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All Forum Posts by: Jeffrey Ascough

Jeffrey Ascough has started 7 posts and replied 18 times.

Post: Rent to Retirement?

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8

@James F. Messaged you.

Post: New build with delta build services in Cape Coral

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8
Quote from @Bernard Joseph S.:

Got an email from them today about new builds in Lehigh Acres. I like new construction but all this negative feedback about Delta is a turnoff. I know first hand the permitting in Cape Coral is horrendous but what about over in Lehigh? Lee County for both but I’d imagine it’s gotta move faster. Any insight? 


 I am sure there are many more good stories with Delta than the couple issues that are being discussed here.  I wouldn't let our current situation necessarily get in the way of a great opportunity for you. 

Post: New build with delta build services in Cape Coral

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8
Quote from @Don M.:

I just wanted to give a little input, as my experience has not been bad.  As a disclaimer, I am early in the process, and only a single case with a single build.  It would be unfair for me to give any kind of general satisfaction/unsatisfaction because there is still a lot ahead to be determined.

A quick snapshot:
-Purchased lot in February 2022.  
-Completed permit package was submitted in June 2022. 
-Construction Permit was approved by City August 2022.
-Category 4 (Almost 5) Hurricane hit the area September 2022. 
-Lot was scraped November 2022.
-Currently in slab process with all fill dirt in place and compaction tests done January 2023.

I have put in effort to connect with people on biggerpockets who are going through the same or a similar process, so here are the positives I have found for my experience:

-The price point to this build was attractive.  The design of this build was attractive.
-Builder immediately began our permit package. (Surveys, septic design approvals, etc.)  During this time, when I inquired for updates, the builder sent me a comprehensive checklist of where we were in the process to see our progress.
-Getting the package to the city was congruent with (and a little ahead of) my expected timeframe.
-All permits were approved on first attempt.  I felt very fortunate here, as the city has definitely had its significant faults with permitting.
-We visited in December.  While in Cape Coral, we witnessed fill dirt being brought to our lot, and saw some progress in those few days we were there.
-Throughout the slab formation process, we have been sent another comprehensive checklist of where we are in the process, so we understand what is happening.
-We have experienced continued progress in the last couple weeks through our compaction tests.  
-Overall, the builder has been responsive to questions and inquiries in a 2-3 day window.
-While not immune from price escalation, there has been no indication of price escalation thus far.

A couple of other notes:
-As mentioned, we visited last month.  While this isn't Sanibel, Matlacha, or FMB, the hurricane damage was no joke.  The majority of homes in Cape Coral sustained some type of damage.  3 months after the hurricane, there were still blue tarps everywhere, debris at curbsides, fences and boat docks down, etc.  There's a lot of work for labor in the area.  There will undoubtedly be blue tarps on roofs for months and months to come.
-In speaking with investors, others have experienced some of the same issues mentioned throughout.  Long permit times (some greater than a year) and a slow process overall in Cape Coral.  Additionally, some investors with other builders have mentioned experiencing some significant price escalations. 

Do I initiate a lot of the updates/questions? Yes.  Do I, at times, wish things were faster? Yes.
Overall, I do not regret working with Delta at this point.  I continue to believe in the area and the project.  I am interested to see the timeframe of my slab being completed and how things move forward from there.

Good luck to everyone!



 Thats awesome! Thanks for sharing your experience, it is definitely important to hear from the good stories as well.  Looking forward to getting to that point as well. 

Post: New build with delta build services in Cape Coral

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8

@Eric Winkler Thank you for your post and an explanation for some of what has been going on. I look forward to hearing from you via email  or if possible, I'd really prefer a phone call.  I have tried to get someone on the phone to discuss this for months to no avail.  I understand the policy is to email permitting for updates but after 13 months of permits, 19 months after I sent in $36,000,  I think I've earned another quick phone call.  I do have a good idea of what you will explain to me regarding my permit as I have been in constant contact with permit coordinators and reviewers alike however, I am eager to hear if there is anything new that I haven't found out on my own.  I have been able to find out a lot of information from them, some in line with what I've been told elsewhere and some directly contrary.  Looking forward to discussing more of this in private. Thank you. 

Post: New build with delta build services in Cape Coral

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8

@Pretty Khare Sorry to hear they have you waiting around but happy to hear that someone has at least started.  I signed a cash contract in mid 2021. Still in permitting.... 

Post: New build with delta build services in Cape Coral

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8
Quote from @Jordan Wight:

As an update from my end, since my concrete block walls were knocked down in Hurricane Ian, today I finally found out that new block was delivered put back up and the Tie-Beam is being formed to be poured. Delta has not charged me extra for the new block. I am optimistic about things getting moving now.

Thats great. Glad you are making some head way with your build!

Post: New build with delta build services in Cape Coral

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8

@David Vanlandingham Are you still working for / with Delta? Would love your input for my situation with the company. 

Post: Rent to Retirement?

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8

@Patrick Bavaro Just curious if you have another update? Is your new build completed yet? Has it even started? I am currently stuck in this process and interested to hear if you're delays ever ceased to exist or if you are still dealing with them? Seems like we got in on this deal around the same time. 

Post: Help! Small commercial rental in NJ

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8


View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hey guys,
Above are calculations for a small NJ commercial building that I have under contract.  Have had some difficulty securing decent funding options.  These calculations are set at me putting 40% down ($187,900 purchase price) with around a 5% interest rate.  These are the best terms I've found thus far (spoke to all different types of lenders..CU, banks, private money, hard money, etc) that don't require me putting $15k extra down in closing fees.  I do feel the building is slightly underperforming and the downtown area that it exists also has big plans for a total makeover to re stimulate the area. Thoughts?

Post: Looking for partner/ investor, NJ commercial building w/ tenants

Jeffrey Ascough
Pro Member
Posted
  • Rental Property Investor
  • Forked River, NJ
  • Posts 22
  • Votes 8

I have a commercial building under contract in NJ. $187,900 purchase price and looking to purchase all cash. I have most of the cash but I prefer not to put all of it out there and interested to see if anyone would like to discuss the opportunity further. $187,900 purchase price, tenants paying $1,950 per month total, rent hasn't been touched in 3 years, in an area that should be appreciating well above the average. Looking for more of a silent partner but willing to discuss any opportunity! Thanks