All Forum Posts by: Sara Als.

Thanks @Jason Hsiao.   For the townhomes and area we are in, I believe $120/sf for construction is too much. I hopefully want to be around $85-$95/sq. 

I did some more research and I now understand that i do not necessarily have to subdivided which is good but as you suggested, i will study the market area and determine based on that. I have a meeting with the City deparments tomorrow where i am hoping to get additional information and hopefully some references. Very excited about this project.

Thanks @Robert Mitchell. I have noted your contact info and i will contact you soon.

Hi everyone, we are analyzing the development and townhome construction on a 2 acres piece of land in the greater Atlanta area. Utilities are available in the road in front of land. 

Questions I have (and I am in the process of consulting a couple of engineering and development companies):

- What is the average cost to develop a land for townhomes? This land is zoned for 8 THs per acre so estimate to have no more than 12-16 units.

- will we have to subdivide the land during development? What are the estimated costs in Atlanta for that? 

- Where can I get references for good small developers in the area?

Thanks once advance!

Sara

Thank you all for your valuable feedback!

@Jay Helms agreed of course there is nothing wrong with the other investors making the $$$ but i just find it hard to purchase at the higher price point when i can see the history of the property and want to be one of those making $$$ or $$ too.

Still looking at multi family, 2-4 or more depending on the deal I come across but considering rehab properties rather than the ready to produce income ones. Flipping SFRs or even demolishing and rebuilding is another option we are up for. Just need to find the right project for us in the right location. 

thank you @Brian Reiner for the detailed information! Very helpful indeed should we pursue this house! 

hello, looking for experts opinion. We want to place an offer on a house that is priced about 50% below it’s market because it has mold in the basement. We didnt have time to bring a mold mitigation contractor to look at it yet but from what we can see, at least 2 rooms and a bathroom in the basement will have to be demolished or gutted and redone after fixing the mold issue. After researching the cost of mold mitigation, i am estimating a worst case scenario of $35-$40k just to fix this problem. We still have to remodel the rest of the house and deal with rotten window and baseboards etc in some rooms on the main level. It appears owners neglected the house completely inside and out. 

Has anyone here dealt with extensive mold in bigger higher end properties and what advises or experiences can you share? As an invistor, how would this mold issue affect the sale of the house in the future? 

Any insight is appreciated. Thanks 

Thanks for your comments. Some are REOs but not all. Prices are steadily going up and there is demand in Atlanta and surrounding cities as its also growing. The Sellers (individuals or out of state investment companies) are taking advantage of the current seller's market and capitalizing in my opinion!  

That's the thing, I dont feel OK paying the higher price point. You may be right about the interest rates but it does not make me feel better about paying a premium.. maybe instead i should try a rehab..

Hi everyone, I am new to this site but not to totally new to real estate. 

I wanted your expert opinions on multi family residential investments. In today's market, most of the multi family listings in my market of Atlanta are listed at the higher end of the price range and sometimes overpriced, obviously it's a hot RE market. I would like to purchase one of these but what I am seeing is that I would be paying a premium (unless I buy a property that needs a rehab, a foreclosure, etc.). 

Does it make sense to purchase when the property history shows it was purchased 2-4 years ago at 50% cheaper than the current listing price? I find many properties with NOI that I like but knowing that the initial cost is really high and that I would be purchasing at what looks like the peak is pushing me back.

What are your thoughts? 

Sara