All Forum Posts by: John Bauer

 That's a good point, Justin. Currently, it's all one property and I have one loan against it. I guess you could think of that loan as being split even though the subdivision hasn't happened yet.

 Scott, I guess the tricky part then would be determining what the value of the vacant land is. That would be my equity. We can ignore the two-family since that's not part of the project. 

Thanks for your response, I wasn't really thinking about it that way and was only thinking about how we split whatever the value of the project is at the sale.

 Hey Justin,  it would be all equity.

I own a 2-fam property in Brighton, MA that has some extra land that can be developed. Both units are rented and cash flowing. I'm going to be working with a developer I know who has a lot of experience to go through the zoning board and permitting for the vacant land. I no longer live in the area so he will be doing all the legwork and driving the project forward in addition to bringing his wealth of experience and contacts to bear.

His preliminary research suggests that we would likely be able to get approval for 4-6 townhouses on the vacant land and will probably subdivide it from the existing 2-family. Hard to say where the market will be at a year from now, but the fully permitted project could maybe be sold for around 200k per door, conservatively.

We will split the attorney, architect, and permitting costs. I will continue to own the property throughout.

What is a fair equity split at the sellout?

@Marianne Ciulla, did you ever find a good financial advisor? I'm looking for one in the Boston area. Thanks!

Hi Enis,

I would love to attend this, but will be unavailable on 7/20. Do you know when the next one will be?

John

Hi BP-ers!

I'm looking for a partner or consultant in the Boston area to take on a couple of projects in Brighton and East Boston with me. Both properties have a 2-unit multi-fam building on them, but each also has space for one or more additional buildings. I know this from talking with industry professionals that are experienced with the variance application process. I could subdivide and sell the extra land to a developer, but I would really rather learn the business and get into RE development. I just don't feel comfortable jumping into projects of this size with my level of experience.

What I bring to the table

• 2 properties with undeveloped land in hot Boston neighborhoods
• A desire to work hard and learn the business of RE development
• Time

What I'm looking for in a partner

• Experience with medium to large multi-family projects in Boston
• Connections to architects, attorneys, city council, builders, investors etc.

Let me know what questions you have. 

Thanks!

John

 Hey Jeremy,

I am wondering, why do you say you have to be careful investing as an agent?  More careful than if you were not an agent?  I am looking into getting licensed as an agent and being an investor as well so I would love to get your advice.

Thanks,

John