All Forum Posts by: Robert F.

Always owe your GC money, never have them owe you work

Thanks Dan, minimum contribution would vary with the deal size. Most likely 25k on smaller multi deals and 50k on larger more capital intensive project. 

Equity waterfall and the preferred return hurdle would depend on the deal as well.

For the past few years I've worked with a large NY developer and am now opening shop in Pittsburgh where I'm originally from; I'm going to focus on adaptive re-use of old buildings for creative office, multi, etc. as well as true value-add multi complexes that have significant rent bump potential. 

Out of curiosity, would users on here be interested in LP contributions or potentially buying into the GP promote?

Hey @Brandon Hall do you have any suggestions for institutional quality CPA's? Have used a couple I haven't been impressed with and would really love a recommendation. 

Welcome Guy! It would be great to meet sometime, my firm does real estate development of larger industrial buildings but I personally have been looking to deploy capital on value-add office and multi-family opportunities here in Miami. 

I'm not all that familiar with NYC markets, however in regards to investor interest, the miami sub-markets are pretty straightforward. Condo/rental markets are concentrated on the waterfront strips in the city (coconut grove, brickell, bayfront downtown, edgewater, etc.), and then further up miami beach into sunny isles/bal harbour. There's a few popular buildings in south beach and south of fifth but they're not huge markets. For single family homes you have established markets in coral gables, pinecrest, south miami, and miami beach. Then up and coming markets in wywood, midtown, and mimo districts. All markets saw a build up of inventory across 2017-18 causing a pretty relentless buyers market. Over the past couple of years we've seen that nearly clear, and with the current global uncertainty I wouldn't be surprised if investors who had interest in branching out to smaller, more up and coming markets, start to fall back on the larger staple gateway markets of NYC, Miami, LA. When it comes to pricing structure; the rent per square foot, price per square foot, and property appreciation are relatively uniform across the individual submarkets so if you wanted to calculate or even model out potential rental yield it shouldn't be a large hassle. 

Hey Maxwell Coconut Grove is going to be the top option. Checks all your boxes; scenic neighborhoods right next to or near the water, the expansive centrally-located shopping/dining complex Coco Walk is nearing the end of it's massive reconstruction, huge new luxury condos just built right across from the marina. A lot to check out for content creation and peaking the interest of long distance investors. However, in my experience most foreign investors love to follow the hottest trends which in Miami IMO is still the luxury condo market. Had a really big spike in 2017-18, got way overvalued then subsequently overbuilt, but inventory cleared and the overwhelming buyers market is starting to give way. The safest bets for investor popularity are usually the Sunny Isles, Brickell, and now Edgewater submarkets. I find Coral Gables to have the most stunning streets and homes, but there is consistently low inventory (in comparison to the rest of the county) and it's going to cost you a pretty steep price/sqft. Hope that gives some kind of snapshot, if you have any questions let me know I'd love to help.