All Forum Posts by: Paul Ortiz

@Hank Buck 

thank you very much appreciated.

will keep this updated if anything new pops up.

thanks again.

@Adam Paxton 

Interested to see in you found any forms, I look for infill projects to build SFR. So I send letters to property owners, (No Luck Yet on Returns) so I'm always looking for a better way to track results.

Thanks

@Frank Bowen 

Welcome, to bigger pockets.

remember the more you put into the forms the more you get out.

look forward to hearing from you.

cheers.

as always @Karen Margrave offers great insight.

@Darren Smith I'm a bit surprise that you say there are no subcontractors. I really don't know anybody that has built a house without one, But I could be wrong.

Regarding Disbursements, I would at least set a Schedule of Values.

(For Example) 

• Grading:   $???
• Concrete: $???
• Framing:   $???

And so on, this helps to keep a eye on over runs on the Budget, 

Also, I would try to line out a Construction Schedule complete with projected milestones.

this also help to keep your project moving forward. It can also be used to help visualize any long lead time items that have to be purchase ahead of time. (I.E. Windows, Custom Kitchen Cabinets, Generally anything that is custom would fall into this category.)

Cheers

@Nhi Nguyen 

Very well said.

@Allan Glass 

thank you,

here is a link to the restrictions

Heritage Square Neighborhood (@Jon Klaus the attached link helps answer some of the things you mention. Great Advice) 

I'm not always real articulate in describing all the particular, Sorry.

I also agree with that the city most likely see something rebuild there.

There was a house previously built there circa 1920's, but it was fire damaged in 2009 and subsequently torn down. So my idea is either built  a similar type house (Product Option A)

or try and maximize the square footage allowed (Product Option B) to increase the overall price in our return investment.

thanks again.

really appreciated.

Need advice,

How big of a house can you build on a 4,400 sf lot?

Also, the city has a specific plan for house's to be built in this general area.

(it's a Historical Neighborhood)

The price of the lot is descent, for California standards. 

any advice or thoughts are appreciated.

thank you in advance.

Cheers

@Vicki Stewart 

The following link is a really good e-book for Estimating Rehab Cost.

Your fear of getting the rehab cost wrong is natural, unfortunately you only get better with experience and experience comes with making mistakes.

Believe you me, I make them all the time. Once I was building a spec house and forgot the cost for Drywall for the whole entire house, it was a silly over sight on my end.

Being that my family owned a drywall company, It didn't even cross my mind to see this line item on the spread sheet. Especially when it's a cost we know really well.

Well, need less to say I haven't made that mistake again.

True,

Is call Liquidated Damages, essentially its compensation upon a specific breach. (I.E. Contracted Work to be Performed)

its common in public works projects. But if your able to outline it with your contractor of choice and put it in writing in the contract then by all means do it. 

Ask to see if they (Your Contractor) can give you a schedule or at least agree to abide by a written agreed upon schedule that you or your contractor as put together.

This way everyone is aiming at a certain goal of completion.

When starting out as a new real estate investor what were some of your biggest frustrations and/or challenges that you might have encountered.

• Property Acquisitions
• Rehabbing and/or Renovating
• Raising Capital

I can tell you from personal experience that being from a contracting family, the construction wasn't the problem.

Property Acquisitions and Raising Capital were always the biggest challenges.

I'm Interested on hearing your story....

thanks in advance.

Cheers