All Forum Posts by: Jared W Smith

@Robert Chen Awesome.. Congrats! I'd also be interested in hearing answers to your questions. 

Another great meet up. We must all conquer our fears! 

@Jonathan Miller @Tyler Hiatt  Here's a perfect example thread: 

You will see however he's taking on all the responsibility for design, permitting and construction oversight. 

@Robert Feinstein If I am hearing you correctly, you'd be paid for an agreed to sum for your Professional Services + 15% equity, correct? That seems to be more or less the route I'd be looking for. I'm sure you are aware, this carried an inherently greater risk different than a typical Architect-Client relationship. However I'd argue that your prof. service fee be paid out before anyone gets equity cuts, in case the sale is not as lucrative as planned, you still get your fee. A safe guard of sorts I guess.   

@Jonathan Miller I am still looking for my first 'official' investment property. (Other than my own SFH, I own a single unit apartment rental.)

Jonathan & @Tyler Hiatt , It's not an easy task placing your skills. I think the value as I've determined in my locale is being licensed. Just being a designer may only bring part of the skills needed to the table. It very much depends on the person (you), area of the country, type of property, partnership and what type of work needs to be done to get property rented or sold. 

I have the expertise to research various zoning, code and site development requirements but also can completed design drawings, coordinate engineers and submit to the municipality for construction permits under my own license. In addition it's a good idea to have a stronghold in an area with local builders, handymen and contractors to get quality work done and on budget. A real estate person looking to get a deal but with no construction/renovation experience would be ideal to partner. (Seeking this myself currently)  

Jonathan Segal's work is top notch. And I agree with you Tyler, being an architect AND developer or at least an equity partner/investor in a deal allows us to have more say in what is actually being built. This is not always the case just being the Architect FOR a developer/Investor.       

@Jonathan Miller I came to this same realization about a year ago. I love my work however I need to supplement my income with a more lucrative retirement plan so I am not a slave to the profession unable to step away. 

Licensure is great. Definitely do that. Opens doors to work for yourself even just for small ventures on the side.  

@Adam Boonzaayer That's great you found someone to sign off on everything. However based on what you've said he's taken on a lot of unknown liability. Unless he had prior knowledge of the build, it's very odd especially for such a small fee. I would say as a take away for anyone debating working on without a permit or purchasing a property with un-permitted work, this circumstance is not ordinary.  

@Robert Feinstein I've thought about the same type of deal with about 13 years in the business. I would have to understand the deal 100% and be willing to go in as an equity holder. I would then only relinquish my partial ownership when the property sells and are repaid for my efforts. I would not do deal if I wasn't on the paperwork and an agreed to percentage I am entitled to. Waiting for a payout after you've done all this design/permitting/etc. work upfront is dangerous without some skin in the game.    

I am interested to see what others say...    

This is why there is E&O/Prof. Liability insurance on the behalf of the engineer. You need an attorney to review and answer this.

@Mevlud Cukovic As an architect myself I feel my innate skills are invaluable in thinking about real estate. You are right though in that you will not learn much about business and financing acquisitions. This you may have to bone up outside college (part time working in real estate industry possibly) or enroll in some real estate courses as electives or online (even if outside your school).  

Why not a BS in Architectural Technology with a minor in Construction management? However, be mindful, if you do not get a BArch degree, it will be a little more difficult to get licensed as an Architect in the future.