All Forum Posts by: Ryan Oelmann

Mario- Thank you greatly for your reply. I was just hoping that me asking for closing on the land to be when building permits were approved to be out of the ordinary. 

I've been in contact with my lender through the process and they are on board with me and will give me the construction note barring anything that we didn't see coming. I thought I had it covered there but your ideas intrigue me. I'm probably missing exactly how you mean it though. If you have time, I'll include my numbers below and let me know what you think is a creative way to go about it.

Land is 46k per 4 unit so 11,500 per unit. Total for all 3 lots at 132k.
They are set up with city water and sewer already and just need to be connected when doing the foundation work.

Buildings from my research without blueprints to get a lock down price I believe will fall between 100k and 110kper unit. 

I thank you immensely for your time.

Ryan

Hello everyone, first post on the site but have been watching and reading for some time. So much knowledge on the site and have learned so much! Quick about me- I have a 4 plex that I've owned for right at 2 years now and it has done very well for me and my wife. I work at a demanding job so I manage it but only when it comes to doing the marketing for vacancies/leases/ and turnover upkeep and it works great for me that way. I'm looking at branching out and growing our business this summer. I have an opportunity to buy 3 lots that can handle 4 townhouse units on each lot. The seller has built some townhouses in the development and I'm looking to build the exact same ones to keep everything conforming. I have a few questions on how to go about this for those that have done it before.

1. Being that I don't have the lots purchased yet I have not gotten plans for the buildings to get quotes on the build price of them. My question is would it be logical for me to ask for blueprints of the buildings they had previous built when I submit an offer on the land?

2. When I submit the offer on the land and if I can get blueprints as part of the purchase could I have closing on land purchase subject to the building permits being issued so i can wrap everything into one note with my lender? Or would there be a better way to go about this?

3. When a new developer that holds a property as a rental, what is a good estimate to figure for repairs each year? I don't know how long a typical new property would have before it starts requiring a large amount of repairs so any advice on that would be appreciated.

Thanks to everyone for any help you can provide.

Ryan