All Forum Posts by: George Yu

@Eric Slaughter sorry not experienced with mobile homes. Wouldn't be the best person to answer that for you on this forum

@Bradley Kesselman we had met with the city commissioners before the devlopment and no mention of a large impact fee. We werent charged any impact fees in the other cities that we built in so this one came as LARGE surprise. 

@Gary Clark please do. we need affordable units everywhere! 

@Gabriel F. thanks! check out yale locks. We pay about $175/lock. The windpouch was the coolest thing I ever came up with haha. Hope i can one day repeat that kind of innovation.

@Linda D. From hear other investors in NYC the courts are generally tenant friendly when it comes to disputes between them and landlords. They pick the tenants sides.

@Trin Nagireddy nice to meet you. Moultrie GA

@Yaakov Mirman thats great! we didn't really use any accounting program besides excel and never let subs get ahead on their draws.. the banks helped with that as well. our contractor built out the pricing on a cost plus basis and we had worked with him numerous times before. Although we use buildium to manage our rentals. 

@Joe Lawrence glad i was able to privide some value. 

1) selected it be what was available on the market under $25k/acre, closest to shopping, grocery, gyms, restaurants. Spoke to local agents and PM and they told us the best neightborhoods to be at for highest rents and best tenants. 

2) Spoke to a few property management in the city first to see available inventory and asked around. As well as calling other apartment complexes found out no vacancy. 

3) Hold

@Terry Ellis glad you like them! 

1) No we had a local bank refi us out at 80% LTV so we cashed out 1.52million and paid off the construction loan and got our owners equity outas well.

2) well according to our appraisal itcame out to 52k perdoor so roughly around 10k but we arent looking to sell at this time. only hold and collect cash flow!!! Also the appraisal was lower because they overestimated the vacancy rate and also the gross income. 

3) of course.

@Mike Dymski thank you. Yes the units are 400sqft 1br/1ba built with stick frame. We will be experimenting with SIPs next development.