All Forum Posts by: John Barry

Looking for some advice. Recently found an off market opportunity....I work on the side for a developer who bought a house about a year ago (he owns a large sqft area adjacent to the house and bought this particular house to avoid any issues with his potential development)

Long story short, this house worked perfect for me and my family. I worked out a deal to purchase the house. I in turn sold my single family in order to buy and move into this property.

I am currently in an intense academy

For my profession and due to my limited availability we needed to “close”/sign documents on a Friday at 5. This affected the day/date the house would be recorded

Apparently when the attorney went to record the deed, there was an issue. In the deed we agreed to include language saying I would not contest any potential development, if ever approved. The closing attorney told me that this type of language was flagged and is allowed to by included.

The attorney is going to remove the language (me and seller get along great and I personally like the idea and plans that seller/developer is potentially building ).

I guess my question is, IF simply removing the language in deed isn’t allowed for some reason, and this ends up in land court, what am I up against?

I put down 20% (94k), closing fees, insurance for the year....etc etc etc?

Any advice or guidance would be great.

@Chris K.

Thank you for the reply.

As far as the GC goes its someone who is greatly experienced in this type of work and also someone we trust

As far as planning goes: the plan is to keep the building for years to come. Our current portfolio includes other multi family (smaller all single, 2 and 3 unit properties). The goal with this is to add to the overall unit total and build and hold. With that being said we are (as a backup) keeping in mind “converting to condos” as we work Thru the build side of things

@Troy S. Will do. Thanks for the reply

@John Barry

Just an update on the status. We have met with the architect today and he provided us with the first schematic set of drawings. There are few minor tweaks we are going to do to them as far as layout goes but at this point they seem to visually what we are looking for.

One dilemma we are pondering is whether we want to build the building using gas for heating or do we want to go all electric. (Something like the Mitsubishi in wall units)

Any feedback would be appreciated

@Kyle Jean thanks. I will keep this thread posted with any updates. Thank you

@Charles Soper. Appreciate the reply. I guess I was thinking of coin op laundry as opposed to in unit. I understand the convenience of the in unit I was simply thinking it may be more profitable to have the coin op??

Thanks

@Nik Moushon. Thank you for the reply, we are waiting to confirm with the architect and builder as far as if the parking area would be considered a “story”. As far as I know I believe it is 1.5 parking spaces for every unit. No matter the size of the unit.

Thanks

Working on building a apartment complex (25-30 units).

Currently have needed land, and enough parking for 29, all zoning requirements are met.

We have had the property professionally surveyed, have met with our GCs and are waiting for some initial renderings from our architect at this point. We also have the funding lined up as well.

We are allowed to build up to 5 stories on the property. (Though we are leaning more towards 3 as we simple may not have the need to build higher)

We have parking “underneath” the building to maximize units.

Assuming build costs and end results any advice on say the ideal (if there is such a thing) On say 26 units? 1 Vs 2 Vs studio?

Also we plan on adding a coin op laundry area. Are there any formulas people use as to number of machines for number of units?

Also any additional ideas or thoughts would be greatly appreciated.

Thanks

@Kyle Jean past 2 weeks have had increased traction on most fronts.

Have acquired and architect and have also spoken to 2 gcs that work hand in hand that both me and my father are beyond comfortable/familiar/ and trust more importantly.

We have also spoken with a local bank that we have used in the past and currently to purchase investments thru and it appears have there green light for any needed funding.

The architect said it will take about 1-2 weeks to come back with some drawing and options to get the ball rolling.

Just wanted to check back in. Thanks

@Nik Moushon appreciate the reply. Due diligence will be done on all aspects. Thank you for the response.