All Forum Posts by: Milan Mehta

Hi @Brandon Smart !  I think what you are considering is a great way to go.  I did a "build and hold" a few years back, where we bought 8 townhouse lots and designed and built 8 townhomes to rent out.  We learned a lot through the process and it was well worth it in the long run.  A great advantage is because we are new construction, our maintenance costs are extremely low.  I find the tenants want to take better care of new or newer homes.  I happy to help if you have any questions

@Uriah D. sorry I missed the final product.  Hope you got it sold!  Thanks for the invite @Dawn Brenengen

Almand's Drug Store 130 SW Main Street, Rocky Mount 27804

Jen Sisak - AIA, LEED AP and Associate Principal with RATIO Designs where innovative designs reflect their mission, values and spirit by defining spaces, creating places and enhancing community - will lead us to imagine and realize the potential for Rocky Mount.

~ She’ll take us on a brief travel back in time, what’s happening now and a look into the future.

~ Activity in the area and how an image can be worth a thousand words when it comes to redevelopment.

~ What should you think about as you consider taking on one of these redevelopments?

~ Key issues in evaluating a building and site to avoid surprises.

~ Where is all this leading and the economics of sooner rather than later.

We're a sub-group of TREIA (Triangle Real Estate Investors Association) which provides broader exposure for our members. Join us each month as we make connections, gain insight into proven strategies, understand local incentives and learn more about opportunities and market conditions that make Rocky Mount a great place to invest. All experience levels are welcome.

Questions or inquiries - contact @Ben Braddock

Great thread here and will tag on.   Architect with 18 years of experience and started about 4 years ago investing/developing for myself.  First project was new construction of 8 townhomes, and I learned a ton.  Did a few very slow flips along the way and just closed last week on a 15 unit multifamily.  Would love to talk to like-minded folks doing the same and share their experiences!

@Ryan Klemetson , Welcome to NC!  Would love to connect with a future neighbor.

Milan

Thanks for the update.  Missed the last one, but will be there on Saturday!  It will also be me + 3 for lunch!

Milan

Capital Broadcasting will be presenting their redevelopment of the Rocky Mount Mill! 

Please be sure to RSVP so that we have enough space and food.
Sponsor for this months Meetup is First Carolina Bank.

Note the change in Location:

Black Box Theater

270 Gay Street , Rocky Mount, NC

Fee:  $5

Please RSVP here:  https://www.meetup.com/TREIA-Rocky-Mount/events/23...

@Ben Braddock

@Valerie Steel

@Dawn Brenengen

@Adam Schneider

@Adam Ward

Keywords: Apex, Cary, Raleigh, Durham, Morrisville, Wake Forest, Chapel Hill, Clayton, Garner, Fuquay Varina, Knightdale, Mebane, Zebulon, Creedmoor, Roxboro, Goldsboro, Smithfield, Sanford, Holly Springs, Angier, Wendell, Youngsville, Franklinton, Louisburg, Oxford, Hillsborough, Burlington, Siler City, Pittsboro, Lillington, Fayetteville, Triangle, RTP, RDU, Research Triangle, Rocky Mount, Tarboro, Nashville, Wilson, Greenville, Kinston

@Christopher Mosher, I agree with @Jonathan Marcus An architect can help you determine what is actually feasible to build.  Many times zoning will allow a certain number of units, but the physical constraints on the property as well as any setbacks, easements, utilities, etc. you may have to avoid, as well as allowing for parking, storm water management, etc may actually limit what you can physically build (feasibly).  An architect can help you navigate through that process as well as come up with options.

@Keinetta Harley Welcome!  BP has a wealth of knowledge available and encourage you to study all the aspects of real estate investing.  Before you decide to invest your first dollar, make sure you know the process and how you can make a good return on your money.  Also, I highly recommend you join the local real estate investor association called TREIA.  They meetup about 80x a year and they have a sub-group specifically for New Investors like yourself.  It's a great way to make connections, learn, and possibly find some mentors.  Good luck!

@Ryan Oelmann

I am an architect and have purchased townhome lots and developed them very similar to what you describe.  To answer your questions:

1.  Agree with @Mike Wood  You can ask for them, but you will need the design architect or designer to stamp to submit for permit.  Getting construction drawings for the homes are a soft cost and depending on your terms with the lender, it may or may not be part development costs.  My only question to you would be:  Why build the exact same townhome?  You are now their competition (and they yours).  I would be less likely to share my drawings with you if I knew you were going to build the same home down the street from me.  Have you done some analysis of the area?... creating a slightly different product could benefit you in the long run.  Be sure the review the neighborhood covenants to determine what can and can't be built.

2.  See response to #1.  Most likely you will not be able to submit for building permits until you are the owner (which will not occur until closing).  You want your lender to appraise the drawings with the expectation that you will be able to successfully pull the building permit.

3.  If these are brand new homes.. repairs should be minimal except for wear and tear from the tenants.  It also depends on what type of products you put in the home.  Carpet?  Depending on your market, figure replacement costs.  If unsure, I typically figure 3% for repairs and maintenance.

Hope this helps.