All Forum Posts by: Paul H.

Deals are often advertised as being readily available, but in my experience, they mostly come from individuals and companies with established networks and usually they are 100% offmarket.

We use realtors and wholesalers who understand our specific needs as a company and sometimes our consulting clients will want to work on a project together. 

As a company, we no longer actively seek out deals as they are consistently brought to us - which means I spend most of my time vetting deals quickly and not out searching. 

Saving all that time looking and spending more time doing diligence has allowed us to act quickly when we see a good deal.

@Polina Orlova 

It seems that there is an on going problem on Facebook Marketplace where certain ads are being flagged as community violations simply because they are being reported by tenants or anti-landlord groups who may not agree with the price or something they see in the ad (Photos).

This is a serious issue, as it can cause problems for landlords and property owners who are simply trying to list their properties for rent or sale. 

I'm on the same page as @Scott Trench with my post above.  We're both saying relatively the same thing, just a few minutes apart.

Just some thoughts:

1. You can call it a JV, but I would assume a GP/LP structure may work best. The last thing you want is a power struggle and not have control of the project.

2. You would have to go through planning anyways to plat the project, I suspect the best way would be to break away, however will the zoning and tax designations change?

3. Work backwards and do some residual land value on the entirety of the project. You could put their land contribution on the LP side and keep a 30/70 split or whatever works.

4. Proper Structure, try to have them contribute the land on the LP side, and then control the project.  If it's treated like a normal project (regardless of the religious partner) everything you should be clean and laid out like a normal development.  The problem I see in this, is that they are asking you to do everything, but yet want to remain in control of everything. If they want to be on the GP side, maybe they need to bring more to the table than just dirt.  Seems like further discussion would be required and with 80 units, it may be too small on the buy and hold side to really get property management covered properly amongst other things being  a bit smaller and new.

@Mike Fernandez

Mike, this feels like your getting such vague information - like make up your own forms?  Can you expand on this?

Are the properties zoned for SFH?

Have you looked at the forms list online? https://www.cityofcocoabeach.c...

I agree with @Blaise, getting the lots papered up or even one step further as shovel ready lots will be well worth the effort. You can hold the land while the developer goes through the process with the planning department, and all the hearings. Your contribution is holding the land for the process and being flexible with the developer as he jumps through the hoops.  Get paid for your land contribution to the deal and then split the profits on the backend. Simple and Clean

Patrick,

I'd be happy to hop on a zoom call and go over your points.  It's really hard to give sound advice without knowing the specifics of your land assembly... the size, the frontages, the location, the by right zoning for the area etc. I can also make some recommendations on how you can protect yourself from leaving money on the table when you structure a deal.  As someone who decides to partners with a developer you can contribute the land in it's entirety or even hold the land at a low cost while the developers works on getting it entitled.  I'd also suggest talking to your neighbor at some point, because maybe a land assembly isn't on his radar at all or it's outside his skillset... and you might be the solution to his abandoned house problem.

If your open to talking please reach out and send me a dm.

Lincoln,

This is something that my company and I do all the time... we work with land owners to get projects annexed, papered, improved and sometimes we go vertical or we sell to a national builder.  Every point along that route has a different lift in terms of value creation.  Your best bet would be to do a little research and see if your in the Fort Worth official plan and if you qualify as a good candidate for annexation.  Selling before getting a determination on being a candidate for annexation and rezoning at the same time would be short changing yourself significant value.

I'm currently doing three annexation and rezoning projects of about 2000 acres.  So if you need a little bit of help or guidance, please let me know.

Just follow the consent process at your local planning department. They will inform you of the process you will have to follow and if you butter them up... the likelihood that the committee will allow for the consent to sever etc. (if it's straight forward or not etc)

TLDR - Call the planning department, they will hold your hand for the entire process.

Things you can expect to do:

- Updated Survey, Approved by the city engineer depicting new lot lines and registered.

- Locate on your sewer lines. Sometimes they can cross into the new parcel, requiring additional easements or a relocation altogether.

- Spatial Calculations for buildings may be required. (For example separating two homes on one larger parcel)

- Setbacks for the zoning.  The lot will need to meet minimums - if it doesn't is there precedence in the neighborhood.

- An attorney to file the consent, maybe a shared access agreement if a driveway is shared, register the property.

- An update to your lender, since you're changing the land.

Hope this helps.

Tyron,

I've been a part of a group here in the city for the last couple years called OREIO (Ottawa Real Estate Investor's Organization) they meet once a month and bring in guest speakers from all over.  It's a great place to get started and meet other investors local to Ottawa.

I've been active within Canada and the US, with about 500 units of new construction on the go in the USA and 90 units here in Ottawa. If you're interested in syndication and other various ways to invest in commercial real estate just reach out or attend OREIO and meet some great local developers and investors.  I must add that OREIO is for all levels, a good chunk of the crowd are still looking to make their first investment and it's a very welcoming environment.