All Forum Posts by: Ryan D.

Have I actually found something on BP that no one has done yet?!

No Fishtown?

BP Fam,

The property I’m dealing with has 1/4 of its foundation currently on pilings over the water and 3/4 on masonry. I’m planning on maintaining the existing setbacks & building footprint so the structure will still be partially over the water thus complicating the raise & new foundation build. The property isn’t a full gut but will require some cosmetic work and some new mechanicals. It’s a 2700sqft building and I’m planning on a renovation cost of 350k.

I'm hoping to try to find someone who has expertise in dealing with properties that need to be raised per FEMA's significant damage/improvement rule. Any Jersey Shore vacation rental owners/flippers who have ever dealt with a renovation that involved raising an existing structure would be of great help as is this would be my first renovation involving a home raise.

Paul is a good example of Michael being early. People are still in disbelief of STRs being here to stay. Check out Robuilt on YouTube, Kristie Wolfe & BoxHop on Instagram. Plenty of wild success stories with people on Airbnb getting returns those on BP would never believe. Create an experience, build a social presence around it but most importantly have multiple exit strategies. With our STR builds we always have another exit in mind if STR won't work or it becomes banned/another pandemic happens that shuts travel down completely. Timing is good right now. Supply was slaughtered over the past year and demand will come back.

Article here: https://www.zillow.com/researc...

Zillow can hardly get their current zestimates right. Why are we relying on them to use their crystal ball to predict the future? No one knows what the future holds, buy good deals, know your market, and don't overleverage. 

I'm assuming these sale and rehab numbers are all hypotheticals since 1657 Berks doesn't even permits pulled yet?

Hey @Jay Rogers did you ever end up going through with this? I'm looking at eventually buying boatyards and wanted to see if you had any info on this asset class. It seems like boat storage has yet to be found by retail investors in the way that mobile home parks have. Does anyone know of any podcast episodes talking about boat yards or storage?

At what LTV and with what banks/credit unions? 3.125% for a non-owner occupied property is pretty damn incredible. I'd be hard-pressed to say any lender could beat that unless we're talking owner-occupied.

/end

100k+ isn't the slightest bit realistic. With digging out the basement, doing a full gut of 2200sqft with an entry price of 350k (which tells me you're going to want nicer finishes to maximize ARV in a higher price point market), factoring in holding costs for zoning approval plus at least 8-10k for an architect to do your plans, you're easily 250k+ without a rooftop deck. If you GC this project or DIY some of it, the cost goes down a lot but as it sits right now anything under 200k for rehab isn't realistic given this scope of work.