All Forum Posts by: Griffin Malcolm

NREIG is great. You add your coverage yourself online and can see all your properties listed on one screen to manage them. Super quick communication too. Only company I'll be using

1) If you've got guys willing to front all the money while you gain experience and make some money then that's a no brainer. You can stack your personal 50%s up for separate ventures while still knocking out deals without your own capital

2) Read Raising Private Capital by Matt Faircloth

3) One LLC with the S Corp designation to pay yourself a reasonable salary from the flip profits. Can setup a solo 401k as well for further sheltering

Update: I was put on to building doublewides on each lot from a colleague (Ryan might know him - Josh Schmitt from Deal Flow :)). Can get them in for about 160k and the top realtor in the area told me he can sell em for 240. Getting some firmer estimates tomorrow! 

Granted this was on plots of land I didn't pay for, and that are already connected to the city's water and sewer, so there's a lot of savings there, but I'm hoping if it turns out to be this good of a deal I can still scoop up land and keep going

Just got off the phone with the zoning guy and he said since both of my lots pre-date the zoning regulations in the city, they're grandfathered in so-to-speak, which means I am able to build a single family on each one! There are some trees to excavate on each lot but besides that they look good. 

I talked to a modular home company in my area, and he said to build a 4 / 2.5 2200 square foot home would be 215k, and then foundation and utilities would be another 160k. He also said my GC could complete the install and knock 20k off the total, which I would do, so the total seems to be 355k to get the home in place. However, there aren't any comps of new construction in the area beyond land sales on brand new neighborhoods, and existing sales of older 4 / 2.5s are in the high 200s. Not sure it makes sense to build now

Thanks Ryan. I checked the city's website and the plots fall into their "Low Density Neighborhood" district. Chiefly, it says "Minimum lot size: 8,500 square feet, or 6,500 square feet for lots of record," along with

Minimum lot frontage (width): 80 feet or 60 feet for lots of record.(c) Minimum front yard: 30 feet distance from front property line to building.(d) Minimum rear yard: 30 feet rear property line to nearest building or structure.(e) Minimum side yard: 10 feet distance from side yard to nearest building or structure.(f) Maximum building coverage: 30%.(g) Maximum height of building: 40 feet.(h) Minimum lot depth: 100 feet.(i) Off-street parking: two spaces per dwelling unit.

One of my lots is 5400 square feet, but the other is 9400. It seems like the 9400 one would be good for building a single family on, but the other is too small. I'm wondering if, since the plots are connected, I can move some of the square feet from the larger one, so that they're both over the "6,500 square feet for lots of record" threshold. I'm not sure about the other rules at the moment. 

It also says under the accessory uses section: "nonhabitable structure requiring a building permit." If I'm understanding correctly this means I can't build an ADU, but if I can divide the land more evenly between the plots then maybe two single families are possible.

Exciting stuff! I'm going to call the city tomorrow and discuss.

Bit of a wild situation here, at least to me and my lender; maybe it is more common than we think, not sure honestly. Anyways, on my latest project, the title came back yesterday and revealed two extra parcels of land deeded to the seller under the property I was under contract for. The wholesaler had no idea. I had no idea. We drafted an addendum to the contract and the sellers signed it to add the extra parcels in for no extra cost!! 

For context, the two extra parcels form a triangle with my subject property. The already-constructed home is one point on the base of the triangle, and the other plots comprise the rest. Based on what my attorney provided, the plots aren't worth a ton of money, but since I haven't done a land deal I'm not sure if the actual sale price differs from what she got me. This is in Amsterdam, NY as well. 

Plot 1: 2024 market value of $6,900. 45x120

Plot 2: 2024 market value of $3,800. 100x94

I'm still pretty new to the game, so I have no experience with land deals, ground up construction, zoning, things of that nature, and am wondering what the best play is.

Sell one to help with acquisition costs and build an ADU on the other? Sell both? Build on both? I am open to any ideas. Thanks everyone

They're prime + 1% or something like that. I was unfortunately denied as of yesterday, but she said it's because I am a new customer for Key. She said to get some activity going in my account and we can revisit in a month to reapply. I imagine for people who have had accounts there for a little while would be approved quickly.

Also on the cashout refi definitely hit up Community Bank. They're doing an ungodly 90% LTV on cashouts. We just closed on my latest one last month with those exact terms.

I would only sign something like that for specific properties unless you know you're getting good volume from a single agent. To me, signing a broad exclusivity agreement kills your bubble; you're now cut off from every other agent's network.

Of course, it has to be worth the agent's while to bring you a deal over someone else, so try and offer something of value like a finder's fee or, if you're flipping, the right to list the renovated house with the agent. 

Give Key Bank a shot. I've only done two projects thus far, but the branch manager seemed confident I would be approved for at least 90k line of credit. Should know soon for sure. We still had the meeting and filled all the paperwork out though so it's worth a shot

Open an LLC and apply for a small business line of credit from Key Bank. Hit up Saima on Route 9 in Clifton Park. She's a beast and you'll likely get approved which will give you a revolving source of funds to keep growing