All Forum Posts by: Gabriel Fung

I am looking to moving to the East Seattle area, specifically Redmond, Sammamish, and Issaquah over the next few years.

The plan is to purchase a large lot and develop multiple single-family homes. One for my primary residence, and the others to either rent, or potentially subdivide and sell. 

I am lost on where to start and would like expert help with the process.
- How do I know/confirm how much of the lot can be developed (i.e. sometimes the lots are steep slopes or swamp lands)
- How do I develop with the potential to subdivide to separate single family home lots?
- Which permits will I need and what is the process to follow?
- Any construction companies and project managers that frequently do this type of work in this area? 
... Many other blind spots that I recognize I haven't figured out yet.

For context, I currently live in California (Bay Area) and plan to sell my home here, as well as my investment property in Dallas, TX to fund the purchase of the land and all costs associated with building out a multiple homes in the area above. 

Any advice and connections anyone can provide? Please and thank you :)

Sincerely,

Gabe

 I do not have a specific property right now, but I fully intend to have one by the time I engage a potential lender to the syndicate. In short, the project is anticipated to buy large lots with old homes, demolish the home, rezone the property, and build multiple homes on top. This would take about 2-3 years. I had already done this once before, entirely on my own dime, so I have the entire process down from beginning to the end. As such, the risk of this going south is VERY LOW even in a real estate down turn, and thus I am willing to be a personal guarantee if needed.

Glad to hear that this is possible. How would you go about finding lenders for these projects? Any any other watch outs?

Thank you Chris.

-G

 

Hi Team!

I have a syndicate of investors for a real estate project that requires about $2.2M in capital. Currently I have about $1M of verbal commitments to the fund. The remaining $1.2M has not yet been accounted for.

I can easily find more investors to fill in the remaining $1.2M, but I was wondering if there are banks that lend money to syndicates that could fill in the last $1.2M at least in part? The reason I am explore this is because the current investors would have a higher IRR (internal rate of return) if I leveraged their cash and brought back a higher returns.

Are there banks that lend to syndicates that are partially filled? If so, what are some general rules of thumb on how much they lend and what does that depend on? Any other comments and watch outs in this? 

I would be very happy if anyone could link me to any resources or individuals that could educate me on this as well1 

Thank you in advance.

Sincerely,

Gabe

Thanks Chris! Would you please recommend any attorneys of firms that are familiar with international law for these purposes? I have the details in place, but need to make sure I fit within regulatory and accounting laws.

Also, what did you mean by

Thanks Chris! Would you please recommend any attorneys of firms that are familiar with international law for these purposes? I have the details in place, but need to make sure I fit within regulatory and accounting laws.

Also, what did you mean by partnering with another developer vs trying to raise the capital? I already have developers for such a project. Simply need the cash.

Similar to the comments above on using FurnishedFinder, also check Airbnb and sort for 30+ day rental options. in addition, I'd recommend talking to the local university and hospitals nearby by calling to their various departments.

Hi everyone!

AIM: I am looking to start a syndicate. 

NEED HELP: I am looking for assistance in lawyers and other experienced syndicate mangers to seek advice and some guidance. 

Purpose of the fund: To purchase old land, rezone, demolish, and rebuild homes to sell at a profit. Note, I am not looking for a syndicate to BRRR or rent of some sort.

Experience: I have personally bought an old home on a 8,000 sq ft lot, rezoned it to two 4,000 sq ft lots with a family member. I know the process from beginning to end and documented this thoroughly. This generated $2M+ in equity, and thus is highly lucrative, but takes 2-3 years.

Note worthy: I am located in California, but I did this project in Canada. I funded this with US cash, as well as a loan with a Canadian bank.

I have shared this process with many friends and other real estate buddies that commended my journey. They saw this works, and would like to join me for another project, which is a COPY and PASTE basically. I would like to start a syndicate or a LLC (if necessary) to do this. I even identified a viable property to do this already, but may not have my ducks in line yet to execute with a group.

If I can get a fund going, I plan to scale it and do more of these projects since I have the blue print to do this over and over, but just need cash. Any recommendations on lawyers to talk to that can assist in advising on an LLC fund (if needed) and how? 

I would be happy to get on a call with anyone interested in knowing more about this btw. DM me or comment below.

Thanks in advance for any help!
Happy new years to the entire BP community and best wishes to everyone in 2025!

Sincerely,

Gabe

If you can get financial support to get a duplex/triplex, I would recommend this. But as the previous comments have stated, this is nearly impossible in the greater LA area, and almost impossible to cash flow anyways. Unfortunately, $100K will not get you far in LA. I'd recommend the following:
1) Continue to stay at home to save up more
2) Buy the crappiest home in a good neighborhood, with financial help (parents?) then rent out each room where possible
3) Buy an apartment with little to no HOA (hard), and rent out by room to save up more to make the next step.

Firstly I apologize that I do not have any market insights data specifically, but Houston has been a rough market as valuations have pulled back. Dallas on the other hand has more growth potential in certain markets in my opinion. I personally invest in the North Dallas area (Prosper/Celina) where there is lots of growth in homes with nice lots. This is verified based on the good schools, department stores opening up (Costco, Target etc.) as well as verified investment from Jerry Jones (Dallas Cowboys owner) and the city to grow the population. In my opinion, Dallas represents more upside with lower risk, and is less expensive than Houston.

I also would assume normal wear and tear. It's pretty normal I feel, but if you screen the right tenants and establish a good profile on them, then it would probably pay to keep them happy and let them mount.

Thanks for posting this Enrique! I too will be looking for PMs in the near future in the Milwaukee area. Will follow this thread.

Anyone else have good recommendations, please PM me. I may reach out at some point :)