All Forum Posts by: Michael Hamilton

@Luke Hadden happy to help

Hey Andrew - we're a GC and developer in Portland. 

3-4 story wood frame  - 165-185sqft. 

5-6 story 4 over 1 w/ podium $190-220 sqft

Hey @Robert Luu sounds likes like cool potential project.

Generally on a lot that size you go about 4 stories. You'll want to review max use on the zoning. You can go higher but then you start getting into some intense structural engineering with steel which will just up your price per sqft on construction. With 4 stories you can still go wood without blowing up your lumber package. 

If the ordinance has some sort of IZ or the lot is within public transit, etc. Parking can be avoided. 

If you do develop you'll want to run a financial model on the project with the potential development before spending too much time on it. Land, design, permits can always be used as an equity position on your con loan. Owning the land is half the battle so you sound like you're in a good position for a potential development!

Firstly, I know I’m allowed to be a majority partner in a brokerage as long as I don’t engage in daily or company operations. Which I don’t plan too.

However, am I able to open a brokerage, own 100% of the business and hire a principal broker for a profit share?

Any advice or help is appreciated!

@Caleb Webster Hey Caleb I would agree w/ Chris as far as precon costs. However, 150-200 a sqft is fairly up there. I am doing a 18 unit apartment build at the moment that is 154 a sqft. I am doing another 19 unit at 137 a sqft. It's all relative but value engineering during the precon stage is hugely important. Hire a team that understand the QC and knows your price goals. 

Secondly, with 40k a unit is fee's is accurate to an extent it's all relative and you can take advantage of SDC exemptions by applying for low income housing with the housing bureau. I had a 18 unit apartment permit at 286k in fees and got the permit down to 60k for the whole building by applying for low income housing and getting the fees waived. 

Hey Jimmy,

I would start with what you want to learn first. What part of the real estate process do you want to learn and adopt as a core skill you can incorporate in your deals to offer you a savings? This is helpful for a number a reasons. It allows you to save money on a skill that you would otherwise pay a fee for. Ours was construction, we assembled a team capable of high construction volumes before we did our first deals. This strategy was somewhat uncommon but it allowed me to get into projects and build at a discount because I could get materials and trades at a discount compared to going out and hiring a contractor that would mark up the build 15-18%.

We are a 8 person team and we outsource the rest.

Hey Jimmy, that's awesome to hear you're getting into the a multifamily sector here in Portland. Our team at H&K does variety of multifamily new constructions and acquisitions here in the Greater Portland area; specifically N, NE, and SE Portland areas. We'd be happy to offer some insight to help you reach your goals. Feel free to message me.