All Forum Posts by: Marc V.

We are small LLs in Seattle and are looking to demo our primary and develop the 12000 sqf site into several units. Town or Row houses or SFRs whatever makes best sense. The current house is on three parcels that combined to one tax parcel, in an outstanding view location.

We looking for advice to finance this development in the most tax advantageous and profitable way. We are looking for an RE financial planner /CPA /retirement advice with experience in this area. We are considering to sell another investment property to partially fund the costs. 1031?

Advice appreciated.

Thanks! I think I am good with the 4000sqf since the next 4 adjacent lots are all 4000sqf, and one of those was 8000 before subdivision into two a few years ago, but checking obviously is the right thing to do. I spoke informally with an architect once a few years ago and he looked at his map and thought the subdividing part would be no problem. 

The land of these should easily clear 580k. 

I guess my question comes more down to a timeline and financing. 

What to do first and who one would contact? 

I think I need 480k to pay off the existing note, because as far as I understand, if I proceeded to subdivide with a mortgage on it the lender could call it in.  Are there lenders that would borrow for the whole process, pay down the mortgage, subdivide and finance the development? 

Is that the best way to go? 

We have one single family house that due to University proximity often has student tenants. My leases expect one payment and are all written as jointly and severably. Additionally, we usually have co-signers, in most cases a parent. That made excessive damages, when one kid turned it into party central, easily collectible.

Thanks, good advice. While I haven't done that, it is highly unlikely it could not be done. The city is desperate for more units here. If I go on the premise that it can be done and validate it, my next  question would be how to find a lender that will borrow the $480k to pay off the note so the subdivide can happen and the monies to then develop and build? 

What type lender would do this kind of a deal? 

Greetings. My first post here.

I have a building on a 12k sqf lot. Three former city lots were combined and someone build their dream house on it.

I would like to demo the house, re-subdivide  and build three or more units on the new parcels. one of the three was multifamily before. The others were SF.  

I am in a hot market and the lot has a killer panoramic with the skyline view. Each building would be worth more than the one currently on there upon completion. I would sell off one to pay for the debt (or most of it.)  Current value with existing building is about 2.5m including the existing structure. Each new building would be 3-4m.

I need to pay off the remaining note of $480K that is currently on it before I can subdivide and then would need funding to build. I have bought houses and flipped them, but never done developing. 

Where do you start with something like this? With an Architect?  Bank? (what type) How do you find a good builder etc.

Any help appreciated