All Forum Posts by: Rick Bevilacqua

@Emmett Fonte

 Are you thinking a dark brown or light brown? Yes, I agree with the elastomeric paint! @Lisa Kohl what color is that? It's tough to see from the pic..

Thanks Neil! Appreciate the input!

Hello BP'ers, I'm looking for thoughts on what color to paint the existing reddish colored stucco??? The vinyl siding (yellow or cream) will be staying, the roof will be replaced with a new architectural shingle...Asking for color ideas for stucco and any other inexpensive exterior dress up ideas.. Thanks in advance! -Rick 

 I was thinking the same thing as @Wayne Brooks.....

@Raymond B.

Thanks! Got it!

 Don, I am a Contractor and Investor from Philly Suburbs..I would find out if all 3 guys are skilled mechanics or a mix of mechanics and laborers. I am always leary of doing Time and Materials with my Subcontractors because it gives no incentive for them to get it done quickly and efficiently and then you're always on edge with how many breaks they are taking, how many lumber yard trips etc, on your dime. Unless you have already worked with them and know their work ethic, production etc, I would get him to give you firm, all inclusive pricing even if it's on a room by room basis...Long story short... I don't think $1,000 a day for a 3 man skilled crew is too expensive IF they are highly productive skilled and motivated...

@Jerome Mouttet , I'm not sure if this info below helps you, but I posted this in another conversation a couple of weeks ago:

Originally posted by @Rick Bevilacqua:

Here in Pennsylvania, you should start by looking at the Zoning and Subdivision/Land Development Ordinances which vary from Municipality to Muncipality. Many of the questions on density, use, grade restrictions, setbacks etc, etc can be found in these Ordinances relative to the particular zoning district that the site is located in. This will at least get you started on the "As of Right" development potential within your designated zoning district..Potential to change zoning, obtain variances etc will be more involved, costly and risky (with great potential payoff) but it opens up a whole other conversation.

If you can develop a concept plan for the property based on Zoning and Land development ordinances, you can then estimate yield/size of building lots, comparable new construction outsale value and then work backwards from finished product costs to help determine retail value and then wholesale value of a building lot. Keep in mind that without bringing the site through all approvals, it will have a much different value as land with "potential" vs. Land that is "approved"

This is generally how it works in the PA area. It may be different in other parts of the Country...

I would verify all of the lot yield claims with the specific city authority that the property is located in and if it does truly have the claimed yield potential, you will need to figure out the probable product (and retail price) that would sell on these lots. The finished, meaning subdivided and approved lot value is typically valued as a percentage of the finished product value. This percentage varies based on buyer and market but it could be 20%-33% in my opinion but that may or may not include the site improvements (roads, infrastructure ) already being installed and in place.

After doing all of this THEN you can come up with a reasonable valuation for the dirt...

This is just my opinion and experience and others may tell you different but it's just another perspective....

Joe, did you have a Pase 1 Environmental done?

Gotcha! I figured that may be the case (area) but thought it was worth mentioning...Good luck with everything! Sounds like a great building for the price!

Joe, not sure of where this is located or if it could make any sense from a market perspective but since it seems to be "mistakenly" zoned R3, is there any potential value to a residential or multi-family developer to come in and put a development in? If so there could be great potential for you to profit flipping it to a developer and then finding another property for your shop....Just a thought...