All Forum Posts by: Siddharth Shastri

Hi All, 

I'm looking for fixer-upper / rehab commercial properties (5 Units and above) anywhere in the US. It'll be great to know if there are any Wholesalers or other investors in the forum that are interested in offloading a few properties. Price range is between $10k - $25k per door.

Best,

Sid

Hi @Melsi Bifsha, this looks like a good find. What would be the best way to find more details of this property?

Best,

Sid

Hi Mike, 

did you get any leads on finding a good Real Estate CPA in Portland?

Best,

Sid

Hi @Barbara G. my apologies for responding so late. Just saw this thread open up now. We're renting the duplex for $2.2k per month.

@Sarah Ziehr Thank you for your response. These are great points that you've mentioned. 

Any thoughts on what else I'd need to get started eg: how to connect with the right lender, builders etc? I found out that the city planning division may be able to help guide us through the overall process - what are the steps involved from start to finish. 

Any barriers of entry for someone who's never done new construction before but has done rehabs?

Thanks again for responding. 

Best,

Sid

Good Afternoon All !!

After having used the BP forums to guide us in transforming our investments (Multi-Family) into good cashflowing properties, my wife and I are at a stage where we would like to explore and eventually get into new construction of Multi-Family Apartment Buildings. We have no experience in this as yet, and, would like to slowly wedge our way into this form of investment. We've learned many useful things from the BP forums and it would be great to know your thoughts and experiences this time too. 

Here's what we know so far in rough detail:

New Construction

• Needs permits for utilities (Sewer, Water, Electricity) etc.   ~ 60k
  
• Needs plans for building (Engineering Plan)                        ~ 10k
• Easier to plan subs/contractors as you're starting with a clean slate
• Needs more capital compared to a rehab and has to be justified by rental comps in case you plan to build and hold. Numbers that decide this are:
  • Cost per square ft. to build or cost to build per unit
  • Cost of permits
  • Cost of engineering plan
  • Rent per unit
  • Running cost like - taxes, utilities, maintenance, admin etc.

Questions:

• What is the average cost in $ per sq.ft for new construction? (is this cost the same for constructing 1/2/3 level building with different units in each level?)
• How do we find Contractors that can take this from start to finish .i.e. can we sub it out to different subs (framers, sheet-rock, plumbers, electricians, roofers, etc)..or do we need a GC for getting the permits etc in place?
• What is the overall time-frame we are looking at for the whole project eg:
  • Engineering Planning, Utilities installation, Permits from the city, Actual Construction etc.
• Can I approach any bank to get a loan on this type of a new construction?
  • Are there any good ways to get funding for such projects?
• Are there any more important / relevant questions that I should be asking to get more details? 

As always, I'd be really happy to know your thoughts. Your inputs will help us understand this process better and make smarter decisions for the future !! 

Best,

Sid

Hey @Orion Walker

Did you finally get around to redoing the foundation on your Triplex?

I'm looking at buying a similar 4-plex with post & pier foundation. Was wondering if you know how much it would end up costing to do this. (4-plex, 2 storey, 1500sqft each floor)

I read elsewhere that i'd need to get an engineer and the city involved, is this correct? I also spoke to a few contractors that said that I don't need the city involved as i'm not adding anything to the building just making modifications. 

Would be great to know your thought. 

Best,

Sid

@Dawn Aotani : Thank you so much for the inputs. I was looking at a 4-plex earlier and the deal fell through. So now i'm back to hunting for leads again :) Will send you a PM as soon as I have something churning in the mill ... 

Best,

Sid

@Dawn Aotani : Just checking in to see if you could recommend a good Attorney that specializes in Real Estate Transactions. 

@Nate Lindquist @Dan King @Marcia Maynard and others, any suggestions on good attorneys for RE where I could get questions about tenants, evictions, laws for room mates etc. answered !! 

Of course, I'd appreciate any tips and advise from you all .

Best,

Sid

@Brian Sullivan - I hope you can make it for the next meetup