All Forum Posts by: Bill Cippola

Thanks to everyone that answered. So much great info and I have decided to hire our local RE attorney 

WE are in the process of selling some land in Georgia we inherited back in 2014. We are Georgia residents. Without going into detail it was part of "gift" giving on a planned inheritance schedule below the max gift threshold at the time. Accountant we had back then is no longer around. We have a buyer for the land and they are asking to give us 20% down and that we hold the note for 5 years with a balloon at the end. Higher tax consequences by holding the note and taking payments vs just a straight sale?

Thanks

Bill

Thanks Tim. I will reach out to our Community Bank first.

Looking at equity loan or line of credit on commercial property. Limited income. Good credit and have 2 commercial and a few residential properties debt free right now. Is there a way to get approx 300k-$400k at a decent rate on one of our commercial properties.  (property we are considering equity loan on would appraise at $900k)
I am using the funds to do flips. I have 3 flips under my belt this year and a licensed GC partner that has done several flips over 20 years but I was using funds from a land sale that I now need to to complete our vacation/VRBO home. We have a great real estate attorney that can review any options you have quickly. I am in Ga.  Thanks in advance.

Wonder if this will gain traction and change the agent landscape?

https://www.marketwatch.com/story/big-name-lawsuit...

Thanks Joel! 

Joel , ??

We currently have a few commercial properties in Georgia with $0 debt. Looking to acquire more flip properties and do some maintenance on other properties. Looking at about a $300,000 loan on a property valued at approx $800,000 - 1 million. What parameters will a lender look at? Personal bills, other assets, etc? Current rates on these loans? NOI is about $60,000. Low rents in my area :(

Thanks in advance

BC in Canton, Ga

Hello all

I have a strip mall in Blue Ridge Ga that has about 11 acres behind it. A new assisted living went in 11 months ago for 10 million and the guy just flipped it for 17 million!!! It sold out in 30 days.  There is most likely room for another assisted living/memory care on my land but I do not have the know how or funding to build or operate one. That being said the town is in need rental apartments and/or independent living units I could build next door. 

A few questions:

How much per sq ft currently for a base level apartment say 750 - 1000 sq ft? 

How would one partner with a builder if I do not have the cash? I own the land debt free.

Will banks finance these deals if attractive?

Thanks in advance

BC

I have a 50 acre parcel in North Georgia I am interested in developing into an apartment community or home for veterans over 55. Hoe does one go about finding out if there are grants available for construction funds? 

Thanks in advance

Bill