All Forum Posts by: Justin Haberman

Well everything is temporarily on hold as we got an offer and active contract on the property.

@Mike Wood

We are meeting with the engineer today for that very reason. I'm afraid the access will be a problem subdividing as we sit on a cul de sac as opposed to a street. I'd like to post a picture but I'm unsure how to do that. For resale of the property in the future, do you think investors would want one large property or multiple small ones?

@Mike Wood

Mike, thanks for the feedback. We met with the city and they advised that subdividing was not the intended use for this particular piece of property. The city wanted to see the high density used to its potential. What scared us off initially was the "commercial" building codes. When speaking with the manufactured home builder, they said that building say a 4 plex would be cheaper per sq ft than a duplex. We are going to run the numbers on what a 4 plex to commercial code, (add sprinklers, etc) would be vs. duplexes not to commercial code. With meet with the engineer this week to see what the plot plan and drainage plan will be like. We ll keep you updated.

Lots of phone calls and emails are out. Waiting on some prices from a conventional stick builder. Sounds the the manufactured homes may be the way to go. Built to IRC code. Built and delivered in about 4-6 months. $95-115 sq ft. This is built, delivered, set to include crane, and stitch it all up. We would have to pay for foundation and utilities stubbed up. Finances, resales, and appreciates as a stick built. There are some models of these homes about 2.5 hr drove from us. We will be taking a trip soon.

@Michael Cavalli

We spoke with the city about building townhomes. For this we would either have to subdivide or rezone the property. We are planning on doing one duplex, get it rented with money coming in, hopefully this now has equity, then use that toward the next unit. We have no development experience other than building our own home and helping with our brother in laws home building. As I said earlier we really didnt want to start this venture but also couldnt keep paying taxes on a vacant piece of property. I'd venture to say most investors dont want the headache of a project like this. Once we get the units up it will be much more appealing if we decided to sell than a vacant piece of land.

@Russell Holmes

This is probably the first of a few generals we ll be talking with. Fremont county is a fairly small area and this contractor has a very good reputation. He has done duplexes in the past and we re hoping to look at those plans and get an idea. I spent last night putting feelers out to some companies that do the SIP, steel frame, and also post frame construction thanks to you.

@Russell Holmes

Russell,

Thanks for the info. We had asked the city if a steel/bardomenium type building was acceptable. They had no issue with it. With current lumber prices this may be a great option. Also, I'd imagine a steel frame building could get repurposed as offices of some sort later in life. This property is a block away from the local hospital and many doctors offices. Lots of potential. Thanks again.

Hello BP world.

We are starting the process of developing a vacant piece of property. I wanted to document it start to finish to hopefully help someone else along the way and also allow us to look back at our success and failures.

Our background: I'm a firefighter in southern Colorado, married with two kiddos, who had a fellow firefighter get me interested in real estate. Like so many others I read Rich Dad, Poor Dad. Found us a 16 space mobile home park that was extremely run down. After purchasing it, 2 evictions, one pit bull attack, sewer back ups (Thanksgiving morning), and numerous sleepless nights we sold the park for a profit. This allowed us to payoff the vacant piece of property that we had closed on the day the owner of the park called us saying he was willing to sell! Fortunately, we were able to get in touch with some smart bank folk who were able to get us some creative financing.

We've now had the property for two years. I swore I was done with investing and just wanted to live a simple life and enjoy my family. Well the property is not selling and the vacant property taxes are very expensive. So we have started to look at developing. We were approached by a couple who have decided they wanted to get into real estate investing. I believe God knew I would't want to do this alone again so here they came into the picture.

Progress so far:

We have met with the city planner and spoke with all utilities. All utilities are to the property and we've obtained prices. The piece of property is .94 acres. The city will allow 10 units on this much property. The adopted building code says that anything over a duplex is considered commercial. Therefore to avoid that expense (sprinkled building, commercial insurence, etc.) we have decided on 10 duplexes. Building materials are very expensive at the moment in Colorodo. We meet with a builder on the 16th to get an idea on price per sq/ft. We are also getting prices on manufactured duplex units.

More to come......

We have a piece of vacant property that will allow 10 units to be developed. We are planned on doing 5 duplexes. Has anyone built manufactured duplexes? Any companies you suggest?

Thanks,

Justin

@Steve Bergeron

Steve,

We're getting ready to develop a piece of high density zoned property as well. Do you have any thoughts or suggestions on conventional stick built as opposed to the manufactured multi family that's availble?

Thanks.