All Forum Posts by: James W.

@Al Wilson

I'm new to this board - haven't heard of crowdfunding for REI until recently.

Got any example sites or deals?

TIA!

Great topic, I'm interested in seeing what people have to say about it. At this time I only have 22 units and I'm doing good with them, but at some point I know I'll have to consider a PM.

@Shannon Sadik what free software do you use for the ach payments?

To get back on topic, I've decided to just put in an offer to purchase contingent on my satisfaction of permits etc. 

I shouldn't have used the word "zoning" as its already zoned industrial and the county has told me my initial ideas for the land would be fine. My only real concern is some setbacks and the strict storm water management requirements in the area. 

Thanks for the advice and for helping me think this through, everyone. 

I will indeed post a new thread as I progress on this one. 

@Andrey Y. I busted the shifter but lotus covered the replacement and labor under goodwill because it's a known issue. Otherwise, nope! The engine is Toyota, so that's never going to give me problems. I'm very happy with it :)

@Josh Caldwell I am ok with a JV on deals, but for this one I don't think it should be necessary. I have the cash to buy the land, but then I'd be a little short on the development costs.

I was originally trying to find a solid way to do it all immediately, but after considering some of the feedback posted here I feel like I need to bite the bullet, buy the land, and push my development out a couple years. 

Hey @Bill Gulley Yes I do plan on getting an attorney involved at some point but I want to know which direction I'm going before I start paying those blood sucking vultures by the hour. 

This will be my 5th commercial deal, but the first 4 were much more "vanilla". I've turned a $50k investment into almost 1.5 million in assets in the last 5 years, so I'm no dummy - I love playing with these deals, and for me it's just a matter of learning, which is why I'm digging this BP site. 

As of right now I'm leaning towards giving the seller an offer contingent on my satisfaction of zoning, permitting, land use... And setting the close date out about 3 months, which will give me time to complete my homework. 

Maybe give $500 in earnest money and request that the seller pay for the updated flood plain/ use study. 

Any thoughts on that path?

@Steve B. If you don't have anything constructive to contribute please just stay out of my thread. 

@Bill Gulley Is there an example of that kind of contract around here? I'm open to an option like that and would love to learn more about it. 

I'm reading as much as I can here, BP seems like a great resource. I appreciate all the helpful posts and look forward to being part of this community for a long time to come :)

Good feedback, thanks everyone. 

I'm leaning towards just buying the property, but I like the idea of an exclusive option while I'm doing the due diligence, which will easily take a couple months. 

What's my best option to getting such an "option"?

On a related note, I would like to get something in writing from this seller as I'm fairly certain that I'll go forward with it... but I don't want to keep explaining my ideas to him without some kind of protection.

What's my cheapest and most secure option to protect my interests in the property and the end goal? 

 Thank you for the feedback - I've never done a "seller carry back", I'll look into that. (Do you have any tips on where to start researching?)

@Doug N.

 It's a Lotus Evora, thanks :)

The whole project will likely take longer than 4 years. Maybe 7-10 total.