All Forum Posts by: Orion Flood

I'm looking to begin the construction process by subbing out work and to get as far as I can on my own dime to put more equity in and avoid as much fee/upcharging as possible. I would like to get the complete foundation done. Does anyone know a great step by step commercial construction book. I have to use piers due to unstable ground, so I want to get piers, plumbing concrete done and maybe even some framing though doubtful. Sounds silly I know...but as we all know we've got to pinch every dime. Thanks 

 4.25 isn't bad considering the market

Everything on the market is wildly overpriced and as we all known would most likely need some sort of substantial repairs to get it back up and running efficiently.

Thankfully my loan is a 5 year perm with construction loan in it. Meaning when I close and start construction in a few days that will be the interest rate for 5 years...it is 4.25% I would agree with you except there are no such deals on the market at this time. In fact in my midwest city there are only 5 multifamily buildings on the market period...and this is in a semi large city. 

I purchased a parcel already with a variance for an apartment built. Recently I got the appraisal back. 

The ARV stabilized value is $3.35 million

I paid out of pocket for the land and Design/engineering after LTC my loan will be $2.34 million

it is 15 units at on average $1400 per unit. 

Due to my lack of experience in multifamily builds i have no idea what it will be tax assessed as though the area is a 2% tax.

There are only 5 5+unit buildings in the entire major city area. Since I consistently doubt myself I can't see the forest from the trees at this point as I'm about to sign the dotted line. 

the tenants will pay electric and water, there is no gas.

this is a Midwest conservative state.