All Forum Posts by: Rachel Murray

Ahh interesting, will do Kenny. :) Also, in a surprising twist of fate, a developer's just reached out to me and my neighbors as they're looking to turn this whole block into apartment buildings, I think. The house across the street from us sold at $1365/sqft (bananas), which means, if I were to do the math, we could possibly sell our home today for $1.8M... if we wait another few years, it seems like over $2M is a strong likelihood for a sale price. Rental prices are also bananas here and vacancy rates are super low, so whoever turns this block into apartments is going to do very well. My neighbor and I think our walk-away number for this prime real estate property is $3M. I'm curious if anyone thinks that's reasonable/too low/too high?

Thanks so much for the response! Yeah, that would be probably the most logical thing to do since I'm so new to all of it. Working with design-builders can be incredibly expensive. I feel like the only way to do well is if you really know construction or are already in the space. Now I just need to find a developer. :D

Hey there BiggerPockets Peeps! Thanks in advance for any help/guidance. Here's our situation. We got lucky and bought a SFH in North Park right before things went wild, so we've got a great interest rate and a steal of a mortgage, considering what folks are dealing with right now. Our property is zoned for 6 stories because we're very close to a commercial street with great public transportation. 99 walk score! I've been toying with the idea of scrapping the building and starting fresh, creating a six-story building with at least six units, one per floor to rent out. Here's the thing. I'm not a developer. And while we have a nice chunk of cash in the bank and can get more with home equity, we certainly don't have enough to pay for the whole thing. So here are my questions. Is this something worth pursuing? Would it be smart to bring in a partner/investor? A friend even suggested friends/family raise for the investment, but since I've never done anything to this scale, it seems like a lot to take on on my own. Though, tbh, it's kind of thrilling. I'd want to hire a design-build firm at the very least, but beyond that, would it make sense to bring in a developer who's done this before? If the latter, who to trust? I'm curious if anyone's done this before and has any thoughts on how to start/move forward. Thanks again!