All Forum Posts by: David Marr
David Marr has started 1 posts and replied 13 times.
Post: What Everybody Should Know... About Commercial Financing!
- Architect
- Saginaw, MI
- Posts 14
- Votes 1
Will this work with new construction? I have a plan for a strip mall, the numbers seem to work out well with a 20-30% ROI pending on the vacancy factor. As an architect / builder I have all the design build stuff under control, I just need financing. I do not have enough $$ for 10 - 20% down. I spoke to one reputable bank in the area and they are pretty adamant about the 20% down.
Post: David889 from the middle of the mitten (Michigan)
- Architect
- Saginaw, MI
- Posts 14
- Votes 1
Thank's for the help, I have updated my profile and placed my web site address in the signature block.
I will head to the commercial forum and troll for information there.
Thank's again.
Post: David889 from the middle of the mitten (Michigan)
- Architect
- Saginaw, MI
- Posts 14
- Votes 1
Hello,
My name is David and I have been in the AEC (Architecture, engineering, construction) for over 20 years. I've been designing and building other people's dream investments for most of that time. I specialize in commercial properties but also mixed use.
My wife and I have about $50k equity in our home and only car and mortgage payments (no credit card debt). I have a 718 credit rating and she has a 712. She is full time employed but only makes around $36-40 K per year. I'm self employed doing architectural design and site development layouts and I make about $45-50K per year.
I'm tired of other people getting rich off my ideas so I want to start developing myself. Where we live the residential market sucks, but the commercial market seems to be doing well. I have an idea for a strip mall (8 1500 to 2500 sqft units) near a growing university and on a road with avg. daily traffic counts of over 25,000. I have plans designed, I've worked with the township on zoning, I've run the numbers (this would be the only part I'm not 100% sure about, as I am not an accountant) everything seems to be fine, so how do I start? How can I get financing? How can I find tenants to pre-lease before I build? I have an LLC that has been active for about a year and I've got some minor credit brewing there.
Any help would be great
you can visit my website to see the type of work I do just PM me for the address
Thank's for taking the time to read this.