All Forum Posts by: Anthony Serino

Looking at an off-market deal -- 15 acres with a small 500 sqft. cabin, septic, and well with no permits or BOH approval.

Do I underwrite this as though it's vacant land while also considering costs to legitimize, repair, and/or replace existing infrastructure?

Thanks for the reply!

I’m subbing out some of the work myself. The unit is currently demo’d down to the studs. There is already a sub panel inside the unit; however we will also be adding 4 new services to the building at some point after this unit is completed. Currently there are only two services, one for the commercial space and one for all 4 units.

And we are in upstate NY.

Hey everyone! We’re renovating a small 450 sq ft studio apartment and a small hallway. I’m wondering if this estimate makes sense to those of you who know better than I do!

$8,500.00

-Permit
-Inspection
-Labor
-Materials
-Balance
-Wire Apartment to code
15-4 inch color change LED
2-Pendant lights
1-LED Bath Fan
-Cat 6 Ethernet run
-30 amp electric stove
-Heated Bath floor (floor heat supplied by other)
2-USB outlets
3-Dimmers
-Outlets to code/ outlets or switches on brick wall to be in EMT conduit
-Tv outlet
-Smoke detector
-1 wall accent lighting (fixture provided by other )
Hallway
-6 - 4inch color change LED
-Hallway outlet
-Hallway switch
-Hang chandelier (provided by other)
-Add remote switch for chandelier

Hey everyone! We’re renovating a small 450 sq ft studio apartment and a small hallway. I’m wondering if this estimate makes sense to those of you who know better than I do!

$8,500.00

-Permit
-Inspection
-Labor
-Materials
-Balance
-Wire Apartment to code
15-4 inch color change LED
2-Pendant lights
1-LED Bath Fan
-Cat 6 Ethernet run
-30 amp electric stove
-Heated Bath floor (floor heat supplied by other)
2-USB outlets
3-Dimmers
-Outlets to code/ outlets or switches on brick wall to be in EMT conduit
-Tv outlet
-Smoke detector
-1 wall accent lighting (fixture provided by other )
Hallway
-6 - 4inch color change LED
-Hallway outlet
-Hallway switch
-Hang chandelier (provided by other)
-Add remote switch for chandelier

@Allen Meringolo I’ve gotten similar, yet vague, answers from some smaller local banks. They’ve basically all said “we’ll have to see…”

I’ve recently closed on a 5 unit in an area that’s great for short-term rentals.

Conservatively, the NOI would be double what it currently is.

Would this increase the value of the property or would bank/investors only look at long term income?