Building a Fourplex or Triplex in Florida
Hello everyone at BP.
Wanted to know if anyone is doing (or has done) similar projects in the state of FL?
Looking for the right lot for this project in the state of FL. Open to all areas where the numbers would make sense and of course profit for this project. New construction loan advice would be great also. Feel the BP community would be a lot more honest than the banks would.
Planning on building either a Triplex or a Fourplex in the state of FL. Any one also experienced hurdles and time frame in getting required permits and possible construction costs. Have already done quite a bit of extensive research on this particular project. Just wanted to get some additional feedback from the BP community.
Open to the entire state, considering all the numbers work, from construction costs to renting out the entire building when completed. This would be a build and hold property. Wanted to get some more feedback on either building or purchasing an existing Multi Unit property. Any options, especially green ones, on construction cost savings. Which would be more cost effective. Some areas and lots use well water others have city water. All utilities are within the area.
Square/Box design of 70 x 90, 75 x 95 or 80 x 100, are the approximate dimensions. Found some existing properties really expensive, needing a lot of rehab costs, too old and seemed like building one would be less expensive. Units will all be three bedroom two bath units with either a one or two car garage. All separate utilities. Traditional roof. Will not be a flat roof. Will be financed through the best offer made on financing costs. Either private or traditional bank loan. Best leveraging strategies considered. Should take no longer than 10 months to build. Best aftermarket value formula to use. Units will be from 1200 sq ft to 1400 sq ft each.
Really would appreciate all thoughts, advice, experience and guidance on pursuing this project further.
Thanks again to everyone at BP. You guys, gals are always Awesome!
I will keep you updated as I go further into this project.
Gratefully,
Jay O.