All Forum Posts by: Kenneth Bell

@mike 

@Mike Knowles 

Mike I used to be in Indy quite a bit a few years back. The one thing that I would make sure you address is the parking requirement.  There should be a space requirement per unit. I am not sure if you are in Indy and if the  location has access to on street parking. I think you can easily get the density on 2 acres depending on the percentage of the lot the building can cover and how many spaces the make you put in. At 1.5 spaces per unit 50*1.5=75 spaces  and average of about 300-350  square feet for the space and room to maneuver that will put you at between 22,550 and 26,250 square feet just for parking more than half an acre.

I will hopefully be posting picture of our basement being errected on Monday evening. We had some delays with rain so we are about a week behind.

@Joseph R. 

No these are not donations. We did an offering through Ifunding.co. Investors funded part of the project and we funded the rest. We are giving an annualized return of about 28%

20% of the gross value of what can be built on it minus whatever it takes to make it buildable, like water and sewer taps and any other utility cost or cost 

yes you can get what's called a subject to appraisal.  If you supply plans and full call outs on finishes most appraisers could furnish this

@Jeff B. 

Jeff do you have a GIS system in your municipality? You can knock out a lot of research on there. I would find out the lot dimensions along with the zoning of the lots.  With that information you can find out density, set back and frontage requirements so you can be sure what can be built on the lots. You will also should find out what comps are going for in the area then you can back into a value for the lots. I would also check to see if the land is virgin or has been developed before. If it is virgin check into your local cost for water and sewer tap fees. There is a lot more to do but I would start there. You may be able to call and get the answers for these questions but I would get as much info as you can online it will save you time and the chance that someone may incorrectly answer a question.  Do you want to develop the lots yourself or improve and sell them?

@Todd Peoples 

Todd have you talked to any contractors that can give you an idea of what it cost to build what you want in your area? If you can get that number you can take your density and back into your land value.  Is the land virgin? I would spen a little on soil test to see if you have good compactible dirt. I have not worked in Texas but @Bryan Hancock is someone I would look to for some insight on build and development cost.

@Curtis Bidwell 

I would assume there are no other property owners adjacent that you could access the property through? What are they willing to do?

@Curtis Bidwell 

Curtis,

I always try to talk to people around what I develop and see what their fears, apprehensions and wants are.  Do the land owners you need the easement from owner occupants? Are you planning for more rentals behind their home? Are you buildiing homes that will increase their property value? People are probably motivated by the same things you are. A small peice of land in trade for 2 or 3 more rentals properties behind their home probably doesn't sound like a good deal.  Money motivates most people..ask them if there is a sum that would possibly inspire them to be on board and see what they say.  This is where I woud start. 

We have a date for basement install for 15th. I am trying to get my foundation crew to get it prepared this week if the rain stops. If so I am going to try to get a earlier install date. After the inspection we are framing and off to the races! Nothing is more expensive than time! House number 2 starts in a few weeks and I am thinking of crowd funding another.