All Forum Posts by: Danielle Zimmerman

Hello BP Members!

I'm working on filing with the SCC so I can raise capital for my investment company. Recently, I have made some strategic partners with access to high networth individuals who would be interested in investing with us. I recognize the value of these relationships and want to make sure I am offering a finders fee for connecting us to this capital. 

What do other syndicators offer for capital finders fee?

Hello BP Community!

I'm always searching for deals and end up getting a ton under contract, but at the end of the day, I end up closing only a few good deals. Because of this, I end up sending my investors deals to only update them that after due diligence, the deal fell through and is no longer available for them to invest in because I couldn't make the numbers work and protecting their investment is most important. The deadlines are so tight I always feel like I need to make investors aware of deals quickly to secure the funding asap. 

How do you do it? Do you wait till after due diligence to present deals to investors? I just hate presenting, getting investors excited, only to fall out. Or, is that just the name of the game in this market? 

Hi @Ronald Rohde, 

Thank you for your comments. I think the contractor that is going to end up being used is a contractor I'm using on another property, but he will be dealing with the tenants directly on the subject commercial space. I do have a very small amount of debt on the property, thank you for mentioning this. I didn't even think about looking into the terms of the loan agreement. I will reach out to my lender. 

Regarding construction deposit, would you explain this a little more? 

I have a lot to learn and time to put in that's for sure. I would love to connect sometime. I'll shoot you an email here in the next couple weeks. Thank you again for all your help today on both of my posts. 

@Greg Dickerson they are so romantic and challenging in the best ways. This project is really a cornerstone building in the community, so I hope we impact the town and people by saving it. 

Thank you for the input, our attorney also suggested equal shares so we'll probably go with that! 

Hi @Greg Dickerson,

Thank you for the response. I was just looking at your profile/website, you look extremely knowledgeable and where I am trying to be in my own business someday.

 Would you say that there's a typical price per square foot offered for TI money? Or should I wait till their construction bids start coming back? The market is softer, so I don't want to lose them. 

Hello,

I own a commercial building with storefront space. The building itself is historic, but has had updates to plumbing, electrical and HVAC to suit office space needs. I have a tenant who owns a coffee shop who would like to put their business in one of the store fronts. I feel so way over my head! I had them fill out a very basic LOI which laid out their renovation needs for the space. We are now trying to help them find a contractor who is not just fairly priced but has time to do the job. Am I going about this correctly?

They are going to finance the construction they need done to make the space up to code for their coffee shop use. At what point am I responsible for upgrades? Or is it just all negotiable?

I feel like some costs I should cover, like anything that is foundational, electric and plumbing. Help!

Hello! 

I purchased a historic, 21 unit, apartment building that had been vacant since the 80's. The project is a complete gut! I have owned it for about 2 years now and have gone through zoning and development, half of historic tax credit application, environmental remediation and have brought the project to rough in. Because of the budgets, it makes more sense for me to sell the individual units off to recoup some of our costs. I'm hoping I can hold a few units as rentals, but we will see. In order to sell off units, I need to get a new zoning variance to allow for condo building use, not an apartment building. I'm at a stage now with the attorneys creating the HOA Declarations where we need to decide on ownership percentages per unit. The new layout has 19 units total ranging from studios to two-bedrooms. The studios are obviously the smallest, then the one-bedrooms, leaving the two-bedrooms as the largest units. Common spaces include: hallways, staircases, coin operated laundry, storage locker area, common entertaining space, and a rooftop deck.

My question is, is it better to divide ownership equally among the units so each owner has equal say, or is it better to divide ownership shares proportionate to their unit size?

Always. Sounds lazy to me too. And if I can't attend I have another agent to represent me. 

Gosh... I completely understand this dilemma! I actually have a bit of experience and I STILL struggle with this, even 11 years later. People think I look twelve AND being a women in construction might be just as bad. There's a few things a do:

1. Try not to care. At all. If someone is really concerned about your age they are a know-it-all and why would you want to work with someone who doesn't respect you based on age alone? Move on to another relationship, you'll be happier and thankful you did. 

2. When someone has enough balls to ask your age (let's be honest, the question alone is them trying to insult you), I tell them I'm happy to reveal my youth if they are willing reveal how old they are first. 

3. Be confident, if age is brought up turn it positive. You're young, motivated, educated and have a fresh outlook bringing new ideas and creative value! I'd rather work with a person with their ears and mind open than a person who is a know-it-all blinded by age and not open to opportunities. 

Bottom line, don't care and be confident and proud of your age and where you're at. Anyone who can't respect you doesn't deserve the value you bring!