All Forum Posts by: Drew Whitehead

In my experience as an architect, I have a couple of comments whether they are helpful or not. The $1-5/SF cost is fairly accurate, especially for a small residential type project. If you come with an idea of how you want it to look and have a preset floor plan it makes it even easier and cheaper. 

As far as submitting and creating your own plans. Most cities have a list of items that need to be included and you would be very helpful on the site plan and other areas but that is typically 1 page of a 50-100 page set of drawings and I feel like you would be wasting more time than not creating and drawing everything. 

The other thing to consider is that every jurisdiction is different and most that I have done work in, if the building is under 3,000 SF, you don't have to have an architect stamp necessarily if you get a structural engineer or other professional to stamp the structural drawings and calcs. I've found that hiring a structural engineer (~$1,000 or so) is well worth it rather than running your own calcs and details that the cities require. 

I would be interested in attending also! I'm new to REI but have done a couple deals and am finishing one right now. I'm also an architect in the area and could be helpful if needed. I'm on a couple wholesalers list but could always use more! Most of the deals I get sent are ok but not great. Under 200k is harder to find with minimal margins.

I have a great guy who steps up to the plate to go out and find the best options and rates for anything I need. He is very knowledgeable and I bet he could at least discuss with you. If he can't help you he will refer you to someone that can. He had done that for me also. 

Pm me if you are interested in getting his info.

I can recommend several but they are a couple weeks out. I just started a flip and finally found someone able to get it done adding a bedroom and bathroom in the basement as well. I've had pretty good success lately with the Thumbtack or Nextdoor apps also. Nextdoor is more local to each neighborhood and you could probably even pop in and see their work if your neighbors don't mind.

Multi family deals are hard to come by now. I'm still always looking for deals there but people are still buying them high and must be owner occupying to make sense of the high price. I've heard of some that are buying just for 'future investments' and aren't seeing any cash flow. With utilities and mortgage they are breaking even or slightly negative every month... Crazy...

I'm shifting my focus on single family flips right now as I feel there are still deals to be had right now and the opportunities to sell high are still there. 

Thanks Danielle for offering. I would love to chat about how you got things started! Or to connect with your friend would be great also.

Eric, that's a unique insight that I will look into in the Salt  I lake area near the University. I guess you rent to college students furnished also so that makes sense.

I guess I am looking at the Park City one and others as also a destination spot for me and my family to block out several weeks a year to vacation to also. Having one local to where I live would maybe stay occupied more regularly. 

Thabks for the input guys!

Anybody have any properties they do Airbnb with? I'm wondering about the Park City area specifically due to the swing in seasons and events. I have some capital that I am looking at purchasing a property in Park City to Airbnb most of the year and would also be a weekend getaway for me and my family when not rented out. I'm just curious to know the pros/cons, etc. I know some people that rent it out for more than $400/night in the winter and don't hardly get it rented out in the summer. Obviously if you average it out over the year it still needs to make sense but I'm curious if anyone is in the same situation.

Thanks

Any locals here have any properties they do Airbnb with? I'm wondering about the Park City area specifically due to the swing in seasons and events. I have some capital that I am looking at purchasing a property in Park City to Airbnb most of the year and would also be a weekend getaway for me and my family when not rented out. I'm just curious to know the pros/cons, etc. I would be willing to take you out to lunch or something to pick your brain on this. Let me know.

Thanks

I increased my rentals by around 10% when I signed the leases this year. I still feel like they are getting a pretty decent deal based on the research of available rentals in the area. My bro-in-law rented his smaller units in the same area for slightly more but I see the value in a slightly lower cost will bring a larger pool of applicants and I can be more selective on who my renters are.

Hey Kinley! Where did you go to school. I am also an architect doing real estate developing and rentals. I'm starting to do some flips and buy and holds right now but I would not call myself super experienced as of yet. It's a tough market right now. Maybe we could meet up sometime to discuss some opportunities.