How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask green-owl Your Own Question
green-owl
green-owl,
Category: Real Estate Law
Satisfied Customers: 4808
14666028
Type Your Real Estate Law Question Here...
green-owl is online now
A new question is answered every 9 seconds

We are A group of people's combined our savings and want to

Customer Question

We are A group of people's combined our savings and want to built our own apartment complex
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  green-owl replied 1 year ago.
Hi. When you say "want to built our own apartment complex", how close to the building material and tools do you plan to be?
Customer: replied 1 year ago.
We are looking options . The only thing we know in this level is we are ready to to forme action committee and contribute some amount of money
Expert:  green-owl replied 1 year ago.
The first would be to incorporate.
Then form an administration board.
Assemble the funds (make sure you can finish or a bank will buy you at a fraction of your initial investment).
Look for land and building permit (making sure you can build what you want in this area).
Make sure of the size of the project to have the wanted revenue from it (including municipal taxes, inflation, non planned construction problems, non 100% occupency the first year(s) etc...).
Go see an architect.
Hire a contractor (at that point you can offer to help building).
Have the authorities in the area inspect.
Put the "for rent" billboard on front.
Profit... hopefully.
Customer: replied 1 year ago.
What is average cost of building a normal medium income residential home? Using common building material . It can be on meter square rate
Customer: replied 1 year ago.
Where and how to incorporate legally?
Expert:  green-owl replied 1 year ago.
The best is to go see a business lawyer for that, but as an exemple, here is how to for the state of Delaware (i don't know where you are currently):
http://corp.delaware.gov/howtoform.shtml
You can incorporate in any state but most of the time you need an agent living in that state to handle all the paper work.
The cost to contruct depend greatly of where you are and the service that are around (as the land is a big part of the cost). Also in many place you may not be able to just build with common material, they may force you to use sprinkler, allow access to handicaped, have noise dampening material etc...
I would expect between 120$ and 150$ by square foot on average. The larger a project, this can go lower. I would expect profitability after around $15 year.
Customer: replied 1 year ago.
I am from Texas,Houston
Expert:  green-owl replied 1 year ago.
http://www.sos.state.tx.us/corp/index.shtml

Related Real Estate Law Questions