All Forum Posts by: Jason L.

Welcome to BP @Tony Link

I live here in Amarillo as well, I'm still in the process of learning too.  

Welcome to BP David!

I do not currently live in central Texas, but I was stationed there while in the military.  I also have great interest in this market, more so the Killeen area.  Right now I'm in the process of analyzing the market there. 

Let me know if I can help......

@Account Closed

  Thanks for your response.  Since I'm starting out with a duplex or triplex and then doing 4 units at a time after that the Davis Bacon Wages do not apply, so I was told by the manager in community development.  I will have to submit individual applications for each 4-plex to avoid Mr. Davis Bacon.     

@Account Closed

  Thanks for your response.  Since I'm starting out with a duplex or triplex and then doing 4 units at a time after that the Davis Bacon Wages do not apply, so I was told by the manager in community development.  I will have to submit individual applications for each 4-plex to avoid Mr. Davis Bacon.     

My name is Jason and I'm in the beginning stages of partnering with the City of Amarillo, TX to construct multifamily homes for low to moderate income families. Partnering with the City using my VA Loan and HUD funds, they will reimburse up to 50% of construction cost (hard and soft). Partnering with the city on a project like this requires me to rent to low to moderate income families for 20 years and keep the property up to HUD/City codes. In constructing the first duplex or triplex I will occupy one and rent out the others, the city will not reimburse anything for the one I occupy. I currently have 2 acres of land to begin this project within city limits, I'm now working with builders to receive 3 bids to satisfy the City/HUD requirement for bids. Once my plan is approved by the city they will start reimbursing the builder at each phase of the project. Once the duplex or triplex is complete, I will use the equity from the city's reimbursement to continue the development of the acreage, most likely 4-plexes.

My question to you, with you knowing very little about the the City's program is, what are somethings I should consider for construction. I already have my own plans but they will need some adjusting based on square footage and layout I would like. I'm open to any other suggestions or questions you may have.

Thanks Scott, I will it a few days to see who responds.

Hello Amarillo real estate investors, I'm willing to host a meet up, for us to connect and get to know each other.  I don't have much experience but I believe, meeting and sharing our experiences, will help us grow as investors in this area.  If you are interested please respond and I will start the search for our first meet up location, date and time.  All suggestions are welcomed.  

Thanks! 

@Tyler Flagg Thanks for breaking down the pros and cons, it helps a lot.  I have long term plan to continue to develop the land with multifamily units.   

@Mindy Jensen this is very true about finding a lender that will do a VA construction loan but I believe I will have one soon. After meeting with the builder a few times, this project does seem to be overwhelming for a newbie but I'm also thinking of the possibilities once its completed. This is tough!!!!!

@Brie Schmidt  Hey Brie, I have not done a new build but I'm currently in contact with a builder that has been assisting me in my plan.  I know short term the duplex would be great but if I could suck up renting and paying for land until the completion of the 4-plex, this would set me up for future opportunities.  I would have about $150,000 to $200,000 in equity, with this program paying for half of the total cost.