All Forum Posts by: Chetan Naik

Thanks Rick. I spoke to an attorney and will be going ahead with the title insurance being offered by the sellers attorney through a reputable company.

Hi all, I am purchasing a vacant lot that was previously purchase at a tax sale. The closing company said that seller does not have title insurance since most companies don’t insure tax sale. This property will forever be uninsurable without quiet title action. The sellers proposed to go back and insure the original sale and then pass everything on to closing company to insure the current sale. Now, for the sake of ease of sale, seller’s attorney is willing to offer title insurance and an indemnification letter on the property which would meet all of the terms of the agreement of sale regarding obtaining clean and marketable title. Is it safe to go this route? Thanks in advance!

Thanks! I have spoken to quite a few in Pittsburgh area. No luck! Any pittsburgher her who can chime in?

Hi all, I am purchasing a vacant lot with plans to build a 10-12 unit mixed use building later this year. So far I have spoken to multiple bankers to finance the purchase of lot. Either they don't finance vacant lots or require 50% down. Although putting 50% is an option, I would rather save it for the construction. Are there lenders who will offer loan with less money down? One strategy may be applying for combined loan for lot and construction at the same time. But, I do not have very concrete plans on the build yet. Any guidance here is appreciated. Thanks

Yup natural gas. So, will electric heating be a deal breaker for potential tenants? Thanks

Hi everyone, I am a first time developer building a 12 unit apt complex, a mix of 1 and 2 bedroom apartments in Northeast ranging from 678 to 960 sq feet. My builder thinks the units are small and electric heating should not be an issue. I plan to submerged all the apartments and let the tenants pay for the utilities. Is this a good idea or should I press for gas heating? Thanks in advance and merry Christmas to all!

Thanks Milan, I am glad you mentioned this. I met with a modular builder and architect last week and that is exactly what I thought. They were very rigid about the dimensions of units they were trying to fit into the lot. I am meeting with a traditional builder next week and will get his opinion as well. 

Chetan

Thanks! I don't need any variances/special considerations (at least not yet) but you are right, the idea behind this is to get to know what are the future plans/ vision of th local community. Making money is good but being part of a community redevelopment will be more satisfying. Chetan

hi, I am planning commercial development consisting offcommercial storefront and apartment. I am contemplating meeting with community leaders and getting their input on their needs and views  so that I align my interest with bears. Is this a worthwhile exercise? Has anyone explored this in the past?  Are there any questions in particular you would have them answer? Thanks for your input. 

Thanks Milan. I am meetin with an architect next week to discuss this. I would like to explore both traditional and modular construction. The one I am meeting with works with modular builders. Should I meet up with someone who also specializes in traditional construction or it should not matter?

It's been a great learning experience so far.