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All Forum Posts by: Steve Doyle

Steve Doyle has started 2 posts and replied 16 times.

Post: Anyone like to use stained concrete vs laminate/carpet?

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

As far as cost goes....

November 08 had one done, included grind/polishing to 200 grit, stain w/ 2 colors.

Cost was $3 per sq ft. This was a 1950 sq. ft. job so expect to pay more per sq. on a smaller job. I recieved prices as high as 6.50 per sq. 3 was the cheapest we found. Quality reflected savings!

Post: going on a Road Trip- need input

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

If you do venture into MI I would recommend the northern west coast. Very nice little towns, great sunsets on white sand beaches, very good wine tours, charter fishing, lighthouses, ect.

I recommend because it is a nice vacation area without the usual tourist trappings. Mid july is best time of year in my opinion.

Post: Need some advise - want to invest 10k

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

Corey,

Just sign it over to me. I will make you 50/50 partner in my fabulous LLC. You will be rich beyond your wildest dreams in no time.

You have my personal guarantee !)

Post: What if there is no housing "recovery"?

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

Well put Bill. What else are you going to do?

Post: advice for starting developer

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

I will just state the obvious here. A development of this size and immense detail would be very hard or impossible to pull off for someone in Josh's situation. Deals like this take sometimes years to get off the ground, not to mention at least a few hundred k. Like someone previous said you must control the property before applying for credits.

My advice if you are interested in this sort of opportunity would be to work for a developer that deals w/ tax credit developments. Or you can start small get to know the business with something of this magnitude being your goal. Regardless this is not a first timers gig.

Post: Detroit as Target City!

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

If you are planning long term then you might be able to make it work but it is very risky. Taxes in Detroit proper are notoriously high which will likely kill any potential long term profitability. I see plenty of good opportunities in the burbs. Cities like Lansing, Grand Rapids, Plymouth, Ann Arbor, Sterling Heights and Kzoo are much more stable and worthy of looking in to.

The only way I can see to profit in Detroit itself is to buy a low dollar craphole. Insure it to the hilt and hope someone promptly burns it down!

Post: BP CHAT

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

You guys are great for doing this strictly for the benefit of the newbie. Personally I would not know where to start when approaching a potential investor but want to join in to see how its done. I hope some of you seasoned pros will be willing to role play as the investor seeking funds. Show us how its done!

Post: Investment Tool

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

Hi, Welcome.

Post: loan to value

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

Thanks Mike and Jon for your input. I got a little off my original topic w/ this one and was not intending to get into the specifics of any particular deal. I agree that something of this size is not right for a first timer even if the numbers were good.

I will go back to my questions which is...

Is it feasible in this lending enviroment that with a low LTV or ARV i would be able to obtain a HML with no or very little skin in the game? Assuming the answer to that is a probable no, then what suggestions do you have for a newbie w/ no available cash to try to make progress towards that end result of getting into the REI business? If I had money, a good relationship w/ a local bank and track record of success then I would not be here asking silly questions about LTV ratios. Point is I am trying to take that next step from just thinking about investing to actually working towards making it reality but dont quite know what to do next. Do you guys have suggestions on that next step?

Post: loan to value

Steve DoylePosted
  • Developer
  • Lake Orion, MI
  • Posts 17
  • Votes 2

The way I figured the cash flow was by breaking down reoccuring expenses and totaling up (taxes, ins, maint, debt service, vacancy, staff, utilities, etc, etc). It worked out to 72k NOI. I then applied the 50% rule and it came out to 75k NOI. So I am thinking to be realistic I can count on no less than 50k especially during the first couple years of operation. Still seems like a damn good investment.

I have worked for GC's and Developers for years and would manage these aspects myself. My wife is a property manager so that aspect would be covered while I concentrate on the rehab.

My plan would be to charge "myself" GC fees which would give me a cash reserve prior to ever having my first tenant. ($400k budget, 15% GC fee = 60k for reserves)

The aspect of the business that I dont know is aquisition, which is why I am here. So do you think that if I put toghether a good business plan and show that the money works out I might be able to attract some HMLs with no skin in the game in this lending enviroment?