new build apartment building

[Marina Flu]

HI everyone, 

I'm a new investor. My name is Marina and I have found myself in a unique situation that I need advice on.

My cousin put an offer on a foreclosure about 6+ month ago and it just got accepted by the bank.  However, she is now not in the position to take on a project.  The property in Los Angeles, Toluca Lake/North Hollywood area.  It’s an A class area.  The property has a small single family house but is zone for multifamily.  It is a small land but when she did her research she said that they can build up to 8 units.  At this point she has offered me the opportunity to take over the project if I would like to, otherwise she is going to let it go.  I’m new at this and don’t have the knowledge or the financing to take on a project of this magnitude.  What are your suggestions?

Thank you for your help

Marina G

[Shayne Fee]

Some options:

1) close on it and sell it to an investor who knows how to capitalize on the opportunity.

2) Partner with an experienced developer.

3) Take a leap of faith and learn on the go -- hire/find the team you need to make the project work!

Ask yourself what are your goals and desires and if this project doesn't align with them then of course you can pass. But sounds like you may have a great opportunity there for someone!