All Forum Posts by: Thierry Van Roy

1 Have your own checklist for an initial inspection.

2 If you plan a rehab, then a contractor will do it for free sometimes.

3 get it under contract before you enter the due diligence phase, but make sure you can still weasel out (depends on your laws whether that's possible).

It's a new building that I first need to get finished, so that'll mean a lot less maintenance for the first couple of years. Though you are right, I should include at least some percentage outside of CapEx.

This also means I don't have any history to go over, by the way. Though as for turnover, it's in a triple-A location at market prices, so the things will rent easily.

Propert Management I checked with the company, there's a discount involved because of the size (and because of me).

As for the television & phone utility cost, that's entirely for the telecom company and the tenants can choose their own service provider.

Though thank you both for the input, and for the link to the very interesting Ashworth & Partners site!

PS
I use Real Data Software to analyze my deals, so I indeed have a breakdown per unit.

I will, thanks to both of you! (Mentions still not working for me)

The client changed the theme again, so now I'm busy with that aspect (AGAIN), though I will certainly keep this thread updated once the project starts (and I can disclose the exact location).

Raymond, when I try this it doesn't work. Only on my iPad can I get mentions, and that's tedious as all hell.

I'm using a European AZERTY, so I have to hold down ALT+2, but that only changes the font size. When I change windows settings to American, that doesn't help either.

So I'm building a pro-forma APOD on an 18-unit apartment building.

How does this look? Other Income includes a service charge of 50/unit as well as pet fees and late fees for part of the units, but I'm really trying to get the Expenses down to a T.

(Mentions still not working, sorry.)

I see I made a mistake in my first post, but I'm trying to talk in sqft rather than meters to make it more easier on the forum members. Oops, sorry for the confusion.

Mike, 20,000sqft would have been a bit too large a project for me, I'm already at my limit as is. It's 4,500sqft living space and another 1,300sqft in hallways.

The floor that's still a construction site is about 1,000sqft (I predict 400,000 USD on that). The apartments that need a lot of work done are about 300sqft, together with the other apartments that are 90% done (thanks for the 10% rule of thumb!) I estimate at 300,000 USD.

I'll try getting a more detailed plan today or tomorrow, though.

Michael, I can answer that question easily. I need an estimate of the costs before getting it under an option contract. If I know the costs are like 700,000 USD, I can make a bid based on what the total cost and ARV should be.

Then, once they accept and allow me a month of due diligence, I can start spending on experts and get the real cost and scope of the work. After that, I can still back out of the deal.

I don't like spending a few thousand on that if somebody else gets to a winning bid first or if it's a total dog anyway.

Working on a similar project right now, so I would recommend also looking at windows, isolation, sound proof flooring, fire safety (stairs) and the elevator. Especially if the building is old, I have recently come to learn an elevator can become a major issue. They can't always be replaced by a more modern type, which means you'd have to make due.

Though you should really shed out a few bucks on a niche professional if you already have it under contract anyway.

Hey @Chris_Winterhalter (mentions still not working here), thanks for your assistance.

Well, the theme has only yesterday been decided, so the project has become even more time sensitive.

I mean something like an overgrown high-end cabana with a terrace, drinks and snacks (can't disclose the exact location) where a major source of revenue is renting out the benches at an exclusive part of the beach.

The building can stand there for half the year, but has to be deconstructed in October and reconstructed in March.

We can use the current building for this year, but it won't structurally last the reconstruction for long.

By the way, have there been any puns on your last name this past season? ;-)

Has anyone ever read the books on apartment buildings from Craig Haskell (Value Hound Academy)? His site provides crazy good Commercial REI resources for free, but his books are a few years old and all have zero reviews EVERYWHERE.

It surprises me, because the table of contents seem very actionable and without fluff.

Thanks for the idea, but I maybe should have said I'm also investing in Europe ;-)