All Forum Posts by: David Sotomayor

Hello there great people, I am looking for an advice. 

From sometime already I have tried putting in together a team to enter into the Real estate development, and have a good profit splits as partners from any real estate development, ground up construction we would build and sell or hold for renting. unfortunately, after putting two different teams in two different timelines, it just didn't wok out, specially with not having the right funding partner at the time that it was needed. It's ok, I don't regret it any bit , The investment world is always a challenge for anyone new to the real estate world, same as well, it's built for risk takers. So Ive decided to go solo, and to keep up with the dream of having later on a good development team. Through this journey Ive realized if you own land , it will be a great start to start chasing funding for construction or build a creative pro forma to pitch investors, etc. 

So the questions I have are: 

-if I have a real estate development llc, but it won't be actively doing any construction in my first two or four land purchases. Should I buy land as a new investor under this llc or should I open another llc to invest in land which can be either long or short investments, basically, shuould both investments and business be used separately, because the use of land after being purchased by me or us, can be used for different things ( renting, selling, flipping and sell, many others options ) . 

could someone help me with an advice. thank you. 

*by the way, as I mentioned, im doing this solo, my own funding* 

*if anyone is curious what went wrong with my journey into putting together a team for real estate development, I can explain through private messages, thanks* 

Hi Guys. 

Question? Since im jumping with a partner into new development deals, and i already have an engineer, architect, designer, realtors. Now in the legal matter, what type of attorneys should i hire from now on? One i need an attorney to represent us in each deal, but what type ? and also, an attorney for JVs.. is there an “attorney for development projects” type of thing? or different attorneys that i will be dealing with? Please advice. Our strategy is simple, buy land, build and sell. 

Quote from @David Sotomayor:

Hello Guys. I probably have an unprofessional question but: 

So it will be our first large investment. This land is being sold with designs and drawings of townhomes that are allowed to be built. So my question is, is it ok, or professional, or legal, to request a copy of the drawings, something basic, to start doing my own due diligence of soft costs with contractors and architects? would the realtor be able to provide that, or they would basically sell it to me stamped? i just need an almost clear view of how much would each townhome cost after building etc, and get the loan as well. 

UPDATE:
thank you everyone for your feedback. We put up an offer. They will provide us copies of drawings. Thats a good step. Now we are Waiting for an answer. Question? Anyone out here with an spreadsheet deal analysis that might want to help us out with? Thank you all again!  

Hello Guys. I probably have an unprofessional question but: 

So it will be our first large investment. This land is being sold with designs and drawings of townhomes that are allowed to be built. So my question is, is it ok, or professional, or legal, to request a copy of the drawings, something basic, to start doing my own due diligence of soft costs with contractors and architects? would the realtor be able to provide that, or they would basically sell it to me stamped? i just need an almost clear view of how much would each townhome cost after building etc, and get the loan as well. 

As I am going into project managing in Real estate flips for a group of investors, I can def speak on our behalf that it is definitely a great help for you. we take on any stress that any flipper/owner will go through when it comes to bidding, estimate with different contractors that is difficult to put a trust on (if you don't have much experience on that area of telling who you can actually work with). Since we also know how to manage permitting and when do you actually need it. So basically all this stressful situation, we manage all that from start to finish. General Contractors/ remodeler, will usually only focus on doing a good remodeling job for you, their job is to build, not manage different aspects as overlook the whole *stay on the budget in every after build detail* . We are basically doing your job, we are the eyes, ears and legs. We represent you, we act as owners basically what I'm trying to say. Sometimes we also fly to another state to keep eyes on the projects. Honestly, with having someone to do all that for you, its worth the try, unless you are looking to take months and days off from work to be on top of any project. It gets overwhelming.