All Forum Posts by: Andrew Kremski

@AndyBasler I think you will have a hard time finding P2P free options... Cashapp is similar to Venmo, it can be linked to “square cash” and you can transfer large frequent amounts as a business for 1.5% after you exceed limit.

I’m looking for advice, direction, examples on composing a RFP for the refi of this note.

This deal is a 500,000sqft industrial facility in Michigan, purchased by owner finance.

Currently owe 3.5M on the property.

After getting the property rezoned for cannabis cultivation and processing and doing multiple building upgrades it was just appraised for 6M.

The state has finally issued the license for cultivation (works similarly to liquor license where it’s attached to the real estate) therefore further increasing asset value. This also prompted a Canadian Cannabis Corp to offer 12M for the property/license. Said hell no.

At this point I’m seeking to present investors/groups the opportunity to refinance the note for 6M. Using the funds from the refi to expedite and fund the remaining build out of cultivation systems/utilities and labs.

Looking for minimal principle/interest payment for a 3 year term contingent on refinancing into a traditional long term commercial loan. Pending negotiations on note payment terms, willing to offer 8-9.5M buy back.

All of my previous real estate experience has been as a contractor; flipping houses and owning rentals. I have not asked for private funding or put together a deal such as this. I have arranged meetings with some groups/investors, my next step (so I’m told) is to compose a comprehensive RFP to present and review when we meet.

My goal of this post is to receive reference to example RFPs and suggestions for resources. Also, individuals that may be willing to review/proofread what I put together that have extensive knowledge/experience. Lastly, imma shoot my shot..If you have 6M I have the deal for you, let’s talk.

I was just reviewing a financial statement of a 35 unit recently, the coin laundry revenue was $3600+ a year for the last three. Avg of 78% occupancy during the three years.  I suppose you would have to consider the availability of nearby laundromats...that apartment was 8 miles to the closest one. The owner said he charged the same amount, however i never checked the laundromat to confirm.    

We did an infill on a small kidney shaped concrete pool about 30ft long a little over a year ago.  Also had to remove some of the underground plumbing (per inspector request) The initial bid was $7,500, the investor and I agreed on a change order after the plumbing issue came up. The final project cost was $8200.

This was near Ann Arbor Michigan, I would suggest you call the building department and check the requirements for an infill. That way you have a better understanding of what the scope of work will be to avoid surprise. Good Luck!

https://thda.org/business-partners/multi-family-de...

Thats where i would start, best wishes!

What are the comps? How quickly are houses moving in that area?

Matt Corsaro welcome! I found BP via podcasts too, great stuff. I'm a contractor in Adrian, Mi. We do a lot of work in Perrysberg/ Toledo/ Sylvania. I want people to team up with! Currently, I'm looking to do a 10-50 unit multi family flip or spec build. If that sounds interesting let's chat 👍

@Joel Mayer hi welcome!! i do the majority of my work in ann arbor area. My wife and i are actually discussing moving to the whitmore lake area. i am still in the education phase of my investing career, but looking to move forward shortly.