Quote from @Troy Sheets:
Quote from @Philip Jackson:
Quote from @Troy Sheets:
Quote from @Eric Greenberg:
Congrats Troy! Thanks for the details on this project. How many lots did you utilize for the 9unit and what was the original zoning?Thats a shame on the building between the units and wild the 9-unit is only $6400 without the abatement!
The 9 unit was only two lots. The lot in between would have gotten me enough square footage to utilize the green roof bonus which would have gotten me 3 additional lots on top of the 4 by right the lot allowed. As far as taxes, I suspect it will be much higher at some later date, as of now the appraised value for tax purposes is only at $1m or so. I'm not complaining and it doesn't make a difference for the next 10 years, so they can appraise it at where they like, for now!
@Troy Sheets how do I get started in new construction as a beginner
That's a broad question not knowing your background, experience, market, etc. If you have specific questions I'm happy to help. Broadly speaking, I would say network with developers in your market that are doing what you want to do. I've taken at least a dozen investors through this project at various stages and they asked a ton of questions and hopefully learned a lot. I'm always happy to help others and pass along knowledge and I'm sure you can find someone in your market that will do the same. In the meantime, ask away on here and I'll answer as best I can.
im an investor in Philly as well, I currently have some rentals , have done 1 fix and flip. I also have 1 infill lot in Delaware county that I own free & clear . Is it true that the bank would use the lot as collateral for a new construction loan @Troy Sheets
