All Forum Posts by: Javier Silva

thanks Katty and karen for your comments.

yes Karen we know that we would be the ones taking the highest risk

we are going to start putting everything together to see if is feasible. 

 to answer some of your question.

* the land is valued at 450.

*the construction loan would be obtain by us (owner company)

*I think we could be the guarantors since we already have the relation with the bank but also we would have to talk to the attorney about this topic. 

*im not sure of the cost of the loan we have a budget price on 3M.

the plans with the engineering stamp are ready to be submitted to the city.

* i think that every investor would have to be owners of companies that are stable and willing to invest on real state (multi-family) and their investment can be just his labor and materials paid by the loan or labor and material. 

Thanks for your advise.

hello, im a hvac /plumbing contractor and have done rei in the past and present. here is my idea and question. we have a property free and clear that  is 3.5 acres with income of $2500.00 of rent per mont on 4 old buildings. we did a market analysis and plans 3 years ago to build 72 apartments. everything looks good as far as zoning and city permits. the budget was 3.2M the property itself is worth 450k and the bankers gave us green light.

we didn't move forward with it because os the risk of it, we forecasted that we would end up owing more than 2.5 M and we did not wanted to risk that much by ourselves. 2 years ago someone built 30 apartments lest than .5mille away from the property and they have 75-80% occupancy already.

talking with my wife we come up with this idea, since we know construction business owners on almost all the trades and have done business with them and a person familiar with apartment building construction on the past. we would like to form a partnership with couple of them where they can own part of the business in exchange of their work (trade) and if any one wants to be more involve and want to put hard money their % would be more.

do you think it can be done any legal issues? 

any ideas or input would be appreciated 

thanks in advance