Welcome to house flipping!
Moving too fast for me and I hate it when information is lacking… This is not just house flipping, we are talking commercial lot that for the right person/developer could be worth a pretty penny. I am striking out once already, my permit expediter’s home number is no longer valid (may have retired or worse…). She would have been key in finding out what this lot can be within current and proposed laws.
Try to find another buyer and flip it, otherwise stay away …Raw land in SF is like kryptonite…lethal to most…the entitlement process will cost much more than the cost of the dirt…
Oh man, how did I forget about you, @Elt1? Are you willing to chat about this via PM? Want back in, in the old Fab 7x7??? This may be too much for me to chew on with my experience…
Ok, my family friend the big time flipper is helping me. Thanks, @Elt1. He can do the research and tell me what is feasible there and thus if worth it or not.
Hi @sfdragonboy - just curious, have you dealt with the 311 process, neighborhood notification process, and the discretionary review process in SF for a personal residential project where the exterior envelope is changing?
If so, then perhaps that is good training wheels for building from scratch in SF.
If not, then @Elt1 has very wise words…
Nope. Now, do you mean with respect to the lot that I am looking into? I am just the middle man here. Not enough experience and money to fully develop in the Fab 7x7 from scratch. My family friend has advised me well enough - he will determine what is allowed on the lot at the current regulations and then go backwards to understand what that lot is worth to his developer buddies. If the margin is sufficient enough or profitable enough even with cushion, he would advise me to buy it then.
My handler at the exchange intermediary has already advised me that yes I can buy a commercial lot to satisfy exchange. He advises me to hold for at least a year though.
As my mortgage broker Tracie confirmed, my equity loan at prime rate would be way cheaper than hard money loans, so funds are locked and loaded.
How about 1.6M for a fixer in outer sunset?
It looked like it is in a really good condition. Old, but still didnt look like a lot of worj. What is your estimate on cost to make it new?
Unlike your home style (Rousseau), this style in the Sunset I never cared for much. Yeah, it’s got some ocean views but 1.65M for a semi fixer in the 40s? I think the buyer overspent big time…
I think the big draw is the double garage and extra bathroom. Especially the double garage is very desirable and not many homes have that in sunset.
True, double garage is nice…the balcony front look I just never really cared for.
For primary - it will need update pretty much all the infrastructure - plumbing, electrical, heating, insulation, windows, etc. Easily 150K even for average fixtures. I mean if you are doing all these things - you may as well gut the rest and do it right.
But if it is just flip then cheap lipstick as much as possible.
Side by side garage definitely adds another 50K to 100K premium. Tandem parking just suck and major inconvenience, the car park in the back will not be driven 80% time…
Agreed, side by side garage with some driveway to boot is sweet in the Sunset. If I had that, I might have stayed…
How about the cost of road noise?
There was a house on sale on the same street with the house i was interested in. It was at the intersection with a very busy road, and yard was noisy. How much is that worth, normally?
I think road noise in the Sunset Blvd area is not too bad since it has some island of trees filtering it out a little. Maybe 50K less?