All Forum Posts by: Nick Fitzpatrick

@James Sigsbee how many calls do you typically get a week on yours?

Is this the one on Memorial that's been sitting?

@Nicholas LaGatta

The best bet is to call the city. Think of the happiest thing you can, dial the number and then politely ask the zoning department how they would look at it. If you want to spend a little money, call a zoning consultant and ask them if they can study to see if he or she thinks the subdivision appeal will get approved. 

@Thornton Drury Good luck! Let me know if you want an introduction to a great Midtown attorney. They could draw up contract, private financing note, etc. 

@Thornton Drury If you buy with bridge financing you're going to have trouble immediately refinancing with a traditional lender without 6 months of seasoning.  I'm in Midtown and $4k a month in rent for a unit in a quad is no where near market. Maybe $2,500. BTW, most quads in Midtown are going between $900k and $1.2m. 

I'd approach the seller and ask for seller financing. Offer them 5% interest, 7 year term, 25 year amortization. That's better than they can get on their money elsewhere and 700 bps lower than you'd pay on a bridge loan. With that, they can depreciate the capital gains over 7 years and not 1 year. 

@Jarin Bryant It's tough to know if that $35m price point is attractive to end users or developers without knowing the actual value of the land. Since you mentioned it's in Mississippi - I won't speculate if $310k an acre is good or not - that's not my market. My concern is expectations. How are you going to pay earnest money on a deal that big? Can you afford to lose it?

Commercial land deals are very complex and lengthy. Is the seller okay with that? In addition to marketing time, you will need months for due diligence. Phase 1 and Phase 2 will be needed. Soil tests. Survey. Entitlement. Architectural drawings. The marketing costs on that alone will be a very large number. There is a reason why most brokers charge a 10% brokerage fee on raw land. I personally have 3 listings (much, much, much smaller than this) I've been working for over a year and are probably a year away from closing, if they do...

That said, put in that work man! Could be huge! Can you get licensed online really quick in MS to add some legitimacy? Let's say the land is perfect for a distribution center or data center, the buyers' attorney will cover you in paper if you don't have your ducks in a row. 

Keep us updated!

@Lloyd Son We're taking a lot of transplants from NYC! Atlanta is growing and strong. That's going to accelerate with the further shift from COVID, et al. 

www.capituslearning.com/ is the new name for the school at the Realtor Board office on Lake Forrest Drive, where a lot of the pre and post licensing is done. I don't know that they specifically offer that but they'd probably know where to look otherwise given their online class offerings. I doubt in person is an option given the size of the Atlanta foreclosure market is fractions of 1 percent. 

@Justin Griffin This is more common than uncommon. The seller might not know, or might not want to disclose something incorrectly and open themselves up to liability. To counter this, all offers I write have a special stipulation requiring maintenance records for the trailing 12 months. This lets us know of anything that might have been band-aided often and gives a general sense of how the property has been maintained. I also recommend getting an inspection from someone who understands multi-family. At a minimum, you'll have a baseline of the current condition of the property and sometimes can discover items that will cause you to seek another property. 

Just get it out! If you see something you think you can sell or want then throw it in your vehicle, otherwise just let them toss it in the dumpster(s) and get going. I've tried to do this personally and it's not fun or a wise use of time. It's also not fun trying to sell odds and ends on CL for $20/pop.