All Forum Posts by: Scott Savard

@Barry Ruby Thank you for all of the insight! Great information I truly appreciate it. 

@Eric Teran thank you again for even more valuable information! 

@Blake Hansen sorry to hear. It sounds like you are one of many unlucky buyers caught right in the middle of this whole craziness. It's tough to tell exactly what's going to happen with the real estate market as a whole but here is my two cents on your situation..

1) You need to make the decision based on the financial impact that this can potentially have on you and your family. Rather than think of "Best Case Scenario" think of the "Worst Case Scenario". If you and your family can afford to still live as comfortably as you need to in the worst case scenario, then factor that into your decision and move on to the next point. If you and your family cannot live as comfortably as you need to with the worst case scenario than cut your losses and stop immediately. It's not worth putting your family at risk. 

2) This investment is about you, your wife and your family not the loan officer, re agents or anyone else. This whole situation has been unexpected and is making a lot of people rethink certain opportunities. Anyone that you are working with should understand if you decide to call this deal off. If they do not, then they weren't keeping you in their best interest to begin with and you should go find other vendors that do. 

3) If you are questioning moving forward, then it doesn't seem like it was an unbelievable deal to begin with. By the looks of it, there MAY be plenty more coming on the market in the near future. If not I'm sure you can find one similar to this a few months from now as I think we can all agree that the RE is not going up any time soon.

 I hope this helps!


 

Looking for recommendations for architectural design companies for a single family buy and hold property in Framingham, MA. 

@Account Closed great point. Thanks for the response 

@Eric Teran very helpful information, I appreciate you taking the time. My concern is that the town does have the right of first refusal on the land currently and they have also turned away other developers from subdividing the land if purchased. That said, those developers have looked at subdividing the land into four to six lots as opposed to just two. 

I'm simply trying to ensure that I'm covered if I purchase the land and if for some reason the town tells me that I cannot build a XXXX sqft house. 

Is there a quick way to determine this without getting a full set of architecturals? 

Hi BP community. I am interested in making an offer on a lot of land. The land is currently zoned for Residential usage though the lot currently has tennis and basketball courts on the land that are set aside as Recreational use.     I'd like to put an offer on the land with contingencies such as those listed below. Are there others that the BP community would recommend including? Also, does anyone have a template offer contract for a land purchase?

•  Needs to pass a perc test and/or obtain permits for a septic system/ sewer hookup
•  Survey be completed to show the boundaries, size of the parcel, and any easements or encroachments by neighbors
•  Subject to town design review committee approving home house design
•  Obtain approval to subdivide the land into two separate lots
•  Variances are granted to use the land as two single family lots (if this is even necesary) 
•  Building permit approval
•  Subject to appraisal

Josh, 

From a financial standpoint, if the numbers work, this is a great idea. Though it seems from your comment, that you're more concerned about the safety of your children which is absolutely the priority. In this case, I'd recommend extensive screening and background checks.

 Though that said, is there much of a difference between what you are doing and what others are doing with multifamily units and/or condos? 

Thanks 

Scott

@Ruben Kanya this is already a topic of discussion. You can join the discussion here.. https://www.biggerpockets.com/... 

@Jose Brandao Sorry to hear about your property. I haven't used anyone out in the Boston area though I would imagine that it varies depending on the complexity of the project. Is your multifamily one that is essentially touching the neighbors? Pricing these can be tough because of the potential damage you can do to the neighboring properties. Also don't forget about blocking streets, police detail and all of that need to be factored into the price. 

@Chris Corey trust your gut. If there seems to be something fishy going on, there typically is. Sounds like it might be an inside job to be honest. Might be trying to scare you off in hopes he can get a buddy of his the property and he takes a cut from both sides. No agent in their right mind would say that to a buyer. Maybe even find the buyer yourself (Facebook) and have that conversation.