All Forum Posts by: Chris H.

I am currently under contract. Current rents are $675 and $700. By March rents will be 1150-1200. After financing and expenses I will be pocketing a about 1G a month.

2 properties are located in Winter Park, FL and the one I'm under contract is in downtown Orlando. If anyone is interested I will consider selling all three as a portfolio. Not till mid to late march though, since I'm not closing on the last property until Dec. 30.

I have found a site in Orlando that is due for redevelopment. The site is not currently on the market at this time. The current owners employ a strategy of buy and hold and are not developers. I believe this would be out of there scope of work. With that said, I have contacted the current owners and am currently awaiting a call back to find out if they have any interest in someone presenting an offer. I have a developer in my back pocket that has expressed interest in the site and is a well capitalized national apartment developer. My friend who works for the development firm said he would compensate me if I could foster a deal between the two. I know one question that will come up from BP, is why doesnt the developer go straight to the current owners. Well, because my friend doesnt want to cut me out if I can make this happen. Also, I am an acquaintance of the principal who owns the development firm.

My dilemma is this: I currently have my real estate license but at this point it is inactive so it would make it impossible for me to receive a commission on the deal. How would I go about arranging the deal between the two parties and making sure I am fairly compensated? I told my friend that I would agree to take what would be my commission and put it into the equity stack as part of the deal while also asking for a % of net sales proceeds once the property is disposed of.

Any creative strategies would be appreciated.

I do currently own a few properties, but the last one I bought was a duplex. Both tenants remained after the close of the property. My friend, a lawyer told me that when the property is sold that the tenant doesn't have to abide by the lease since the lease is between the old owner and not new owner. Is this true? Btw he is not a real estate lawyer.

Looking to put in an offer on a duplex by the end of next week. One side is vacant, the otherside is rented way below market for the area. A few questions: Is there a contingency I can put in the contract to end current lease? Also, how can I make sure the owner doesnt lease the otherside out before I close? Property needs about 20k in rehab and rents will be about 1050/mo.

Current site is a an office building. I think the land with the building could be bought for 2.3M-2.8M. I do not have the cash to tie it up. @jimholdman With all the contingencies needed I would need a legal team behind me. I would be willing to spend 50k-100k on feasibility study and land consultants, after tying up the land. I would not raise 100% of project cost, just 30%, so roughly about 10M. Any recommendations? I dont want this to get away! I feel like this is my opportunity to make a name for myself in the Orlando market with a project like this. Rents in the area for residential aspect of this project would be roughly 1.40-1.60 sq f

Let me give you some background to help you answer my question.

I have found a wonderful site in a great neighborhood near downtown Orlando. It happens to be a great opportunity for the redevelopment. However, the property is not currently on the market. With its outstanding location and vacinity to downtown this has a chance to be a one of a kind mixed use redevelopment. At this current time I believe that no one else is looking at this site for redevelopment. So here lies the problem: I have this mixed use concept/idea that I would like to present to a seasoned developer that has access to capital. My fear is that I will present the idea and then the developer will steal my idea.

Is there a way to protect myself with a CA/NDA so I dont get left out in the "cold?" If the only thing I am bringing to the table is the idea do I have a leg to stand on as far as getting a developer to sign my CA/NDA?

Ideally I would partner up with someone, raise money through a PPM and eventually develop. Project costs will run about 25M-35M. Numbers are preliminary (obviously, but based on recent projects in the area.

Really just looking for a way to protect my idea!

Looking for some responses!

First post here on BP! Let me give you some background to help you answer my question.

I have found a wonderful site in a great neighborhood near downtown Orlando. It happens to be a great opportunity for the redevelopment. However, the property is not currently on the market. With its outstanding location and vacinity to downtown this has a chance to be a one of a kind mixed use redevelopment. At this current time I believe that no one else is looking at this site for redevelopment. So here lies the problem: I have this mixed use concept/idea that I would like to present to a seasoned developer that has access to capital. My fear is that I will present the idea and then the developer will steal my idea.

Is there a way to protect myself with a CA/NDA so I dont get left out in the "cold?" If the only thing I am bringing to the table is the idea do I have a leg to stand on as far as getting a developer to sign my CA/NDA?

Ideally I would partner up with someone, raise money through a PPM and eventually develop. Project costs will run about 25M-35M. Numbers are preliminary (obviously, but based on recent projects in the area.

Really just looking for a way to protect my idea!