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All Forum Posts by: Damani Hamlet

Damani Hamlet has started 5 posts and replied 5 times.

Post: 5608 Sprague Beach Apartments 2024

Damani Hamlet
Posted
  • Investor
  • Montclair NJ
  • Posts 5
  • Votes 0

Investment Info:

Large multi-family (5+ units) commercial investment investment.

The second phase of the purchase of 5608 Sprague St. is subdividing the lot to construct 13 additional units. (4 units will be affordable housing) This 4 story solar powered building will offer a mixture of 1 and 2 bedroom units, as well as a community room, garden rooftop and an on site superintendent.

Post: Attention Investors seeking Realtor

Damani Hamlet
Posted
  • Investor
  • Montclair NJ
  • Posts 5
  • Votes 0

As a realtor myself, investment real estate is perhaps one of my favorite services.

As an investor, you’re seeking a property that meets a set of criteria and goals worth your risk. Luckily, real estate provides various strategies and formulas that will limit that risk and are important for an investor-agent to realize and understand. Visit Hamlethouses.com for tips and take the time to fill out an investor survey. Serving North Jersey and Philadelphia.

Hamlethouses.com

Post: Brrrr calculator (Refinance Section)

Damani Hamlet
Posted
  • Investor
  • Montclair NJ
  • Posts 5
  • Votes 0

In the Brrrr calculator what amount do you put in the refinance loan amount section? Is it what you plan on taking out, for example $30k or would it be $30k plus the original loan amount. Should I put 30K or 130K.  Please advise.

Post: Philadelphia Architectural Drawing

Damani Hamlet
Posted
  • Investor
  • Montclair NJ
  • Posts 5
  • Votes 0

Seeking proposals for architectural drawings for new construction for 2 multifamily. Below are details of what is currently being sought after. With the strong possibility of hard money funding and need for a large down payment, initial budgeting is limited. Flexibility for the drawings can involve monthly payments throughout the project process and or large balloon payment once the project is complete. Example payment schedule: Initial deposit, City approval of zoning drawings, completion of Construction Documents, etc etc.

Detailed deed lot descriptions can be provided via email if interested in providing a proposal. Thanks.


The project scope includes the architectural and structural documentation for 2 new 3 story, 2 family dwellings, each with a cellar and rooftop deck. Each of the proposed buildings will be constructed on adjacent parcels that are currently vacant lots. The desired design program for each building is as follows: Unit #1 at First Floor and Cellar levels- First floor to contain a small bedroom, a bathroom, Kitchen, and Living Area. Cellar to contain 2 bedrooms, a bathroom, and a room for laundry, water heater, and a furnace. Unit #2 will be on the Second and Third-floor levels and have access to a rooftop deck via a pilot house that can be used for stair access only. The second floor would have a Living Area, Kitchen, and a powder room. The third Floor would have 2 bedrooms and one bath. Location of laundry and mechanical would be determined by available space during the design of the unit. Owner desires to obtain a zoning variance to use each proposed building as a Two Family Dwelling. Additional variance(s) would be needed should the Owner wish to propose a building that exceeds 70% site coverage, which would be a building longer than 42’ in length.

Construction Documents

Construction documentation will consist of drawings that are assembled for: local permitting, sub-contractor pricing, and construction directive. The drawings shall include a schematic site plan showing property lines, building footprint, encroachments in the right of way, and utility lines in the street as per City provided maps. Also included are floor plans, exterior elevations, building sections, details, schedules of project components within the scope of work. We will also provide an Energy Compliance Certificate (Res Check), structural calculations that support lateral bracing design, structural design criteria form and special inspections forms (for design

elements within our scope of work) required by the city, underpinning drawings and design for adjacent buildings, and structural engineer’s calculations for snowdrift loads that will be anticipated on the adjacent 2 story houses.

Handling of Permitting:

The architect shall be responsible for the handling of zoning and building permit application submissions. The architect will also submit typical drawings to Phila. Streets Dept. and Water Dept. to coordinate required preapprovals.

Post: Philadelphia Hard Money Lenders, No Money Down & Balloon payment

Damani Hamlet
Posted
  • Investor
  • Montclair NJ
  • Posts 5
  • Votes 0

I'm currently the owner of two side by side lots in a growing area near Temple University. The combination of the growing Temple Town demand for residency and the city of Philadelphia's Lower North District Plan show continual progress for development within the area. I'm exploring Hard Money lending as a means to finance the construction of two multi -family units. Theses properties once fully constructed have multiple avenues of positive cash flow and equity that provided a strong refinance exit strategy.

Present city appraisals have each lot placed at $10,000 per lot and active MLS listings marketing lots for sale $30,000. I would be seeking $325,000 for the construction of two 3 unit multi family homes. Aftermarket values are $330,000 to $420,000 per home. 660,000 to 840,000 AMV total.

Long story short seeking additional expert advice. What is the best strategy and presentation for seeking the $325,000 for construction. With a refinance exit strategy and almost 80 return in investment if not more. Would hard money lenders be welcome to terms and negotiations starting at 

  1. 9 to 12 month term period 
  2. 0 money down 
  3. No monthly payments during term with a balloon payment via refinancing. 

(I know I'm asking a lot, but how close to realistic can I get.) Can I offer the hard money lender a 50k return of $375,000 via refi and wash my hands.

What are some helpful scenario's. Is a bridge loan a possible or a needed option between construction of each multi family?

Would hate to involve other properties but I have roughly 15k equity in a single family home directly next to my 2 lots and 70k equity in a multi family home in north jersey. A mere 12K in personal accounts. 

Lastly, refinancing question. My credit is around 735 with a current LTV for personal expenses/ income of 72%. I would love to pre-qualify for refinancing prior to obtaining the hard money loan but fear I would need at least 2 signed leases from the new multi -family construction to improve my LTV ratio. What are some detailed criteria for refinancing an initial hard money loan to an affordable conventional loan. Is another downpayment needed?

Completely understand this is a lot to read. I tried to add as much information as possible for clarity.

I feel like my next move needs to be my best move, please feel free to provide your advice. Thanks in advance.