All Forum Posts by: Account Closed

Looking at purchasing a 600 SF A-frame. There are foundation issues which the seller will fix prior to close. The floors are sloped as a result of the foundation issues. I have no clue how to estimate the cost of fixing the slopes floors. Is this a $2500 fix or a $25000 fix? Just looking for some guidance here because I’m clueless. Thanks!

I'm closing on my second STR in January. I have enough capital to put 10%-20% down on a few more next year, which would likely allow me to quit my day job, but I'm worried my DTI might be an issue when trying to obtain financing once I do quit my day job, especially since my "income" will be coming from my STRs and won't be on my tax returns yet. I'd like to avoid HML but seems like this might be my only option. Any guidance would be much appreciated!

Hi all,

I'm looking at purchasing a teardown to develop four condos. The boundary that the house is located in was rezoned from residential into a light commercial zone back in the 80s which allows for condos. For some reason, the city appraisal website still shows the zoning for this house as "single-family residential." Has anyone ever experienced this? Will I have to go through rezoning to build the condos or will the fact that the house is now in a commercial zone allow me to bypass the rezoning process? I know it's different everywhere, but I'm just curious. I've tried phoning the city but it looks like I'll have to go in person.

Bump

Hi all,

I'm looking at purchasing a teardown to develop four condos. The boundary that the house is located in was rezoned from residential into a light commercial zone back in the 80s which allows for condos. For some reason, the city appraisal website still shows the zoning for this house as "single-family residential." Has anyone ever experienced this? Will I have to go through rezoning to build the condos or will the fact that the house is now in a commercial zone allow me to bypass the rezoning process? I know it's different everywhere, but I'm just curious. I've tried phoning the city but it looks like I'll have to go in person. 

Thanks for the feedback. Really appreciate it.

This is a very narrow but deep lot so the units will actually be perpendicular to the front of the lot with a single drive down the side for garage access. The width of the lot is only 48 feet, so after sideyard setback requirements of 10' on each side, I'm left with '28 of "depth" for the actual units. The lot depth is 117 ft after front and rear yard setbacks so that leaves about 23 ft of "width" for each unit. 

I agree that the square design is strange, but they've really taken off here. Luckily, building code here doesn't treat the rooftop as a 4th floor so no worries on the second egress. 

Do you have any recommendations as to how we should adjust the floor plan on the second floor to better use the perimeter space? I'm not a huge fan but am not creative enough to visualize it.

Bump

Hi all,

I'm developing (5) three story townhouses and wanted to get some feedback on the preliminary floor plans. Keep in mind that the units will be separated by interior walls so unit layout will be inverse to the one adjacent to it.

Ground floor:

2nd floor:

3rd floor: 

Rooftop:

A few of my thoughts:

1. Second bedroom bathroom is butted up against the master. I wouldn't want to hear a flush in the middle of the night but this seems to be common in townhouses.
2. Closet on the second bedroom is a bit big. Space could be utilized to make the master larger.

Any suggestions or changes you all would make in terms of building efficiency, tenant preference, or general aesthetics? Looking for any feedback :) 

Thanks!

I'd say it's good to have a preapproval letter when you're actively in the market looking for deals. Some sellers are super annoying about even considering an offer without a preapproval letter, and banks can take forever to give them to you. Just my two cents 

The Putnam County Appraisal District website would be a good place to start. Wouldn't suggest valuing a building from a county appraiser but land is usually pretty close.