Wholesaling Apartment Development

[Account Closed]

I'm currently talking to the owner of 3 adjacent properties in Mountain View, CA (old multifamily) who is waiting for the city to approve a permit to construct a 15 unit apartment complex on the 3 lots. The owner however is getting older and is interested in selling the project to another investor.

He got 1 offer a few years back at 9m but that investor doesn't seem to be interested in the project anymore. Currently I am looking for buyers for this project and am interesting in wholesaling it.

Does anyone have experience wholesaling a development project like this? I don't have experience underwriting multifamily development. How much information would a potential buyer want?

[Josh C.]

@Max Kibler

Not sure loan officers are going to create a proforma for a person who they don’t know and has no chance of closing. As mentioned above. Help the seller find a great broker and offer some value and put your hat in hand and maybe you’ll get a couple of bucks and learn something. If you jerk around some old guy on a 9MM deal the kids or estate attorney may end up suing you. They clearly have money and this wouldn’t be like jerking around broke home owners wholesaling their stuff with limited recourse.