All Forum Posts by: Jody James

Hi Chris,

I'd love to attend your event this Friday, where will you be hosting it? Do I need to bring anything? Please text me the specifics. #207-504-3614.

Jody

Wholesale Question - When making a cash offer, how can you side step/handle "providing proof of funds"? I have managed to negotiate an great price on a piece of property that has excellent Development Opportunities. I intend to Wholesale the deal to a Developer in my area, but I don't have the funds available to actually purchase the property.  How can address this issue?

Hi Everyone,

Thanks for all the great feedback.  @JJ Pawlowski, thanks for the breakdown, very helpful!  

@Manolo D, thanks for the breakdown, very helpful!

I'm meeting with several potential partners this weekend, any last words of wisdom? I'll keep you all posted!

@Karen Margrave thanks for the advice and words of encouragement, I'm very pumped about the project! 

@Tom Yung thanks for your input, it's really great to get this type of feedback.

When using a Hard Money Lender, what types of expenses will they typically cover? Real Estate Attorney costs, Architect, Builder, Engineer, Permits, Licensing, unforeseen expenses and fees, ect.  What else am I missing? This type of project is completely new to me and I'm just trying to get a handle on what my out of pocket capital needs will be before embarking on a high end Condominium Development project.

Hi Karen,

Thanks for the insight, very helpful!  To answer your questions, yes the property is in extremely high demand for my area.  Its located on the waterfront in a desirable location in our most popular City.  To be honest I have very little experience on the construction side of the business, up until now I have been strictly buy and hold with rental properties. I managed to secure two rental properties side by side which I intend to demo and according to my broker the City has re-zoned for a little over 6200 sq ft.  The purchase price is still being negotiated, but will be between $250k -$275k when all is said and done. The intention is to build 4 high end Condo's.  The whole Street is currently undergoing a major re-development right now, in the last 3 months there have been 2 major Condominium Developments one block from me on the same Street.  The Condo's are listed between $420k and $560k and are selling so fast that I have yet to secure a broker showing before its under contract.  Right now I am in the process of searching for a partner who has experience in this type of project and has some financing they can bring to the table as well.  And because my next door neighbors Condo Development was absolutely gorgeous I was thinking about approaching the same and Architect for my project.  As far as first steps are concerned I was planning to hire a Real Estate Attorney to make sure the project has been officially sanctioned with the City, just to cross my T's and dot my I's so to speak.  Any Thought's? Your advice is really appreciated!

I am diving into a High End Waterfront Condominium Development Project. So far I've been approved by the City for a little over 6000 Sq Ft, so the plan is to build four 1500 Sq Ft Condo's, 3 Bed, 2 Bath, High End across the board. I've never been involved in a project of this scope before, any advice for coming up with a rough ARV on a project of this magnitude? Or is that a question only my Builder and Architect can answer?

To be honest, I've just got the ball rolling on this project.  Any advice for someone who is a relative newbie to a project of this scope? Steps to take? Pitfalls to avoid?

Thanks,

Jody

Thanks Jay, good advice!

Thanks Kitta, I'll give it a shot.