All Forum Posts by: Account Closed

I've acquired a vacant property and am in the process of renovating with the plan to open in 2 phases. I'm developing a business plan for this retirement community and would like to put a value on the project at the various stages to show potential investors (and myself!) the value/security after each phase. Wondering if this community could assist me with the valuations at these three stages based on this information: (thanks!)

Building purchase was $490,000 and is included in 'Total Invested' amounts below. The location is Creston, British Columbia

1. Renovated Building with Occupancy Permit but no Tenants. Just the turnkey potential

2. Occupancy Phase 1 - Total Invested $890,000. 12 suites ready - expected NOI $6800/mth

3. Full Occupancy Phase 2 - Total Invested $1,225,000. Total of 35 suites - expected NOI $28,000/mth

I've attached an image of my first crack at it, not really based on any expertise in commercial/multi-family valuations. The $3,000,000 was an actual 'as complete' appraisal amount (for what its worth) that I spent $4,000 on in a big bank's due diligence period but they ultimately declined the loan. Thanks in advance for any opinions or assistance.

Wondering if anyone has a contact/website for ordering replacement glass doors for a commercial building? I'm renovating a multifamily building and there is no access system just the traditional key. I'm finding that to upgrade to a proximity tag or intercom system type entrance access system for tenants I'll need to replace the doors with something that has the electric/magnetic strike.  Not sure if this is something that I'd want to order online and DIY but the quote I received locally was quite high, seeking options! 

Open to any other ideas on upgrading access systems if there are any experts in the community, thanks.

For me, It took me getting a bit of a track record ie I had purchased a principal residence with a rental suite and had done one flip done before I got my first investor. My principal was used as security for the capital.  Took time.

Perhaps you could find a more expedient path than I did. Its definitely possible keep going.

@Elliott Stern

That fear is a good thing to have if it makes you analyze the deal and encourages looking at every possible angle.

In the end it always comes down to diving in and there will Always be a certain amount of uncertainty. It’s impossible to have all the knowledge and there are many uncontrollable and unavoidable situations that can and do arise.

This is where the confidence part is important - knowing you are the type of zoo animal who will handle whatever comes. And you will.

I’ve been an investor for twenty years and have very rarely worked with partners so I’m often going ‘all in.’ On some deals I know they are almost a sure thing and I experience ease although my foot is always pushing the gas to the max to get it done.

Others are the most terrifying experiences. My first luxury home development, my first multi-family.. These are the ones that we learn the most on. We learn about ourselves, and we learn who our friends are and we grow.

But ya, going all in is unnerving. What I’ve found to be even more uncomfortable however is standing still.

Wishing you the best.

@Jennifer Darby

Theres no doubt carpet really warms a place up and is the right solution for some projects. Casinos, Hotels, Airports, many restaurants have carpet throughout and they all can’t be wrong.

Glue down vinyl backed carpet would be my recommendation if you decide to go carpet. As someone else mentioned it’s easy to replace individual pieces down the road as long as it was installed correctly. ie allow the glue to tack up before setting the tile in.

Being that it’s vinyl backed is protects the subfloor from a certain amount of moisture and there actually isn’t very much carpet so it’s fairly easy to clean.

You could try commercial flooring stores and see what deals they have left overs from bigger jobs.

All the best with your project

I wasted an hour this am with "James Grant" of Affordable Mortgage Lending also. Thankfully my spidey senses went off early and I asked for a term sheet and references - haven't heard back. I thought I'd search the forums here and sure enough.. 

Take care out there all.