All Forum Posts by: Ari Goldstein

I am looking to put together a team to develop multi-family workforce housing in the Hudson Valley and Berkshires.  As a vacation and second home destination, this area struggles with rising home prices and few rentals available.  I am an Architect and a General Contractor with decent industry connections locally.  I have identified a town nearby that wants to welcome development.  I also have identified a non-profit interested in developing affordable and workforce housing.  I imagine 20 units over a handful of small buildings, ideally with a community space.  I'm considering mixed income levels or focusing on workforce housing (40%-120% AMI).

Has anyone done this in other locations?  

Has anyone done research or found government subsidy for this kind of project?

Would anyone be willing to share a proforma for a 20 unit new construction as a template I could share with my team?

Thanks in advance for your help!  This is my first post, so hoping I did ok and get some response :)

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

We are looking to purchase a 4+ bedroom home with 3+ units as a primary residence with additional units for short term rental.

What made you interested in investing in this type of deal?

We are looking to live in a primary unit with 2 short term units for rental. We live in a vacation destination. I am an Architect and Contractor who can do work myself or manage subcontractors directly. We would like a place where our family can stay while visiting and we can rent out the rest of the time.

I am interested in finding homes, farms or multi unit buildings that are in desirable areas but could use some renovation to match the higher end homes nearby .

How did you find this deal and how did you negotiate it?

We have been so far only found on-market deals

How did you finance this deal?

We are working with a commercial lender. Current best deal is 10.5% down at 5.25% interest with 7 year ARM.

How did you add value to the deal?

We are looking at long term rentals and short term rental on rentometer, airdna and point2homes.com

What was the outcome?

We are planning to make an offer, but not in contract yet

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

So far I like Tracy Gabel and Annabel Taylor for RE agents locally.