All Forum Posts by: Frank Boenzi

@Scott Mac thanks for your reply! There is a tobaccos shop that we inherited with the building. They were actually very excited to see a dispensary going in on the end cap. We are right off the highway next to fast food outlets and a Speedway right next to us (Gas Station). 

Hello all, my partners and I bought a strip mall last year in Michigan and have been turning it into a cannabis-use property (allowing cannabis business to operate there). While going through this process we had to acquire another .5 acre lot behind us to suffice the ordinace. We have had a site plan done on this lot but I am looking for creative uses for this land. Any and all suggestions would be appreciated. 

I spoke to my normal real estate attorney this morning actually about this. Sounds like if we are using funds from family members and friends/not soliciting people we can avoid filing with the SEC by structuring it as a management LLC and an additional LLC with the LP in it. Issue im coming across is the properties I have been contacting want a pre approval before they send finances but the lender cant give me a pre approval until I know what property I am pursuing. Im really confused on how to navigate this.

 This is very helpful. I was curious as how the GP fees got factored into the numbers. Do you know of any lenders who would loan to a syndicate? 

I'm looking to be the general partner in a syndicate. When raising funds, do I need to raise the full purchase price amount of the property or can I raise the down payment amount and fund the rest through a lender? If crowd funding the down payment and getting a loan for the rest is an option can anyone recommend which bank or lender I should be speaking with. I am leaning heavily towards mobile home parks. Any help is greatly appreciated! Thanks. 

@Evan DeVisser that does help. Im a realtor in the area and I bought a property over there as a flip. I had a number in my head but know all investors have a different way of running their numbers. Wanted to see what other peoples thoughts were. The way I run my numbers at the sale price I want to get with the rents it will bring a 10% ROI.

@Jacob Sampson to be honest I I dont see the supply shrinking or expanding here in Grand Rapids over the next two years rather staying where its at. There is no new construction going on here. We are on every list for best places in the United States to live, raise a family, for millennial's, ect... I think the fact that we are on the lower end of price per square ft too plays a role. To most people in other major cities our home prices are incredibly cheap. Who knows though. 

Since 2015 there has been less that 2 month of inventory on the market. From what I understand 1-2 months of supply = Double digit appreciation

@Jacob Sampson that is the debate all us realtors have here what is the top? My last broker who has been in the Grand Rapids market for 20 years thought 2015 was the top of the market. Seems no one can agree when and where the market will top out at. It has been a sellers market for quiet some time here. They are not building any more properties in the city and rents just keep going up.