All Forum Posts by: Sean Walton

Generally people downtown after 5pm means more residential. However depending on how dense and gritty the Downtown is people may not want their bedroom windows near the sidewalk. So you could do retail/restaurant or office space on the ground floor and residential above. If the renovation is extensive you may even add a 3rd floor of residential if the structure can support it. Mixed use can get tricky with zoning and code but may get you the best return. Also see if the city will require a sprinkler system or upgrading sprinklers I agree with the poster above try and make purchase after the permit is in hand but make sure the seller can't back out once you invest all the time and money on permitting.

You can sign up here to get Michael Quarles 3page contract geared more towards virtual buying but works in person too. http://michaelquarles.com/

I agree with others that if you truly have a deal you should have no problem finding buyers. I feel like the buyers list is like an LLC people spend months or years talking about doing it but not actually doing it. Go to the next court house step auction if they do that in your area hand out and get business cards from all the buyers now you're done with your buyer list Spend more energy marketing also talk to hard money lenders for backup funding just in case you need to close. If none of your buyers nor your HML want a part of your deal it isn't a deal

Phil Morgan I have never done a project in NY but almost every building department will review zoning before issuing a building permit. Check what your zoning is. Most likely if it is a dense neighborhood it will be zoned for 3 units. Talk to a local architect about any other issues such as needing a 2nd exit. Just because it currently only has one exit doesn't mean new units will allow that. Some cities make you add sprinklers. There are typically building inspections at all construction milestones. End of framing, end of electrical, plumbing, etc

Read the e-myth revisited. I think you need to define all the roles in your business and write out your system. Then ask which if any of the roles interest her. Are there parts of your business you don't like or think she would be better at?

Alex Flaugher get in touch with a local realtor and give them the specific criteria you are looking for and ask them to set you up with MLS notifications. If you are in a competitive market you may want to try and find off market deals. Drive for dollars, send direct mail, look up pre-forclosures, code violations, etc

Congratulations! Check the bigger pockets file area I think people have posted examples but check your local rules for conflicts. Spell out as much as you can. It should be more than a few pages. If there are issues with your tenant wanting something make the lease the bad guy not you. Screen VERY well! Do background checks and call references. If you think something is fishy ask for a different name than the reference Read Landlording on Autopilot Read up on all the relevant BP blog posts

You generally don't see slabs in cold climates because frost can heaving. What needs to be done is excavate down below the frost line for your footings so in most cases people figure in digging down 4 ft or so anyway I might as well build a basement. Also without perimeter insulation and often even with this the floor will feel cold. I imagine if is that old it may be difficult to find comps anyway but if other buildings in the area all have crawl spaces or basements renters or buyers may be turned off

I agree with @Mike Wood you need to make sure your zoning allows it. Just because there is multifamily next door doesn't mean you are zoned for it. I'm not sure about Daly City but a lot of bay area cities are making it easier to do Accessory Dwelling Units (ADUs) aka Granny Flats aka In-law units. These usually let you get a permit easier and don't have additional parking requirements.

A new law took effect in January to try and lower costs of these 

http://www.mercurynews.com/2016/09/27/california-e...

Bigger pockets needs a UI designer but I assume you already have a job and are looking to RE for more passive or extra income https://www.biggerpockets.com/jobs