All Forum Posts by: Campbell Key

@Reid Sealby 

I'm interested in Jekyll Island myself - my family used to visit there when I was a kid. I was doing some rough research a few months back but I wasn't seeing any clear indicators that it was a super profitable STR area. Obviously if you buy at the right price it would be, but it seemed like all of the condos over there were way overvalued (as is the case in a lot of places, like you mentioned), and the average nightly rate isn't as high as some of the more popular beach vacation areas. Then again, there's only so much development that can occur on that little island so its an intriguing long-term investment. I believe the Golden Isles have slightly different STR regulations than the rest of Brunswick County that are more favorable as well...but I could be mistaken. It's been awhile since I read through some of that stuff.

Let me know if you do any research or get any other useful input about the area. Id love to hear it! 

 Thanks Aaron!

@Federico Esquivel - Right off the bat I can say zoning and any other regulatory city overlays will play a huge role in what a developer will be able to do as far as a modular townhome, I imagine that's what Anja was thinking above. I Just wrapped up a project located in a Transit Oriented Development zone (TOD) where we were allowed 90% impervious cover - the developer ended up permitting 6 units on a 0.17 acre lot. His product is townhome-style multi family, but its definitely stick-built. There will be different building permit-related challenges with trying to go modular, but I know plenty of architects who are familiar enough with the building code to provide insight on what can be permitted on that side of things. Feel free to shoot me a dm if you'd like to chat!

Hi AP, I see this post is a few months old but figured I'd reply anyway just in case you're still looking for some answers.

I don't think I'll be able to answer your questions directly but I may be able to provide some helpful info. I'm a civil engineer and have been working in the land development industry in Austin for the last 5 years. Do you mind if I ask where the property is located/what the current zoning is? ..you may want to get started on that part ASAP if you're trying to go to commercial - rezoning isn't always a walk in the park. Also, is your end goal to develop and then sell, or did you want the flexibility of being able to sell paper lots/pad sites? 

Awesome. I'm gonna try to come!

@Maggie Kennedy any interest in going with me?

Sounds like a good idea to me! ...Their lender is allowing you to buy two homes both as primary residences?

@Karthik Cherukuri As pretty much everyone has already confirmed - Buda/Kyle is a great area to invest in. Kyle in particular is poised for a lot of growth and new development. There is a Costco in the works off I-35 (by the EVO movie theater), and there are also long-term plans for an urban center similar to the Domain in north Austin. 

@Abel Villarreal 5750 SF is the minimum lot size that you can put an ADU on. So lets say you find a tract that's at least 11,500 SF - you could subdivide and put a total of 4 units (2 primaries and 2 ADU's). It would still only be two tracts of land though. If you wanted to sell each unit individually you'd have to do them as condos.
There's a lot of nuances to it honestly and its a lot easier to talk through instead of type about. Feel free to shoot me DM if you want to talk more!

@Abel Villarreal - I'm a Civil Engineer in Austin and have worked on several small East Austin projects throughout the past few years. Civil Engineers mainly get involved when someone wants to subdivide/replat a property. A lot of times they put both a primary and an ADU on each new tract. You mentioned 7,000SF so I'm assuming you're planning to at least go the duplex route. Otherwise 5,750SF is all you need (unless you find a lot in one of the infill areas with cottage or urban lot options etc., in which case you can go even smaller). Anyway, I mention all this to say that there is a lot of value that can be added in subdividing if you find a good lot. I think Jordan hit the nail on the head with the prices we're seeing, and if you're going to shell out that much to start you might as well see if you can find one in that price range that could also be subdivided. Of course, subdividing involves a longer permitting time - adding anywhere from 6 to 15 months on top of the 3-4 months you'll already have to do for the building plans (what I've seen).