All Forum Posts by: Michael Lesavoy

I am putting together a partnership agreement between myself and a few other partners all with different strengths. The project is for a RV park located on land that I own. Some partners have local connections with planning and zoning others have experience with RV parks others lawyers and influential individuals in the community.

The real question I have is in reference to the agreement itself. I have a handful of things that I was thinking of including covering each individuals responsibilities and what will happen with any kind of profit generated from the project after all expenses and loan payments. Does anyone have any recommendations on things that I might overlook on writing this agreement because I know I got agreement makes good partners. This is the first agreement that I will be putting together so any help or insight would be gratefully appreciated. 

Thanks! 

I am not a developer yet but it does interest me. And any help would greatly be appreciated. 

The property is $14,000,000 and I did not get into development costs yet because if i do it myself it could be built out in a number of different ways with Single family, multi family and commercial sections. But some of the development costs can and will subsidized by local organizations and or will have the ability to have a cost recovery. But it will definitely have a few million in hard and soft costs together. 

It is very likely that the lots will be sold to national development companies in batches. I estimate a realistic total lot value if done in 1/2 acre lots would sell on average for $65,000 or approximately $65,000,000. 

So I recently assembled what many consider the best land in southern Colorado located in the Pueblo Colorado area. The property that I have assembled is approximately 700 acres surrounded by homes ranging from $400k to over $2 million. Finished lots will sell for $55k to over $200k for a acre and under. 

My question is.. Do I sell the land or do I bring in partners and finish the project? 

Does anyone know of any current programs offering 10% down on residential investment properties. I am in CO and looking at a tri-plex.  

I am buying my first office building (12 Units) and I wanted to see if I can get a little insight into management systems used by other investors. I would really like to have a good system or systems in place to do the fallowing few tasks to start. Also I would like to do them at a lower realistic possible annual cost but have the option to grow easily. I am considering using a residential system even know I don't plan to buy residential properties or just use a payment system and do all the other tasks on excel in-house. I do not want to just pay $200 a month to start with something like Yardi Breeze. 

1. Rent payments

2. Income and Expenses 

3. Manage vacant units 

4. Organize Contacts 

I’m in COLORADO 

I have a semi large lot (17 acres) under contract in the center of a popular neighborhood that I planned to subdivide into a development. I asked a few neighbors if they would like to purchase the land adjacent to the existing homes. I only asked 3 out of the 29 homes around the perimeter and 2/3 wanted to buy. If I’m able to sell to 5+ of them 1/4  to 1 acre it would cover the acquisition cost and I could keep 10+ acres of the best land. I know how lot line adjustments work. 

What I need help with.... 

How/what should I have them sign to confirm sales prior to closing on the land. What would be a recommendation for the full process and offerings?

What sales doc would I use? 

— 20% down that is refundable and 80% after the adjustments successfully approved? 

-should I pay for the adjustment costs? 

Thanks!