All Forum Posts by: Jonathan St.Leger

@Alex Chapman

Zoning is super important especially if you want to build multi family properties.

A method that I used was, I printed out a map of each town / area that I was interested in and combed through the town planning and zoning regulations making notes of the can dos and can’t dos in each zoning district and highlighted those areas on the map that fit my criteria.

I ultimately landed on a multi family zoned lot with 2 existing mobile homes with additions on them. I designed a 7 townhome development, demoed the existing structures and off to the races. We were about 50% framed when COVID hit. 😳 so the majority of the build was quite challenging but well well worth it to say the least! ABV ( after build value ) is double what I have invested less sweat equity. So 100% + return through the lens of investment to equity created.

In my opinion the upsides to new construction is that you know exactly what you’re getting, your maintenance, repairs & cap ex will be much lower for a longer time. The ability to create value through sweat equity, seeing opportunity where others don’t or don’t have the drive to go for.

The down side is length of time til you have a rentable property. Make sure you’re able to build what you want via confirmation from the town before you close on the property.

Hope this helps !

Have a great day!

Congratulations on a job well done !

From the vision, to taking action, to execution!

I absolutely love that you asked the bank to make an exception of their usual terms and got a YES!!

Virtual High Five 🙋🏼‍♂️

I'm currently under construction on a 7 townhome ground up development project in Kill Devil Hills NC. 

Originally I was building these for year round rentals as we are in desperate need for long term housing on the Outer Banks to say the least. However with the curveballs that 2020 has thrown us, I'm considering going with short term rentals.          Short term rentals would provide much better returns but doesn't help with the housing issues in the community.  It would however help propel me into other projects the in the future that I can provide for long term rentals. 

Any thoughts / feedback is appreciated!