All Forum Posts by: Craig Rismiller

All - 

1. We own a 6.6 acre development site off of I-69 in Anderson, IN.  You can see the aerial in the attached picture but it is near a busy intersection close to national retailers / hotels / restaurants.  Here are the details:

- 6.6 acres zoned I-3 but city seems open to changing

- Flat land with no buildings remaining

- Easy access to all utilities

- I think it is ideal for either a small office strip, extended stay hotel or self storage

Sales Options:

1. - Cash: $179,900
2. - Seller Cary / Land Contract: $50k down remainder financed at 6%.   
3. - Joint Venture: 100% open to a joint venture to develop but a). developer must have experience / do 100% of the work and b). developer must have ability to bring cash / sign for loans

Send me a note if you are interested in discussing!

Craig

BP - 

One of our fellow BP Members, @Shawn Duncan, has been diagnosed with cancer at 23 years young.   I have worked with Shawn on 5 or 6 flips over the last 18 months and can tell you first hand this kid a class act and will fight through this.  Unfortunately we all know treatments are extremely expensive and I am sure Shawn and his new wife would love our support.  They have set-up a GoFundMe account to donate online: 

GoFundMe

Additionally - I am working with Shawn to determine if he could use some help on his latest flip so he has one last thing to stress about.  I will keep BP posted but this would likely be in the form a 'free labor day' down in Anderson, IN.  Full disclosure I am the private lender on this deal but I have already told Shawn I am going to drop the interest / fees down to where I don't make a dime so he has a few extra bucks to fight this disease.

Thanks again for any support and I can't wait for Shawn to be back pounding the pavement for many more deals together in the future!

 Thanks Michael - we will do more deals together in the future!

I had a flip that I was financing in Central Illinois go south and the investor will be signing over the deed to me today. I am looking to either sell this property as-is or JV with an experienced contractor / flipper. Here are the details:

- NW Woodford County, IL in a small town (Minonk, IL)

- Started off as a full gut rehab and I will verify current progress on Saturday.  This is a smaller property so the right investor / contractor should be able to knock out fast.

- ARV is $65k to $80k

- Rehab: ~$15k remaining.  Mostly labor as most materials have been bought.  I will have a better guage if this is accurate Saturday

- Price: $33,500 net to me OR 50 / 50 split of profits using $33,500 as my base if you want to JV (I will cover all rehab costs)

Let me know if you are interested and we can see this beauty together on Saturday

Craig

Thanks BP for all of the interest.  We were able to lock in an equity investor so we are in good shape to close.

BP -

We are getting ready to start a condo conversion project in SW Michigan (St. Joe).  As a backup to equity - we are looking for a bridge loan that will move us from Purchase to Refinance with a local lender for construction.  The local lending environment is strong and we are well qualified - we just don't have the time to close a conventional loan on the purchase (our plan was to pay cash and use a local lender to fund the construction - but one of our equity investors backed out).

Here are the loan details:

Cash - $350k

Full Purchase Price / Current Value - $530k

Loan Needed: $180k

LTV: 34%

Term - 4 to 6 months

Rate - We can pay 10% and 2 pts - no other fees

Payoff Plan: 

a). Refinance with a local lender once plans are fully approved

b). Bring in additional cash (I personally enough cash freeing up over the next months to payoff)

Should be a very low risk loan - perfect for a private investor.  Key is we need to close by 5/18 --- so I need a commitment ASAP

All - 

I am partnering with Marshall on this deal and we are in need of one more equity investor with ~$100k.  I am putting $200 to $250k of my cash in this deal - so let's just say I am putting my money where my mouth is!

Here are our revised numbers:

Equity - $550k

Debt - $650 to $750k

Remainder of Budget funded by Condo Sales

--------------------------------------------------------

Acquisition (including a couple of liens, back utilities, etc): $530k 

Total Build Costs (includes soft costs, etc): $2.54M

All-in: $3.0M

ARV: $3.9M or 78% ARV

I believe we are conservative both on the ARV and costs, so actual numbers should be a tad better. Layering in the debt and the profit share split -- the limited partners on the deal are looking at 30%+ projected ROI's.

We need to close by 5/18 are about $100k short... so please send me a message and we can chat ASAP. There will just be 4 or 5 equity investors in this deal that are all experienced in RE...so this a true partnership vs. a syndication.

We have started to exit our Phoenix, AZ condo project and are looking for a Lender / Broker that has a higher LTV non-warrantable condo product that we can offer our buyers.

There are only 7 units in the complex, so us owning 6 kills all hopes of repositioning for Fannie / Freddie conforming.  Our plan is sell all 6 units in the next 3 to 4 months.

We currently have a lender that can do 80% LTV but we are hoping for a long-shot in finding a lender that can do 90% LTV at competetive rates for our OO buyers. Lender that has the product will likely get all 6 loans...so please check your networks! We have called over a dozen local banks but they are either not doing the loans or wouldn't have the appetiate for all 6.

PM me if you need more details or have a lead.