All Forum Posts by: Eric Martin

@Mitch Kennedy they are 3 bed apartments

@Patrick Britton you bet! Should have final construction numbers soon so I can dial down on the costs, rents, cash flows, etc to present to any potential investors! If you know anyone that would be interested feel free to send them my way to discuss! Open to working with multiple investors to obtain what we need to proceed forward. 

@Frederic Babeux the main reason being funding. If we can secure an investor that is willing to invest on the down payment needed for the 12 unit right away we would do that.

We are willing to start at a smaller scale (4 unit) to build that relationship with an investor though if needed. There is plenty of room to fit between 16-20 units total in that space with garages so just depends on how we can get there. 

Just had another meeting on this yesterday and a few updates.

The size of the lot is 3.5 acres. Can build as many units as we can fit and design into that area. It is the LAST residential/multi-family lot available in the village of Amherst where I live. My partner has 40+ years as project manager and developer for a big construction company and we will be using that company he worked for to construct the project. We have decided to develop the land in phases and starting with a 4 unit first and once completed will move on to the next stage, likely a 8 unit.

The missing component is now the funding for a down payment on the first phase of construction which we are looking to pay an investor 10% interest on. If anyone is interested in that please send me a message to discuss!

@Patricia Steiner I do have a partner who is very educated in construction and project development and has built his last 5 homes himself. He is currently working on developing blue prints for the apartments. Soil is good, utilities run down that road already. 100% sure on the 12 units as its been discussed at local board meetings. The reason the developer that has the 8 unit across the street is not developing this land is because the owner of the land refuses to sell this land to that particular developer. The vacant land is currently for sale for $100,000. Once the blue prints are completed I will have numbers on cost of construction which we estimate would be around 4 months. Don't have a complete financial analysis done yet but will once we get numbers on construction costs. 

Hello,

Was hoping to pick everyone's brain and get some insight. I have an opportunity to purchase a chunk of land ($100,000) in a very desirable spot in my hometown of Amherst, WI. This is the last piece of land that is zoned for residential rental units and is allowed up to 12 units on that piece of land. Right across the street a newer 8 unit apartment that went in in 2019 and each unit in there gets $1300/month in rent. What I'm curious about is funding the deal and construction. How do you go about raising capital for a project like this? How do you structure how to pay back investors, etc? Any input or advise on this would be super helpful! Thank you!

@Patrick Britton I'm interested to hear the juicy details! Let's chat! 

So far this is what I've gotten. It would cost about $60k-70k to do the entire rehab as estimates show. The ARV for this area falls between $100k-115k. So if I could get an ARV of even $100,000 I could cash out refinance at 80% LTV. Estimated rental income with it being practically brand new I could get about $850-$1000/month.

Another thing not pictured here is another building on the same lot. Its about 800sq ft completed gutted as well. I don't think it was used as a garage because there is no garage doors on it, maybe a shop once upon a time as its just the 4 exterior walls and floor. I was thinking this building could also have potential as a small Airbnb. 

@Mark Andersen feel free to DM me and I can give you the name of the guys that gave me an estimate. 

Hello everyone, 

This property was brought to my attention as a possible first time BRRRR investment. I would love to get your thoughts on it! What would you offer? What would you expect in rehab costs? Or would you pass on this?

The home is located in Amherst Junction, WI. Amherst area is very nice and growing community. Would be framed as a 2 bedroom, 1 bathroom home. The home is 760 square feet. 

Currently this property belongs to an investor that I write insurance for. He knew that I am interested in real estate investing so he said to get estimates and stuff done and to make him an offer. Currently working on getting a few estimates in place and will update as I get them in.