All Forum Posts by: Mancill S.

Thank you John for your advice.

Selling the lisitng has not been an issue. I actually have 2 offers on the table and the seller is holding out to see if I can find financing for the project.

All of the firms I have in place have many years of experience and have been very helpful getting me to that place I am now. The final key to the deal is favorable financing and I can move forward.

Dont get me wrong, I will take my commission and move on if thats my only option. However, I would prefer to cut my teeth on this project as it would be my 1st new development project and the area is ideal.

Stewart

@Benjamin Timmins "Thats one of the best areas of Chicago (Lincoln Park). I can't imagine it being too hard to find investors if thats the way you wanted to"

That is very true Benjamin. However the project requires funding to the tune of around $16 Million. Most of the private investors I have worked with in the past for residential deals have never done loans of this size or just are not capable too.

Stewart

Thank you for your comment Joel.

I am a broker and have my managing brokers blessing for this project. The highest and best use is a 8 story condo development.

The current property owner is a non-profit that I am representing and their timeframe to close is by summer's end if possible. They would like me to purchase the property myself but traditional financing has been challenging to come across. I have zoning by the city covered for the development and the Alderman of the ward has verbally commited to stand behind the project.

Stewart

I am representing a client that is relocating and the space they currently occupy is located in a great area in Lincoln Park in Chicago. I have a pro forma all worked out and the profit potential is over $3 Million. I have property, architecture and development plans all in place.

I am lacking the financial ability to do the project myself. So I came here seeking advice on if I should just offer the property on the open market and colllect a commission or is there a good way to seek out private investors that may be willing to partner on this deal?

All opinions are welcomed Thank you

Stewart

Thanks for the input Steven

I would either try to partner with the wholesaler and get a cut of his profit for finding a buyer or I would partner with the rehabber and get some profit on the back end when he sales or refi. Both will require some level of trust.

Double flipping a contract can get complicated with so much paperwork and can eat up the end investor's profit pretty fast.

Just my 2 cents

Mancill

Thanks for the warm welcome everyone. I look forward to getting to know you all.

@Casey Blakely Nice to meet you. If you need any help feel free to ask.

@Kevin Hunt I mostly stick to western cook county area Oak Park, Hillside, Westchester, etc. How about yourself?

Working with a rehabber that I have assigned my last 3 deals to. He has private financing and runs a few construction crews. I have taken a break from rehabbing due to financing and being tired of project management. He would like me to find deals for him and collect my profit on the backend instead of assigning the contract. What kind of partnership would be ideal for this? I would want it to be on a deal by deal basis. Thanks Mancill

Hello all My name is Mancill. Im a rehabber out of Chicago W. suburbs. I also do wholesale deals from time to time. I have been in the business for 10 years now. I own a few rentals which I manage. I've been reading Biggerpockets for a few months now and decided to join in the community. Hopefully I can be a resource here and meet some new people to help grow my business. Happy Investing Mancill