All Forum Posts by: William Hutch

Depending on the project but the architect owns the drawings. So you can’t use his design without his permission. Did you use any of the AIA contracts? I’m an Architect and I would be wary to inherit someone else’s mistakes. if someone isn’t code complaint the new architect is on the hook. Why were the drawings not filed? Did you not have to file drawings to get a permit?

Appreciate all the responses. A live in flip if it was an option on the table is something I would definitely do. As the entry point in NYC is so high ($1-$1.2), the type of house I would be flipping would need a full gut renovation and my conversation with any of the banks is that they would only lend to a house that is livable now and I would need 30% down. The permitting in NYC is also tricky and it can take months to get a permit, along with contractors being really busy is really proving challenging. NYC is such a tricky market with so much red tape around everything it definitely makes it challenging. I think the hard money route the first few times will ultimately kill my current approach. I've tried reaching out to private money lenders but I've been only finding hard money lenders. Can anyone shed some light on why the HMLs only want to talk on the phone and their so secretive about rates?

Feel free to message me. Happy to help out. I work as an architect in NYC and I work for a company that is an expeditor

So I’m looking for a partner. I’ve been doing my due diligence for over a year now and I’ve finally come to the point where I need to pull the trigger. I have a broker who’s keen to work with me. He’s helping me find off market deals. He knows the market well. He’s told me he’ll help my design the fix and flip to meet the latest market trends. I’ve prepared drawings to get estimates off contractors. I have an expeditor lined up to help with permitting. I have one partner onboard who’s providing quite a bit of capital. I’m an architect so I have a good idea about design and managing construction. What I don’t have is experience in fix and flips which is what hard money lenders looks for. So my current terms are killing me with the rates. Does anyone have any suggestions? My thought was to find a partner who could help bring that experience for a lender to help lower my rates. As this would be in NYC the price point is very high so it makes a massive difference. I’ve looked at outside the city but seeing as it’s not accessible to me and I can only assume it’s even more competitive with the lower entry price point. I’d appreciate any financing/partnership feed back.

So I was looking at doing my first fix and flip. I'm in NYC so the entry point is high. I reached out to a hard money lender and they asked for 25% down of the total financed amount which is significantly higher than expected. I had thought I could finance 25% of the purchase and 100% of the rehab. Should I keep shopping around? Has anyone got any recommendations on who to reach out to? Is Hard money the wrong way to go? With Rates 11%+ and a project rehab time 6-8 months. My Fico score is 790. My partners is higher.

I'm an architect with 10+ years of experience but I don't think that is relevant as I don't work on these types of projects.

Well what kind of partner do you need? One to help with financing? Construction? Sales?

Since there's lots of hard money lenders on this thread. Where would one find out more information on the terms outline in the hard money loan? How does one review all these documents when they're not that easy to find in the first place? I've been dealing with some hard money lenders but I was trying to find out the various fees and cost for budgeting but everyone needs a buildings address to start the process. Its like a chicken and the egg situation 

It depends how much you’re have. if you have a small amount it could be 10k. If the whole roof and other areas have asbestos it’s going to be expensive.

You also have so many other factors. It the house stand alone or is it a row house. Is it wood framed or brick? Is this is bushwich and it’s wood framed that should be easy. If it’s brick it’s going to be more expensive. 

I lived in a house hack in Manhattan for 5 years. My friend bought it. Sadly it didn't appreciate in value at all but he did save money and build up equity. Another friend bought a place in Harlem. He did it up and rented out the rooms, so he definitely made money on it. His family flips homes on Long Island. House prices in Manhattan are very stable and don't really go up too much. There are also not a lot of apartments for sale. A 2 or 3 bed will be very hard to find. While property prices around the US went up in 2020-2023 Manhattan was almost stagnant. 

I'm in the process of doing something similar but I was looking to do a ground-up project in the Hudson Valley.