All Forum Posts by: Dave Kansagor

@Scott Krone Current demand in the market will not support this development. However, in the next few years, the businesses that have committed to relocating to the area, one of which is a major employer of 10,000+) will more than support our vision. Like you, my role is developing the overall plan and vision for the community. What the current community and local govt board will accept and allow will obviously dictate how and what we proceed with. We are going to be careful and calculated with what we do and certainly won't adopt the Field of Dreams mentality. Although, if we build it, it'd be nice if people came and bought it! What tools did you use and how did you plan out your timeline of 6-8 years and how accurate was your financial modeling of the development versus actual cost/profit?

@Brett Dawson market strategy matches current market demand as well as demand for the foreseeable future based on population growth factors including economic development and redevelopment in the area. I will PM you with other questions as the "moving parts" as you put it, is what I need to dig into and be made aware of. Thanks.

@Scott Krone I have been asked to be a principal in this new company along with 2 others. What type of development was that first project of 400 units occupying 50 acres? What were your first, most important steps? Key metrics in due diligence? Knowing what you know now about community development, if you could go back, what would you tell yourself when you first started and do differently?

I have been in the real estate game for 10+ years as an investor/agent/management and have recently been approached to be a partner in developing about 100 acres into a residential neighborhood and starting a development company. I've never been one to shy away from a challenge and am very interested in doing this, but I am admittedly very green in this area of the business. If anyone has good advice, tips, first steps, experience doing this or any great resources I can turn to, it would be much appreciated. Thanks in advance!

I'm in

I'm in. New to Charlotte and very interested in meeting fellow REI's.

Thanks Aaron, I agree. I'm not considering the owner financing at all. Tenants are all in place, but ok with the property as-is. Not sure why or how the owners purchased for so cheap, or why they're selling. Certainly a question I should ask. 

I am looking at a potential investment property which would be #2 for me, but my first multifamily. It has a good cap rate. The property needs some work and certainly isn't up to my standard of living, however there have been VA tenants living in the property for years who seem to be ok with it as-is, or so I'm told. What questions should I be asking? Seller is offering financing but at 13%. How would you finance? Owner bought it earlier this year for almost 60% less than what it's listed for. Since VA tenants rents are subsidized by the VA, are there property standards it would need to meet like when a VA borrower buys? Does anyone have any experience with VA tenants; good/bad or indifferent? Any constructive comments/advice is welcome. TIA.

Just one right now, but at a turning point and adding min 5 more by end 2018!

There was mention of including a link to a company that sub-meter'd units?