All Forum Posts by: Barry B.

Thanks @John Thedford, I did already do the all the google searches, no red flags.

Thanks @Josh Bigio, just wanted to make sure there was nothing negative. I will message you if my friend has specific questions. Appreciate it.

A friend of mine is planning to invest a reasonable amount of money on a project run by Dr. Kiran C Patel, a Florida based developer.

Has anyone on the forum heard of this guy? Any information you have will be much appreciated.

Thanks.

Although I do not have a current membership but I think I saw it on property radar dot com. In the very least they give you the purchase price and all outstanding loans on the property. You can sign up for a 3 day trial and check it out if it seems useful

Also check if there are any trees that you might need to cut for your development. Can be tricky getting a permit depending on the type of tree. I think the height restriction is 34', so you should be able to imagine whose view you could be blocking. That part is simpler if you are uphill. Some streets, like where I live, have a view ordinance. Which means you cannot block the view from street and have to build your driveway sloping down to your lot such that no view is blocked, just more $$$ Might want to check that too.

As pointed out above, the foundation on a sloping lot can be expensive. Oakland does not allow septic anymore, if the lot is down slope you will have to spend around $50k +/- to take a pipe to connect a sewer tank below the lot to the closest point to the city sewer line. All doable, just add to your project costs.

Obviously check the zoning, some lots are single family, a few allow up to 4 units. Easiest way to check all feasibility is to just walk into the Oakland city planners office, give them the address and ask them if there are any restrictions on the lot. If you already have a plan on what you want to build, you can discuss it with them. They do not care if you own the lot or not. I am not sure what you meant by it was subdivided in 1991? Is it the left over from a larger lot? There may be additional access to the road restrictions (max access to a lot from the street is 18') in the case and parking issues (you have to build one spot for every bedroom you build) but the city will tell you that too. 

As far I know unentitled only means there have never been any plans applied for or approved for the lot. There are a few lots classified as "creek" lots, if a seasonal or live creek is close by, you cannot build within 25' from it, check for that too.

Best of luck.

@Chris Mason yes Oakland does look scary ;) I have lived here 20+ years now, love it here!

Very cool @Vladimir Kamyshin congratulations! I am getting ready to build something in that neighborhood. Can you give me an idea on your costs for the project? 

I have been looking at multi-family units in the Oakland/Berkeley area, my plan is for a long term hold/income. Would like to get a 4 to 8 unit place. All the projects I have seen show 4-5% return. I have moved my focus to building vs buying. Getting a lot and doing the construction. When I do the numbers for a 6-unit project in Oakland, I can get the return up to 9-11% via the build route. 

Does the unknown of construction scare people or do some members do this ? I can raise the money to buy the lot and project planning, will need a construction loan. I do have some experience dealing with the city, permits etc.

Any suggestions/experience on construction loans? Other pitfalls doing what I am thinking?

Please share your ideas and experiences on the same.

Thanks Sean.

Thanks for the input Jay and Sean, appreciate the input. If I do see something interesting and want to bid on it, is it OK to go by the research on property radar or does that miss some liens and a title check is suggested ?