All Forum Posts by: Matt Everling

Check out @andrewpostell. He is a U.S. Marine turned lender in Fort Worth Texas who discusses the work around you are talking about. Very knowledgeable. 

https://www.biggerpockets.com/...

Thanks @Mike S.! Much appreciate you taking the time to help me. 

@Justin Phillips, thanks for your help. I’ll send him a PM. 

I need to create a Series LLC in Wyoming so that I can start working with hard money lenders and would much appreciate any attorney referrals from the collective genius that is BP!

@Todd Pultz

As a City Planner in CA for 25 years, I can say with confidence that you were probably victim of a “taking” by the City not allowing you to build on legal lots of record. If your 12 lots were legal lots of record prior to the Zone Change and General Plan Amendment the City HAS to let you build on them or can be subjected to a lawsuit under the takings rule. The fact that the lots were/are vacant means nothing. You have to be permitted to build on those lots using the development standards in place prior to the Zone Change (setbacks, height restrictions, lot coverage, floor-area-ratio (FAR), minimum unit sizes, etc).

I have my MGM properties being managed by Caroline Motley at Southern Realty and Property Management. She was with Alabama Homefinders and took her investor clients with her to open her new brokerage/property management shop. She was born and raised in MGM and has tons of experience. Please tell her I referred you. 

@Derek G. Most City Planning Departments have what is called a Pre-Application process. This is where I recommend you start. Some cities charge a small fee, some do not. There is a application to fill out and the city will typically require a site plan, floor plan, building elevations and sometimes a landscape plan. Most cities will also require an ALTA Survey, which is a survey showing the dimensions of the property in its existing condition, including showing where the utilities are. You submit usually 5 sets of plans at the front counter of the Planning Dept. They will distribute those plans to the other depts for redline review. Two weeks later you will meet with a rep from every dept at the same time in a conference room at City Hall where they will go around the table and give you their redlined plans and written comments. These comments will guide you down the path for approval.

@Justin Juhan yes, you can request time to secure entitlements before buying a piece of land. As a City Planner for 25 years, I know that developers do this all the time.

@Eric 

@Eric Martin Thanks for the clarification! I really appreciate it.

@Eric Martin congrats! Did your lender require the property to be in an LLC in order to get a portfolio loan?

Also, does your portfolio loan only consist of this one property and not several?