Have you ever bought a property, planning to rehab, and then changed to tear down and rebuild? Or wondered part way through the project if perhaps you should have? Have you been thinking about a major renovation of a large complex and wondered about managing a million dollar plus budget?
Dan Botwinik has been specializing in distressed multi-family acquisition and management, and is currently completing two major projects he is going to discuss.
- 70 unit acquisition and renovation, with a 1.6MM construction budget
- Shrewsbury acquisition of 9 units which evolved into a new construction of 8 townhouse units
Here are some of the points Dan will discuss:
- Permitting process, including engineering, Zoning Board, Planning Board and Conservation Commission
- Deal structuring with a General Contractor, considering hiring, equity split, or self-management of the construction
- Locating the sweet spot of maximizing revenue and value, and minimizing construction costs
- Interviewing real estate agents to pre-sell the units
- Financing the projects
Dan’s company was recently awarded Outstanding Landlord Award by the Bridge of Central Mass in 2012 and continues to grow, with over 400 units under management. Questions are welcome, as he goes through these two projects, you are sure to have lots of them.