All Forum Posts by: James Billings-Kang

Great work, @Anticia Whitehead! Out of curiosity, what was the cost of rehab? 

Hey @Eva Lai, yes, you'll need to get a license while house hacking in DC. See the info here: https://dcra.dc.gov/page/rental-housing-business. You'll see that the regulations apply even for single-family rentals, which includes renting a room in a place you occupy: "One-family rental, which shall include the rental of single-family homes, townhouses, duplexes, individual condominium units, or individual rooms (including individual rooms in a residential building that the licensee also occupies)."

Hope that helps.

Hi @Shanisse Palmer, where is the land located? Would you consider selling it? I purchase vacant land.

A good amount of end buyers should find those figures to be attractive. Best of luck, @Michael J. Ray!

Hey Michael, it all depends. What's the condition of the property, and what are the repair costs? What's your strategy? If you're wholesaling, what fee are you trying to generate? If not, then you'll need to factor in holding and closing costs, etc.

Here's an article Brandon put together in the framework of the 70% rule: https://www.biggerpockets.com/...

[DISCLAIMER: This is not legal advice.] I would retain a lawyer to draw up an agreement between you and the homeowners. It could be a simple contract that outlines what each person brings to the table (the homeowners agree to the future sale of the property and all sides agree on the allocation of the sales proceeds). If you want to strengthen the contract and soften your risk, you can have the homeowners agree to offer collateral.

@Carlin Randolph not too familiar with that area, but I have some GC/architect/engineer connects who can assist you with the numbers. 

From my experience, you may be able to build at $65-75/sq ft. Common unforeseen circumstances include, but are not limited to, delays in getting permitting or scheduling an inspection (though an expeditor may assist with this or a third-party engineer if that's permitted by the locality), the quality of the GC/subs/vendors and whether there is transparent and timely communication and conformance with the plans drawn up by the architect/engineer, zoning issues, setbacks/variances, what materials to use for the new builds (e.g., are you going to use cinder blocks or poured concrete for the foundation?), seeking and considering bids for various stages of the build, the surveys and environmental inspections you need to cover, and also tax considerations. This is but a small list, to be honest, and in fact I recommend reading J Scott's Diary of a New Construction ebook to get a more holistic sense of new builds (assuming you haven't already).

Congrats! Did you cover the $75k rehab costs all with credit cards?

Thank you, @Dawn Roy and @Patrick Devlin. I'll be sure to reach out or have my brother contact you.

I welcome wholesalers, too. Thanks.