All Forum Posts by: William Hollis

@Steven Calascione 

Hi Steven, I live next door in Fairfield. My team and I have been discussing picking up a rental property in area and are particularly interested in student rental. 

I'd love to connect with you.

@Jennifer S.

Were you able to get this done? I’m considering a similar strategy.

Hi @Angelo Pozzuto, I’m also in the Fairfield County area. I’d like to connect. Hard networking since COVID.

@Gregor Vidmar

I’d definitely be ok with an outdoor, required meet up. I’ve heard about some virtual ones but haven’t actually attended any yet. How do those work?

Three adjacent parcels in Stamford, CT. Middle lot is developed with existing home. Lots on either side are vacant. The area is currently zoned for single family homes, but a developer could take a few different approaches. 

1. Lots could be divided into 5 equal sized parcels to maintain current single family zoning regulations. 5 SFH can then be built on newly divided lots.

2. Developer could apply for subdivision zoning and create subdivision with 6-8 homes.

3. Can apply for rezoning to allow for MF.
Multi family has not yet been proposed to the town for this site. On the same street, but the next block over, there are two condominium complexes and I believe that area is zoned as multi family medium density.

Existing home needs full gut rehab. Probably more cost effective to knock down and build new. Lots ready for city sewer and natural gas hookups.

Construction costs will vary depending on what developer ends up building. ARV for 5 single family homes is about $3.6M (3500 sqft. SFH comps at $720K based on similar type home sales).

Asking price is $990K

@Heath Ryans I'm in a similar position and figured I'd have to give up some equity in the deal. In which case any suggestions on raising EMD. I have half of it from my own funds.

Hi all,

I'm wondering if anyone has ever successfully done a JV with a seller.

I’m considering a deal where I bring the rehab funds and team to deal and the seller and I split profits upon sale of the house. The seller doesn’t have much equity in the home so there’s not enough spread for more traditional strategies. But the seller is very motivated.

I’ve read about a few ways to execute this deals I.e., sub2, but could definitely use more feedback.

Has anyone ever done a deal like this? How was it structured? What pitfalls might I encounter?

How did you fund the rehab? 

There's currently no business there actually so I'd need to lease the space out. I'm planning to reach out to some local businesses and see how their arrangements are structured. 

Hi all,

I have a potential deal with that has a laundry mat on the first floor. While I'm not interested in owning a laundry business I have a few connections who are. I'm just wondering what type of lease is usually signed in this situation keeping in mind there are a couple apartment units upstairs. Also something that I'm very interested in how to handle the water bill in that situation. Any thoughts would appreciated.