tools already, that alone could run you about 2500 or more depending on how many of the finishes you are planning on doing yourself.

Engineer should have given you specific reasons its "out of code" no egress? ceiling heights to short? Flood plain? Grade?  or did he say that fire has damaged the structural integrity? impossible to guess. 

Hey Joe. My first paragraph was intended to state that because no one on a forum thread can have a complete understanding of the intricacies of a contract that were signed by two private parties it's really hard to give advice on what to do. Even with what the OP has posted a lot of responses are making some pretty big assumptions. The OP needs to understand the contract and any legal ramifications of all correspondence and possible amendments to the contract that have been executed over the past 18 months. She definitely needs to have legal review and find out her options... probably should have done that when signing the contract. The OP admittedly did not even engage a realtor to close the transaction even though it is out of state. Seems to me that to walk away from this without losing money would be a positive. Not to mention, how has 18 months passed since the contract was executed and the builder trying to cancel is the first act that is causing the OP to speak up in her defense.  (maybe it's not I get the feeling there is a lot of other details going on here) 

That being said. After reading your 1st post I am thinking of a very similar situation a developer I know is going through. Can't go into details because it is still pending but if there is something more sinister behind this than definitely the OP should fight for what is right. But that is probably going to take legal action in Texas at this point... and I'm still speculating.