All Forum Posts by: Eric Army

Hi Mark,
Sounds like a fun problem to have! As an architect, doing site feasibility studies and zoning reviews is one of the ways we bring the most value to clients. As a developer, it's important to have an understanding of zoning and some sense of how much you can densify a site. A good designer can often weave the client's aspirations with the technical requirements-- and make it look good ;-)

I once had a lease in which Rent was considered on-time if it's mailed by the 5th.
I doubt the LL made that up, so I assume that is/was a standard convention. 

Hi- I wonder if the answer to why there are no newer 4s says more about macro-economics: -in different areas of the country there seem to be different "typical" small residential. In the northeast, it's all about the 3-family. Some twos, a few 4-6s, but mostly 3's. If you were here, you'd be wasting your time holding out for a 4- just grab a 3. -build vs buy comes down to cost per sf. If you can build it cheaper than you can buy it-- it's off to the races. In my area we're just starting to see the tip in certain locations/ project types.

Nice work! How far along did you get in the architecture firm? I only ask because approaching the value-add part of investing with an architects eye and knowledge can be really valuable. Being able to sketch a floor plan on a walk-through, and seeing where you can add a bed or bath when you get back to your car is a super valuable skill. (As is being able to "code hack".) What's hard to realize (for the first few years out of school) is how much value your skills can bring to the table. For your entrepreneurial pursuits, id encourage you to find ways to use your design training--- it's a mindset & skill that's in the minority in investment circles, which can give you a real advantage.

Hi- Depending on your state building code, going from 2 to 3 family (or 3 to 4 family) means going from the residential code to the commercial code. For instance, in ri a 2 family needs smokes, 3 family needs a hard wired alarm system, and a 4 unit needs sprinklers (if it's converted from a 3). I've had a few clients hire me to comb through the code to figure out what they'd need to do to make these conversions-- regulatory officials usually tell you the most restrictive (and easiest) answer. An architect can often find the interpretation that favors your design the best. This may involve zoning, building & fire codes-- I'd talk with an architect over a lawyer or building official. They have expertise in each of those codes. Also the trick with basement apartments is usually emergency escape Windows- sills can't be more than 44"'off the ground, and the operable area must be min 5.7sf

hi @Troy Zsofka-

Exactly. You saved me a lot of typing! 

If you really work it, I think i could break even on one. It'd be a lot of hustle filling it, it wouldn't scale, and you may end up a couple $k under at the end of the year.

For a couple $k, you could just rent for a week or two, and not spend all your time on vbro.

Most property managers will charge 25 to 40% of gross to rent & manage weekly rentals-- which kills your return (if you have one).

The most promising scenario was to rent it out for the winter and then weekly in the summer. If an annual rental would pay $1200/mo, a winter rental would pay $2400/mo & a summer 1200/wk. the winter rental is great b/c you can't rent weekly in the winter (it's mainly weekends, other than school vaca) and they would pay utilities, which is a huge expense in the oil-reliant north country.

But... You don't get to go skiing, which is why you bought the place!

I'll probably pick one up at one point, but the rental aspect  will just try to keep it cash-neutral.

thanks @Colleen F.! We've been fortunate to have inspiring work! Sometimes I see the craziness my developer clients have to deal with and I wonder why I want to be in on the investor size!

@Devonte Dinkins and I were talking about how to use for-profit development as a means to effect targeted revitilization... I.e. Selecting an outcome you'd like to produce (i.e. Mission) and finding the right investment / development strategies to accomplish this.

It seems like we (investors) start looking for a return first, and then an outcome second. I think if we want to give our work meaning and be part of a bigger narrative, we need to flip the equation. 

Hi all-

@Justin R. @Dawn Anastasi and @Brie Schmidt - yeah, it seems like a combination of leadership setting and example of an environment and then managing to keep that ideal. 

I think the dreamer / hobby-business aspect helps: Most people pick RS for certain reasons & entry/exit can be (rather) fluid-- it's not like most of us picked this major in college, and feel trapped in a system as a professional  we didn't understand as a teen-ager.

@Steve Vaughan - the reproduction is not "1 to 1"-- I don't have a public forum I manage, but I would like this same ethos to be represented in my (and my teams) internal (and external) interactions.

For example, I'd like my staff to be supportive, even when they're taking each other or a consulant to the proverbial wood-shed. I'd like people that come to us for advice feel like we're there to advance their dreams- even as we give them reality checks. 

The answer is probably simple: model this behavior, verbally express the goal to do so, praise people for doing this, and correct when people don't.

rentals are very strong on the east-side of providence. Brown & risd fill it with students, and it's one of the most popular rental neighborhoods for young professionals. Good properties have near 0 vacancy. 

East side has the highest property values (but also the highest rents), so it can be tough to get deals. Providence taxes are very high (around $30/1000).

What kind of project is this? Rehab of existing? Aggregating a couple properties for a new build?

Hi- I am daily shocked at how supportive BP is. So many other forums I've read (professional or hobby interest) are full of flame wars-- like there's an army of trolls waiting to devour the most recent half-baked idea. But on BP even when people post "I'm 21, no job, skills or money, and I want to be an overnight millionaire" the community gives them the benefit of the doubt, and encourages them to get then training & networking to accomplish that. --Is it because to do this, we need to be pragmatic optimists that can believe the impossible can be achieved with good planning, training & hardwork? --Is there a support-approach the founders/managers just modeled so well, everyone else just followed? --Or have I just missed the ugly side? I really want my business and professional relationships to have this kind of quality-- which is why I think I'm here. (Because you can read/talk real estate a lot of different places.) How do I replicate this?