All Forum Posts by: Luis Perlish

@Nick Belsky My 72 acres has zoning approval and entitlements. I need around 1.6 M to do a bridge, knock down some trees and gravel roads to start pre selling. My first concept plan is for about 50 lots in the 72 acres, private river lots (toe River Newland, NC) and Mountains views. Just looking for infrastructure only, my Rev will come from the average 130,000 per lot + cabin construction referral.  

Investment Info:

Other other investment.

Purchase price: $1,100,000
Cash invested: $450,000

Unique River Front and Mountain view 72 acre land Priced at 1.2 M and purchased at 1.1 M. This will be my first development and I am looking at a first concept plan for 50 lots. I will most likely stick to this number in case I need to reduce the number of lots when I present the plan to the city of Avery, NC. I have 2 Forecast Models using The Auction Model (2 big event sales in 2 different dates) and regular Realtor Style. Both Models using an average of $130,000 per lot could bring good Rev.

What made you interested in investing in this type of deal?

The idea of taking on the next challenge in Real Estate and strong potential in Revenue. This will give me the capital to move to bigger developments.

How did you find this deal and how did you negotiate it?

This deal was brought to me by a friend of mine who is a broker in Banner Elk.

How did you finance this deal?

450,000 in cash and 650,000 finance thru North Pointe Bank

How did you add value to the deal?

I told the owner of the land that I will help the housing crisis in the area by providing an amazing community for the community. My project will bring anywhere from 45 to 50 new homes.

What was the outcome?

The owner of the land help me to my word....Now I have to execute and deliver my promise....LOL

Lessons learned? Challenges?

In Real Estate everything is relationships. Sometimes is who you know instead of what you know.

Just bought a 72 acre property to develop in Newland NC. I did a Budget /Forecast and I need 2 million for infrastructure but most Banks in the area do not do these type of loans. I need to know what route should I take, I have reached to some private money lenders but most of them are located in other states. I need some guidance. 

@Kaylee Walterbach Never stop learning, build a strong team, learn to delegate (God knows I had to), then concentrate on the weakest parts of your business. Listen to your mother and do the dishes every night to stay humble. I work every day as if tomorrow I could lose it all.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $625,000
Cash invested: $145,000

12 Plex unit with great cashflow potential. Working on remodeling units to obtain proper rental market share.

What made you interested in investing in this type of deal?

Cash flow potential.

How did you find this deal and how did you negotiate it?

I found this deal thru my realtor.

How did you finance this deal?

25% down 85% loan

How did you add value to the deal?

This building was family owned and had many offers on the table, mine was not the best. My realtor knows that our goal is to buy, improve the property and hold. This was communicated to the seller, seller saw the contract and knew the vice president of the bank loaning the money, call him and the rest is history.

What was the outcome?

Seller decided to take my offer even though he could have made more money with other offers based on what he heard from me. I am grateful for this and I have to stick to my word. Improve the building and carry on his legacy.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes I did. Her name is Margie Coldburn from EXPREALTY. She is been my rock in Omaha for the past 3 years, I don't think I could have tackled this area without her wisdom and help.

@Darson Grantham Omaha is not too far from Des Moines. Is Iowa a growing area in your opinion? 

Dennis, same thing here for me. 

I own 3 Multifamily properties in Omaha but is has become very difficult to find good deals. I have a goal of 2 buildings for this year (obviously good deals) but I am not sure this will happen. I want to stay in Omaha and invest but I am seriously thinking about other cities such as Tampa and Louisville. Does anyone have a good advise to look for off market deals in Omaha? or has anyone been in the same position I am in now and knows what kind of direction to take?