All Forum Posts by: Wesley Davis

Try the meetup app

For future reference:  It depends on what the set backs are.  Most counties and cities also have regulations for how small a lot can be when you’re subdividing.  

Get some bids and go from there.  You want to make sure you’re building numbers are as close to accurate as possible.  New construction can run over a timeline pretty easy so account for that too

So we just started a LLC, my partner and I. Essentially what we were told as far as the loan, is that the lender will hold both of us responsible for the loan, not the LLC. You can still have the property deeded into the LLC and have your LLC actually buy it. The loan though is in your personal name.

We did apply for a commercial loan though for a 6 unit, and they were willing to just use the LLC and not us personally. We still had to submit personal financial statements and all that, but I guess since it was commercial it worked a little different.

@Brandon Schlichter  that is awesome!  Keep it crushing it!

@Tyler Mellor check this out

Joe Fairless' book, Best Ever Apartment Syndication Book.  That is a good place to start.  Excellent book

I'd get a GC that you trust and get them to help you out.  There's always something that you wont see if you are new at this.  Once you do a few, you'll start to be able to get a general ball park of costs.  Keep track of what you're spending and on new projects you can judge the rehab costs based on past projects. 

+1 on what Greg Dickerson said.  That's currently what I'm trying to do with mobile home parks.  Find a deal and bring it to the syndicator in exchange for mentor ship through the process.  Commercial is a lot more complicated than residential, but it comes with a lot more rewards!

I would also highly recommend Joe Fairless' book Best Ever Apartment Syndication Book.  It's a step by step guide on how to buy your first multifamily (it's 428 pages). It goes over how to choose a market, how to find money and how to talk to and find potential passive investors

Out of every 100 houses that you look at, how many do you close on and how many do you put offers on?

As a GC, I'd just sub the GCs out.  The amount of expenses you would have would go up tremendously.  Workman's comp, insurances, and the added taxes.  I personally would advise against it.  I do know of people who have successfully done it though.