Official Real Estate Thread. Advice/Questions/Whatever

16,775
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Joined Jan 8, 2005
Yo whats good NT. I want to get into real estate in the future and was wonder some things. I know there are many NT'ers who own property. Plus I figured others can ask some questions too.

My first question is, does anyone know how much it cost to own/buy/build a project? For example Apartments complexes/Town Homes. Also what is the process of this.
 
665
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Joined Jan 7, 2008
do you have any kind of background in this?

the obvious factor is the money, it depends on size and location. tied into that is the entitlement process and jurisdictional requirements, which also vary. even if you have the capital, you cant always just stroll in and start developing a parcel.
 
1,768
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Joined Apr 2, 2003
I've been a Realtor for almost 6 years. What do you mean by a "project"? A full apartment or condo complex?
 
665
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Joined Jan 7, 2008
you need years of experience in the field, and/or a professional education in an associated discipline. go into architecture/engineering, construction management or something on the business side. its virtually impossible to just start in on multi-residential development off the street. not knowing any other variables, youre talking about tens of millions, depending on how many units.
 
16,775
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Joined Jan 8, 2005
Originally Posted by ddot7

I've been a Realtor for almost 6 years. What do you mean by a "project"? A full apartment or condo complex?
Something like in this picture...



Look at the brick complexes at the bottom. Something like this. I want to start something like that. Pay for it to be built and etc.

Also something like this would be cool too...

 




I don't have to be a private owner, I just want to own this type of stuff one day. 

you need years of experience in the field, and/or a professional education in an associated discipline. go into architecture/engineering, construction management or something on the business side. its virtually impossible to just start in on multi-residential development off the street. not knowing any other variables, youre talking about tens of millions, depending on how many units.
How long is the process for this? And I really need all that to be the main share holder?
 
665
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Joined Jan 7, 2008
you dont need any of that if youre just hiring it all out to design-build, except a lot of money. but it would be wise to be educated enough to know youre not being robbed, because unless you know what youre doing, you will be.
 
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Joined Oct 9, 2000
I have been selling for a little over 8 years in Chicago.  Let me know if you have any questions.  I work with everything from first time home buyers to investors to developers. 

I think this is a great topic.  Let me know how I can contribute!
 
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Originally Posted by mr delorean

you dont need any of that if youre just hiring it all out to design-build, except a lot of money. but it would be wise to be educated enough to know youre not being robbed, because unless you know what youre doing, you will be.
I was planning on studying this in college. What would be the exact term for this again?
xfile 11
I have been selling for a little over 8 years in Chicago.  Let me know if you have any questions.  I work with everything from first time home buyers to investors to developers. 

I think this is a great topic.  Let me know how I can contribute!
Great. I guess I would be in the category of  all three 
.

I'm really into owning property, a business and I have also decided I want to get into politics and maybe eventually the Mayor. I want to improve Cincinnati and the surrounding areas if I can. I want to help build the city up to a major city when it comes to opportunity. We are doing pretty well in development, but we have ways to go. We got have a homeless problem like every city, but hopefully we can put a dent in that and crime/drugs as well.
 
1,474
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Joined Aug 14, 2005
Sounds like your in to Urban and Regional planning OP. If you're in school look in to that as a major or minor. It's focus is what you sound interested in. My pops got his Master's in that and was a city planner then a city manager. He was in route to becoming Mayor. Anyways, when it comes to investing in to your own properties, you want to start with something like a duplex and work your way up to bigger units. My girl and her family does this and make a lot of money, so I might have her throw some info in this thread.
 
16,775
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Joined Jan 8, 2005
Originally Posted by The Dauqs

Sounds like your in to Urban and Regional planning OP. If you're in school look in to that as a major or minor. It's focus is what you sound interested in. My pops got his Master's in that and was a city planner then a city manager. He was in route to becoming Mayor. Anyways, when it comes to investing in to your own properties, you want to start with something like a duplex and work your way up to bigger units. My girl and her family does this and make a lot of money, so I might have her throw some info in this thread.
OK cool. Thanks for the info. I'm going to check and see if UC (Cincinnati) offers that.And I guess that's exactly pretty much what I'm into.

A duplex? I don't know for sure but I think its a big market for those here. I could pull that off since there is a lot of real estate around UC. College kids are always looking for cheap places to live.
 
1,474
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Joined Aug 14, 2005
Also do you plan on using cash? Or have you been pre-approved for a loan? If not go to lender (preferably a direct lender i.e. wells fargo, b of a etc.) and get pre-approved to see what you're realistically looking to spend. With cash you will be able to negotiate a better deal on the property.
 
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Joined Dec 2, 2009
Originally Posted by ddot7

I've been a Realtor for almost 6 years. What do you mean by a "project"? A full apartment or condo complex?
throw some bizz my way.  can get a loan closed in 10 days.
 
6,394
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Joined Dec 2, 2009
Originally Posted by xfile 11

I have been selling for a little over 8 years in Chicago.  Let me know if you have any questions.  I work with everything from first time home buyers to investors to developers. 

I think this is a great topic.  Let me know how I can contribute!
are you in cooke county?
 
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Joined Oct 26, 2009
Taking my salesperson exam this tuesday. Oof. I need to get back to studying.

And close a loan in ten days? Really?
 
16,775
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Joined Jan 8, 2005
Originally Posted by The Dauqs

Also do you plan on using cash? Or have you been pre-approved for a loan? If not go to lender (preferably a direct lender i.e. wells fargo, b of a etc.) and get pre-approved to see what you're realistically looking to spend. With cash you will be able to negotiate a better deal on the property.
I don't have anything right now. I'll be entering college this fall hopefully.

I'll probably try cash first. This is a few years away though. I really want to do my homework with this stuff. I look at this as an side career/side hustle.

A loan is an option too but it'll push things back further.
 
945
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Joined Jan 4, 2008
Originally Posted by xfile 11

I have been selling for a little over 8 years in Chicago.  Let me know if you have any questions.  I work with everything from first time home buyers to investors to developers. 

I think this is a great topic.  Let me know how I can contribute!

When you say selling what do you mean? I'm trying to get into fliping in a few years.
 
1,768
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Joined Apr 2, 2003
My personal opinion...

A lot of this sounds better/easier in principle right now to you.  You'll be better starting small, building equity and working your way up. Someone suggested a duplex/multi-family.  When you have some money saved and a steady, substantial income, it would be a good idea to invest in something like that initially.  The experience of it, albeit on a smaller scale, will only benefit you in the long run.
 
2,263
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Joined Aug 1, 2005
I would start rehabilitating homes so you get to know the market, its very easy to rehab houses, but selling them is harder now, thats where knowing a few people would come in handy. Besides someone who is willing to do the work at a cheap price (mostly done since you will feed them consistent work) you need to find an agent, and a mortgage guy. These people will push your product and help finance it....

once you get some experience, then the rest (in terms of large projects) is all about acquiring financing......find people with money that believe in your plan and see what you can come up with. But building in and of itself is not crazily expensive....the trick is to make it just nice enough to sell (or rent)...

for example in Michigan (actual property not withstanding) I can build a 3000 sq foot home (colonial 2.5 car attached garage/siding/fiberglass windows/granite couters/tile and pergo flooring/finished basement) for around 100k....maybe lower if I can find some deals and call a few favors in (80k at the lowest).....Other parts of the country it can be done for less (depending on weather/insulation needed/utilities used, etc...)

your main cost is the land in most cases......especially if you are looking at places that are already marginally populated.......
 
16,775
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Joined Jan 8, 2005
Originally Posted by DublBagn

I would start rehabilitating homes so you get to know the market, its very easy to rehab houses, but selling them is harder now, thats where knowing a few people would come in handy. Besides someone who is willing to do the work at a cheap price (mostly done since you will feed them consistent work) you need to find an agent, and a mortgage guy. These people will push your product and help finance it....

once you get some experience, then the rest (in terms of large projects) is all about acquiring financing......find people with money that believe in your plan and see what you can come up with. But building in and of itself is not crazily expensive....the trick is to make it just nice enough to sell (or rent)...

for example in Michigan (actual property not withstanding) I can build a 3000 sq foot home (colonial 2.5 car attached garage/siding/fiberglass windows/granite couters/tile and pergo flooring/finished basement) for around 100k....maybe lower if I can find some deals and call a few favors in (80k at the lowest).....Other parts of the country it can be done for less (depending on weather/insulation needed/utilities used, etc...)

your main cost is the land in most cases......especially if you are looking at places that are already marginally populated.......
OK. I was also interested in buying some vacant homes around where I live now and renovate them. They are pretty run down but not depleted. The area can use work in many ways.


So a great thing for me to do down the road is find some business partners, correct? I was thinking its one thing to do the task myself, but if I can get a group of investors then I can tackle a lot more projects at once.

Also how would I go about getting property that's no longer used? For example there is a vacant ymca/stores/open lots in the area, how do I go about acquiring those?
 
2,220
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Joined May 27, 2008
Yea and I need to understand a few things about short sales and foreclosed home deals cause I think people be trying to jerk me around on situations
 
6,394
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Joined Dec 2, 2009
everything is based on income in today's day. so if you dont have a steady job that you can show you can support the payments of this new perceived mortgage and every other monthly debt you have, its not going to happen.
 
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Joined Aug 14, 2005
Originally Posted by MrDoeBoI

Yea and I need to understand a few things about short sales and foreclosed home deals cause I think people be trying to jerk me around on situations

   Post your question and I will help you out.


I'm been an investor on single family property for a number of years now and have two offers on two quads right now. (short sales) Should be getting an acceptance and closing any day now. While I have a general understanding of concepts and actions required to develop property. I can help you more when it comes to property investments wholesale,short sale, lease options, ETC.

To the Real Estate agents on Niketalk PM me where you are located at and we may be able to be beneficial to each others business.
 
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Joined May 27, 2008
I was wondering if I needed a dealer license to get authority to sell a house like a middleman ?

I know a couple people in real estate and I wanted to get like a foreclosed list from the courts and try to structure up deals and make a contractual agreement with the home owners and try to make a profit off there property from the sale .
 
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