All Forum Posts by: Daniel Etheridge

i have been offered a property. it is a $5million dollar property. Two investors did there research and homework and were about to break ground on a new condo project. One investor had personal problems and had to back out. Here is where I come in. I am in a group of investors and I personally was offered the property . I am not sure my private lenders are going to step up to the plate. The numbers work. They have money tied up and I don't know if I can wait on them, but without them I cannot do this. Including the initial purchase price the total investment would be 23 million. The NOI is $10.2-10.8 millioin. With an IRR of 39.9 over 3 years.
Here is my question. Should I just go ahead and get the property under contract and then assign it to someone else. And if so how big of an assignment fee do you charge on figures like this and where can I find someone that I could assign this to? I have all the figures , hard and soft cost, marketing research and builder. The project can be ready to go in 30 days.
Any help would be greatly appreciated. thanks
daniel

I have a condo project under contract. One of the investors backed out for personal issues.Land cost 5.4million. Bid on construstion , both hard and soft cost is 18 million. the NOI is estimated to be 10.2-10.8 million. The IRR is 39.9 %. Should I try to assign this contract? And if so who can pull off this big of investment. The property is not on the market. It is located in LA. I have all the info if you are interested.

One of my friends who develops land told me about a shopping center going up. He looked me dead in the eye and said do whatever you need to do to acquire land around that area before it becomes common knowledge. Here is the question how do I tie up some land with out any money to put down. Can I use owner financing and how would I structure that. And if there is anyone out there who would like to give me any suggestions on commercial investing feel free to email me.

anyone out there from Nashville TN and would like to do some networking?