I'm an Architect in the Atlanta, GA area. I'm interested in buying up some land and developing townhomes on it.
One potential option would be to develop multiple units and live in one of them. I assume that would allow me to get a lower downpayment on the loan? I'm not really interested in becoming a landlord, so I'd rather sell the units. This would be my first solo development, so I'd probably be just limited to a few units. My assumption is there's some economy in developing multiple units vs just one or two?
The only real estate experience I have is what I learn from developers that we work for.
Any advice to whether this is a good idea or how to get it jump started? Does anyone have a similar proforma they would be willing to share?
Welcome to BP this is a great form. Lots to learn take your time and go through everything with a fine toothed comb.
Other than what you've already stated have you had exeperience in project management on a rehab yet?
What areas areas in ATL are you interested in?
I assume you have your stamp, as you stated you are a architect, if so do you have experience pulling permits?
Are you interested in a possible joint venture (JV)?
@Davon Lowery I have experience on the Architecture / Construction side of things. I'm looking to expand my knowledge into the development side of things now.
I don't, currently, have a particular area of Atlanta in mind. My firm does mostly large Mutlifamily projects all across the nation. The ones we're doing in Atlanta are mostly in the midtown area. I'm open to other areas of Atlanta as well.
I do have my stamp. I'm currently licensed in Washington, DC, but I'm able to gain reciprocity in any state in the US.
I'd be open to a Joint Venture. What'd you have in mind?
I do have experience with the permitting process. I've worked with jurisdictions all over the US.
I am a hard money lender and real estate investor. I've been looking to get involved in Atlanta area for some time. What area are planning on focusing on?
@Brian Sherman Midtown, buckhead, Sandy Springs, and Dunwoody are all pretty hot areas right now.
I am an investor from CA. I've invested in CA, TX, WI and looking to move into the GA space, team building is the objective now, in and around the ATL market.
I have been analyzing possibly working with semi-devloped lots to build SFR's or small MFR's.
I have members in my group who would want to flip to end users and or create a gated community, and maybe manage the HOA.
My position would be acquisitions and capital controller.
However, initially, a midsized rehab would work most optimally for relationship building. I'm comfortable with sub <100k market.
pm me, I'd like to hear more about your plan.
I have a parcel in Atlanta that is already zoned for townhomes. PM me.
@Davon Lowery What size MFR are you looking at doing? If you're looking for a good architecture firm my firm does almost exclusively MFR work. If you're looking for something a little more low key I'd be interested in helping you out.
No more than 4 units.
@Davon Lowery Would you mind sharing some of your numbers with me? I'm interested in doing something similar.
@David Robertson I think getting the pro forma together is a great idea. Additionally, you should consider land prices as you know they vary greatly by neighborhood. Pro Forma in Buckhead is going to look very different from the same in Chamblee.
Separately, you should evaluate capital partners. You're likely going to be able to get bank or favorable construction financing depending on your land cost. Often the land is your stake in the game.