All Forum Posts by: Iris Sherman

@Jarrett King - any suggestions on where or how to search for hard lenders for a 2 house one lot in Greenhills?

@Sean - thank you for your input. We own the property, we have also done our homework as far as what buyers in area want, we have gone to several open houses in the area and know what a $700 to 1k home looks like in the interior. We have had 6 project in one year on our street and the street over - all walking distance and we have seen the entire process by just driving or walking by on a daily basis. We are aware how long the process takes - we have also seen every single house sell either within the first week and no longer than 2 months.

We would never use dented, used or discounted appliances in this type of home. Part of the brokers job is to bring select designers and architects to the table - they are also aware of what a 1k house looks like in the interior and exterior. We would do hard lending and are fully aware of it's differences between conventional. Part of the problem of doing a first deal like this who to trust.

@Steve - That's already been done - the answer is yes.

@Luka - Devan is building half the houses in Nashville!!!! Amazing!!! He is one busy and very, very wealthy guy. The homes that are being sold in Greenhills (and the kind I will be building) sell for $700,000.00 to $900,000.00 depending on sqft. Each lot (if your lucky sell for $350,000.00 - that's dirt cheap) and you can put 2 of these on these lots. There are over a dozen sites like this underway RIGHT NOW and at least 2 cleared lots a day or week at least every other block soooo Devan is a wealthy man. Let's give another guy a chance - I'm all for under dogs. It doesn't look like Devan needs another deal.

@Sean - sure maybe I won't need one in the future once I know how to do this and have one under my belt. I wouldn't want to do something this big on my own the first time. And yes, these guys are "developers" - who better to get advice from? Am I wrong. I'd rather give someone a percentage of a deal than to have no deal at all. We are talking about a $800,000 to 1M project. I wouldn't want to screw that up. Once I know every detail, every step (and I will be taking notes) - yes, I won't need a counselor. I think the realtor might want to take a bigger % of the pie than the counselor. I could be wrong - what percentage do your realtors take from you? I think counselors/ (someone correct me if I'm wrong) take 3 to 6% of total "development" cost and or the total final sales price. Really what they are doing is brokering the deal. Getting me in front of the right kind of lender (perhaps a hard lender), putting together the feasibility, comparable and anything else the lender will need, then manage the entire project from start to finish.

Cool. Yes, property zone allows for 2 homes. Already talked to counselor "boutique" co. that works with people just like me (weeks of searching paid off - these guys don't advertise very well). They will manage project from beginning to end. I'm sure we will talk to more - when we find them!

Thanks you guys for advise! Keep it coming. Like I said - if I do this once, I will do it again.

BINGO! found a "counsellor" on my own. Going to set up a meeting. Any suggestions on questions I should ask?

I purchased property in Greenhills over ten years ago. This was (is) a rehab home I wanted to fix and flip. My mind has been blown away by what is going on in Nashville as far as "infill" market goes. I want to develop my own lot (2 houses 1 lot) - I have no idea where to start. I do know I want to do this - I want to do this so bad. Not only do I want to do this once, I wan to do it again and again and again. I have no idea where to start. I have been reading about OPM (like!). LLC' and GP's. This is too much and overwhelming for someone that has no real estate background, finance, building etc. But what I do know is that I want to do this. I have always loved searching for property and envisioning it's potential - people told me all my life - "you should be a realtor". No, I don't want to be a realtor. My eyes have been opened, I think I've been a developer/investor and just didn't know it.

I did good, I purchased my first property in Greenhills, Nashville. If anyone here knows this area - you know it is hot and planning to blowup astronomically! I THOUGHT I wanted to sell it. Boy was I wrong! Money is in developing. This is too big of an investment to give up just like that. Especially since I am financially poor. So I want to do this right with people who have done this before. I have no idea where to start. I need help. I can't seem to find "counseling" co. that charge a fee for entire project. I need feasibility plans, comps proposals put together, how to use OPM, get designs/ designers, builders etc.

I know I can find builders, I see public records of all permits and deeds in area so I know who else is doing this. I just don't think they would want to do this with me - I think they just want to buy my land ($350,000 avg.) and do it themselves. They are selling these infill homes for $700,000 to $900,000. They are selling like hot cakes - within a month. I always knew the value was there but the values in the last year have more than doubled in this area. I need to do this now. There are "outsiders" here too. Investors from CA., GA., IL. etc - all with their LLC's etc. Nothing wrong with making money - cool. I want to do this for me now.

I want to do this and I want to invest my profits and do it again. Any advice? Do you know the area. And yes - I would do with a team that is familiar with the area and have done it before. I feel like a small fish trying to dip my fins in the big fishes pond and I don't feel welcome.

What do companies that counsel in land development charge as a fee? 3%, 6% ??? Feasibility, proposals etc. - from beginning to end. Nashville seems to have a lack of this type of company.

The scrappy underdog - don't count me out. Please insult me, laugh at me and please make me angry - it just fuels me. I'm a delightful person - really.