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Must Love Dogs posted:My parents are looking at building a six to eight unit property as a way to boost income for retirement. They'll be living in one unit, my older brother will live in another unit and assist them, and they'll rent out the rest. Aside from Landlording and various forums mentioned here, does anyone have any suggestions on books to read or other places to go? What stage are they at in this plan? Do they already own some land they want to use? Once they have a good idea of where they want to do this, they should call the town/city/county planning & development division and ask every question they can think of. Then ask "What else should I be asking?" Once you have a good idea of the local rules/regulations/fees involved, then go searching for a contractor and a real estate agent. Ask each one if they have direct experience building what you want to build in the area you plan to build it in. Don't use an agent that sells houses all the time; find one that has a good grasp of the workflow involved in purchasing land for development. For a contractor you can ask the P&D people for some recommendations, and also call your local contracting board. Vet everyone thoroughly! Also, post more details and progress updates. I'm sure there are plenty of people here that would be interested in watching a project like that come to fruition.
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Sep 5, 2013 16:46
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Must Love Dogs posted:They've identified the general vicinity where they want the property, but they do not have the land yet. They also aren't wedded to the notion of new construction: if the right building to be renovated opens up, they'll go with it instead. The down payment's all lined up and we're pulling together the business plan next week. In addition, other recommended steps like establishing a trust are being prepared. I'm sure there are books and such about the general workflow of building things, but each area has a ton of differing specifics such that you really just need to talk to locally experienced people. The reason that I say go to P&D is that they'll have all the contacts you need for the people who have experience doing these things. Architects, engineers, contractors, lawyers, real estate agents, accountants, etc. Your best bet is to work with people who have done these things in your local area, and are up to date on the current laws/regulations/fees/backdoors.
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Sep 5, 2013 23:49
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