All Forum Posts by: Harsh Poshti

Please bear me for a lengthy post. This is my first time entering into commercial investing.

I bought an old property which is in CRT (commercial residential Town/mixed use) zone. I plan to make 6 affordable residential units and 1 commercial unit in the existing building. The previous owner who was planning to make a pet hospital had some of the drawings and plan done on this old building.

The previous owner also had no plans for addition or extension of the existing building since it requires zoning of a plot which is more time consuming process based on the feedback I received from county and a couple of civil engineering firms that I reached out to.

I was provided the following list for civil engineering work.

Pre-construction phase

1. Boundry worksheet

2. Natural Resources Inventory/Forest Stand Delineation Plan l.

3. Forest Conservation Exemption Request (Suburban, Improved

<1.0 Acre +/-).

4.Sight Distance Evaluation.

5. Concept Plans.

6. Site Plan – Construction Phase.

7. Landscape Plan.

Construction Phase.

8. Soil Erosion and Sediment Control Plan.

9. Final Water Quality Plan.

10. Stormwater Management Easements and Covenants.

11. Site Utility Plan.

12. strome water management plan.

13. Access Permit Plan.

14. District Office Permit Application.

15. Roadside Tree Protection Plan.

I was told I will also have to get  stamped and sealed architectural plans of the 6 unit building. This includes all structural drawings, exterior drawings, framing plan, mechanical plans, plumbing plans, electrical plans, gas line plans, roof layout plan.

I tried to work with a couple of firms and the pricing for all these came all over the places.

I also came across a company called flip16.com (September Development, LLC) who said they can do all of the civil engineering and architectural drawings work at a fraction of the price compared to those civil engineering and architectural firms. I am not sure if they are legit or not. I see the website and they have construction crew which turned up when I requested some renovation work for one of my other project. But, I never used them before for civil engineering and architectural work.

My question to any experienced investors is please suggest what is the best route to go about this project ?

What fees am I looking for civil engineering and architectural work?

Any recommendations to get honest and reasonable estimates and get the work done.

I have a contract on mixed zone property on 355 Fredrick road, Clarksburg. I am debating about the converting the existing old gutted building to either multifamily building (6 units each around 500 sqft small studio) or mix of 4 residential and 2 retail/restaurant conversion (the back side of the property has Big enough lot for outdoor dining or any other use cases.

Any recommendations for use case of pure multifamily or mixed of multi family and retail? Would appreciate pros and cons of each based on your experience.

The location has decent visibility on 355 and surrounded by residential, Clarksburg outlet mall, good schools, business etc.

Thank you. I am going to buy cash since I don't feel like giving away 4 to 5% just for hard money loan Origination and then 11 % or above interest rates.

I bought a condo at auction. The contract ratification took 4 months, now it is clear to close. now, I have to purchase it in less than a month. I was told by the Trustee, I could finance the condo instead of buying it with all cash.

However, since this is auction property and doesn't allow someone to do inspection from inside most of the lender are suggesting that get a hard money loan instead of conventional investment loan.

hard money loans are expensive (12% to 13% + origination fees).

Does anyone has done this before with conventional investment loan where you don't do the inside appraisal.

or any recommendations for lender who can help achieve this?

Also, FYI the condo is FHA approved

Hi,

I won a condo at auction. The contract ratification took 4 months,  now it is clear to close. now, I have to purchase it in less than a month. I was told by the Trustee, I could finance the condo instead of buying it with all cash.

However, since this is auction property and doesn't allow someone to do inspection from inside most of the lender are suggesting that get a hard money loan instead of conventional investment loan.

hard money loans are expensive (12% to 13% + origination fees).

Does anyone has done this before with conventional investment loan where you don't do the inside appraisal.

or any recommendations for lender who can help achieve this?

Also, FYI the condo is FHA approved.