All Forum Posts by: Account Closed

@Anthony Dooley I'm interested in contacting a commercial loan person to give me a proforma. Is this something that would be done for free or..? You also mentioned having a lender underwrite the deal. I've never contacted any type of lender so I'm interested in how doing this could benefit me in a wholesale deal or something else like getting a finders fee as was mentioned above. Like I said before my only experience in real estate is wholesaling single family homes so I never had to be in contact with a lender.

@Bryant Brislin Hey thanks for your feedback.

@Mary M. I've been reaching out to a few agents already with something like this in mind. What do you mean by "this is where he will get eventually"? 

@Anthony Dooley So you're saying the main thing thats important is the city approving the plans. So without that having happened no one will be interested in trying to close on this? Is it even possible for the property to transact while the plans are under review?

@Greg Dickerson So are you saying that I wouldn't be able to get it under contract because the seller would want POF? Also there is no agent involved. What would keep the developer from being able to close quickly? I'm not sure how in demand the property would be unless it was at a really good price. One big problem I'm having with this is that I have no idea how to run comps on something like this so I don't know what a fair price would be to try to get the property under contract (if I even can do that). I'm thinking about this from the perspective of having wholesaled single family and in those situations the investor always closed within a week or so.

@Anthony Dooley I guess by underwrite I meant somehow try to predict what the end constructed property would cashflow as a way to know what price to negotiate for. What do you mean by having a lender underwrite it? How would I go about doing this?

@Greg Dickerson Thank you for the helpful feedback. Do you know if there is a place I could download a NDNC to use? I've done this with other contracts. In order to get all of those other documents I'm assuming I would reach out to the current owner of the property and ask for them.

Also how would the finders fee work? This seems different than a contract assignment. Would the transaction close in the developers name but escrow would have the NDNC and pay me out of escrow?
 

I'm currently talking to the owner of 3 adjacent properties in Mountain View, CA (old multifamily) who is waiting for the city to approve a permit to construct a 15 unit apartment complex on the 3 lots. The owner however is getting older and is interested in selling the project to another investor.

He got 1 offer a few years back at 9m but that investor doesn't seem to be interested in the project anymore. Currently I am looking for buyers for this project and am interesting in wholesaling it.

Does anyone have experience wholesaling a development project like this? I don't have experience underwriting multifamily development. How much information would a potential buyer want?