All Forum Posts by: Doug Poff

Check out LoopNet for Williamsburg, VA - three of them currently there. I also noticed two on the main (RTE 60) road, empty and for sale last Saturday. Did not take their info, as I wasn't interested - but did think that one would be a perfect student housing/senior housing conversion.

Seriously, take @Charlie McCurry's advice to find an experienced and competent real estate/business attorney. I was in your situation (minus the apartments) about 7 years ago - best investment I ever made was in finding my then (and still current attorney). The Operating Agreement between me (through my LLC) and my partner took about 5 months of back and forth to devise, mostly because we were unfamiliar with each other. My partner contributed his land, and found his own 'silent' capital partners - so the attorneys had to negotiate some defensive clauses to ensure each of our 'sides' were protected.

Since he is contributing the land, but you are contributing actual capital, consider having your lawyer negotiate a clause where you both are 50/50 voting partners (and both guarantors to the loan), but you get all the income distribution (minus what your partner requires for annual taxes) until your capital is repaid; you can even specify who gets what percentage of the tax depreciation credit.  You'll want to think out what relationship you guys want after your capital is returned in full - but the easiest is a 50/50 split on income and depreciation going forward.  

Our situation was actually a bit more complicated as we refinanced with cash out and paid out his non-voting capital partners (bank interest was cheaper for us than their entitled interest going forward); but again, the lawyer negotiated operating agreement made this relatively painless.  

Either of these two ideas might give you the 15K sqFt in a smaller footprint (by building up) while also harvesting back parking.

First building, front, now left to right - cut through to main avenue seen at the right-side.

Another professional building across the street.  Same small-lot issue:

How they handled the handicapped spaces:

Here's an idea - a professional office building in Richmond on a similar-sized lot (but square).  Back is the same, but with an parking line against the curb.  Right side of the picture opens to a main street.

$1950 3/2.5; 1,100 sqft; SFR Aurora, CO

@Paulus Anglada  Might want to give General Steel a call first:  https://gensteel.com/steel-building-kits/churches.  Our church used them.  You will have to find a local contractor to actually put the "kit" together, but they can help you with that.  You may find it cheaper (and ultimately more expandable) than conventional construction.

Old School method: hit up your local County or City Chamber of Commerce for the area you are cruising.  Generally will have hardcopy maps and a great conversation on 'growth corridors'.  Merchants are generally looking at the same data (demographics, median income levels, zoning etc.) you are looking for - plus might be able to give you insight into what is gentrifying, or soon to be.