All Forum Posts by: Charles Wiegert

If you can get a concrete pad 20x35 for under $2000, i envy your market and thats a definite go ahead. It is a one day job to prep the site and another to pour the pad, possibly a return trip to break down the forms also. Like others have mentioned there are additives. I dont like additives because now youre turning the concrete into a witches brew and ive personally seen where that makes the concrete set up in the chute or take a week to set up. Thats the engineer in me. Being in NJ, im sure you see the freeze/thaw like we do in CT. Have you considered an asphalt surface? Concrete driveways (and roads) are fairly rare around here because of how they hold up to the freeze/thaw, plowing, and salt we use. Thats just the engineer in me. If you want the pad to last you are going to have to put a base underneath it of macadam (Never heard that word before, googled it and love it). Therefor, it will almost certainly be your cheapest route to do just a macadam surface. You could also try to find millings as a potential surface. A contractor with a machine and dump truck can have two laborers do that job in probably a half day if youre not far from the quarry. Faster and cheaper. If at some point you want to do something different, grass or concrete or Italian marble pavers, the material for the base is on site.

I just went through this with a house i sold; for some reason the buyers inspector said in their report that i had converted from a double garage door to a single door double bay like you say. I didnt. It became a real pain in the *** to get the sale through. I had to get an engineer to evaluate it, and he found what was there was insufficient and i ended up having to reinforce the span significantly. Being an engineer myself i know the terminology and methodology, and if youve never dealt with that before you would likely be shocked by required support especially if you have snow loads in your area. You really dont want to do it and find out it was insufficient and have to undo or redo. Definitely get it evaluated by a professional, money well spent and will be needed when you go to sell someday

I like Deziel Paving. Theyre out of Thomaston or Watertown, so im guessing they would do new britain but maybe not hartford.

The general consensus from my understanding is a years time. 

However that is an important question you should ask your mortgage provider/underwriter what their policies are, in addition to the obvious interest rate, etc. It could be different between different agencies. 

Tina Peters if you use one of the bigger pockets calculators there is some projected information. If youre looking buy and hold there is a rental property calculator. There are a couple of nice graphs and projections included in that. You can use that as model for your own spreadsheet, or just use that.

If you dont mind me asking, how are you funding the acquisition and renovation?

I'll let the more professionals look at the number, but being familiar with the area, i would explore the rents at a deep level and make sure youre very comfortable with being able to practically acheive them. Walk each unit and talk to the tenants if you can. 

I know the place youre talking about and there are also multiple MF properties for sale on the road at favorable or decent prices. There may be a good reason for that. 

There is also the speculative play that Bristol will finally do something with the mall site which could increase (or decrease) value. 

Great job, i'm jealous.

How much do you leave set aside for your property for expense or capitals. At what amount or percentage do you stop saving expense and capital funds, if ever? 

What is your plan for emergencies? if you have a couple properties do you lower the amount per property, i.e. expect that not every property will need capital improvements at the same time? 

Just curious & Thank you,

Charlie 

I am very reluctant to utilize the financial information provided on the loopnet properties. I have just been looking through them trying to get a feel for NOI and prices on different properties. I have no intention of buying a property without formatting my own numbers that I trust. My question is, in your experience, how reliable are the numbers posted on loopnet?