All Forum Posts by: Zach Lemaster

Hello BP!

My partner and I are looking at building 10-12 fourplexes in the next 12 months in Cheyenne, WY.  This will be our first construction project and we can use as much advice as possible.  To be honest I'm not exactly sure where to start.  We have a piece of land picked out, general building plans (that needs to be verified by a engineer/architect), project manager and construction company inline for the project.  We've been talking with the city/county on all the specific approvals & requirements to break ground on the project.  Construction costs looking at $70sq ft, not including land which is 82,000sq ft priced at $1,000,000 (negotiating $10-$12 per sq ft).  Any thoughts on these initial numbers?  Average rents in the area are $825/unit (each fourplex will be 850sq ft 2bd/1ba).  Also, any ideas if 12 fourplexs will be realistic for that size lot?  We are looking for any advice on where to start, initial people to talk to and questions to ask on new construction projects as we are novice in this area.  Thank you in advance to all who provide insight!

Value add is always a great way to go.  Those rents are rather high for the size of the units.  If it is on the west side of the state (near Williston)  I would be concerned about the sustainability of maintaining full rentals.  If it's east side near Fargo or Grand Forks, then I would say you're good to go for years to come.  Numbers look good on the surface however, especially with owner financing at those rates.  Feel free to PM me or call to discuss details in private.  Those likely have to be brand new units to rent that high.

Has any anyone used Lowes for partial or full rehab projects? Experience with them? Price? Quality? In my area it is almost impossible to find a contractor who isn't booked out for 2-3 months and Lowes has a program where you hire a person to work directly with a general contractor to coordinate the entire rehab process. I think this is mainly for interior design not structural issues. I'm considering doing this, but would like some input/suggestions/opinions??? Thank you in advance for your input!

Quick Answer to help me please!  Has any anyone used Lowes for partial or full rehab projects?  Experience with them?  Price?  Quality?  In my area it is almost impossible to find a contractor who isn't booked out for 2-3 months and Lowes has a program where you hire a person to work directly with a general contractor to coordinate the entire rehab process.  I think this is mainly for interior design not structural issues.  I'm considering doing this, but would like some input/suggestions/opinions???  Thank you in advance for your input!

I found another lender for ND.  They have somewhat strict criteria and require 20% of your own skin in the game.  I'm getting more information myself and will send out.  Best to approach them with an actual deal under contract.  They will screen you before sending you applications.  Tell them I referred you if you talk to them please. Contact: Jonathan Topley-Bird, [email protected], https://patchofland.com.

Hello BP!  Fairly new to the site.  Lots of good info on here but when I looked at previous forums on "lease options" most the info I found was on purchasing from motivated sellers.

I am a landlord that is considering offering a current tenant and rent to own agreement.  The main question I had is what are the typical terms for structuring this contract?  What are typical down payment %s, interest rates, length of terms, end purchase price?  What things do I need to think about as a landlord when considering this, and how should I structure the contract to be in my best interest?

I appreciate all the input anyone has to offer on this.