All Forum Posts by: Dean Weltman

Originally posted by @Saeryon Park:

I'm also in process of cash-out refi of 150k to finance a short sale flip or a buy and hold if I can get a zone variance to change SFR to 2-Family. Thought this might be an education in itself. Anyone have experience on how to get zoning board to rule in favor? I'm attending a hearing next month for someone else trying to do this same thing.

 Off topic, but please post about your experience, after you go through the process. 

I'm in a similar position - trying to rezone 7500 sqft SFR to 5000 sqft SFR. I recommend you start with the city council member for that area - if that applies to your situation...

@Adam London I think that at $90/ft on a house in that price range, he's already paying himself to GC - I doubt that's a wholesale cost, hence, you're getting less than half the profit and he doesn't sound like he's on the hook, at all, financially. Look at the worse case scenario and then see if you still like the deal.

I built a spec house that took a YEAR longer to sell than expected, AND it was over-budget...

Ultimately, it's up to you if it's worth it. Certainly, looking just at your cash-on-cash or ROI it's probably a good deal, as long as you don't mind the additional risk and tying up your name on a note...

Trying to lock up a parcel in a residential area mostly built in the mid to late 50's - approx 1300 to 1800 sqft houses on 7500 to 10000 sqft lots that when remodeled can go for $200k to $250k. The parcel is already zoned appropriately, but will need to be subdivided into about 10 to 12 lots (depending on layout and easements, utilities, etc.). It's in the middle of a residential area - a corner with two streets, all utilities readily available, so I'm thinking run one street down the middle with the necessary infrastructure. I wanted to buy a lot and GC a new house, myself, but I found this parcel and it's presenting a lot of new issues I had never considered. I know this is tremendously oversimplified, but can someone that's done this before ballpark me an idea of the process, time involved, and most importantly, COST. Thanks!

Texas, please. [email protected]

What Betty Cruz said... And, at $90/ft construction cost, it sounds like the builder is already making a profit before you even sell it, and then he gets half of your profit... If you two were sharing equal risk I could see splitting it...

@Mindy Jensen

The pop-up has some basic info, post count, etc., and two buttons for 'Message' and 'Connect.'

The app doesn't have this pop-up and I've never seen the options available to message and connect. And the connect tab is always 'User has hidden...'

Don't think it's a coincidence...

It's been like this for awhile, but on the BP mobile website I touch someone's name and I get a pop up that has a few options, such as 'Follow' or 'Email' (or something similar). But on the iPhone app it takes me to another page with 3 tabs. One of the tabs says something like 'Connect', but you touch the tab and it seems they ALL say 'This user has hidden their contact info.' Thanks.

Originally posted by @Ben Valentin:

 Either way, the property sold in less than 24 hours, so now it's just a learning analysis for me.

 I was also going to say that if it is a good deal it will not stick around long enough for you to think about it - have to act and make sure you have some wiggle room on the contract (like an option) period. And, if you have a habit of taking too long and never getting a deal, you'll find yourself not getting invited to the party very often. 

I see you said, "When interviewing for a new one." I could see that, but once you have a relationship established with a contractor is more where I was coming from. Best of luck in your endeavors!

Also, I saw prices for the comps, but not $/sqft. Your property's square footage is less than half the next comp's... Just something to think about. And the next comp looks like an outlier ($650k), anyways...

As far as being in a hurry for contractor bids before you drop an earnest money check - isn't that why you have an option period?