All Forum Posts by: Michal Rooney

There is actually an offer for 1.4M of that if I complete one of the buildings and give it over to their brand. Problem is it's contingent with having the buildings up. It's set up so it's 500k up front then the rest over 20 years. That could be done 6 months from closing. That couldn't be leveraged could it? If it helps leap the hurdle starting up don't mind a slightly lower cap. I am not getting my hopes up this being Hawaii.

This parcel is popular but let's assume the other guy isn't actually able to get his loan either ... Should I offer him 50% cause nobody else is going to bring it? Seller just when into shortsale for another property. He's smart but he's in a bad position.

Oh the lots are development ready, not in a flood or lava zone. I suspect that doesn't make it any easier. There are plans in place, it approval city is really behind it versus the storage facility that the competition's trying to build. I everything's ready to go if it could actually get financed.

I actually agree with Darryl. This probably isn't going to work if the requirements that steep for Hawaii. What is the usual outside Hawaii? I am meeting to see if I can get an extension before I look at this with serious expectations because I agree timing makes it impossible. This is not something I just thought I'd do before the end of the month I have been looking at this 4 months ago. The problem here is the seller forgot to inform me it was still open - this was after I followed up asking exactly that. I met him about another property and it came up his other buyer didn't actually have a contract or anything. Funny that I might have been able to motivate a lot more funds towards this. Honestly I appriciate the feedback.

They will guess based on experience and the particular side of the local market they have seen. What else could they do? They would probably have a range of options like you're being presented. Now as to which one they've taken is a matter of personal preference ... of course this is also an educated guess

I recently looked at a property with no comps in the nearby area what happened was they looked elsewhere. They next town over because things existed and therefore sold there. It was rural.

I've looked over and realized how uniformed this must seem. I do apologize for that. At least I now know the wrong way to post. Thank you for responding.

I actually do have a deal here but It's kind of hard for me to figure how to approach it and what I could do to make financing more attractive.

And most importantly how could I get time? What typically can you do to hold a property if there is another seller who is possibly going to provide financing in a month? The information I have is the other investor "thinks he is going to get financing in January." Could I put earnest money in - or would it matter if the property is going to close. why would a seller take that?

My possible loophole :
The seller wants this development. I have the option to JV with the seller (he offered me) which would take out the 2 million up front but I still need to figure out how I would go about getting 1 million for development. There is a lot of potential at the end of this rainbow. So perhaps what I'm looking at is creative financing instead? Add in the fact that this is for a non-profit with a whole lot of city planning support and maybe there is a way to make this work. It's going to take someone a little more versed in financing to come up with which direction I should look. Hence I ask.

Thanks for the welcome. I look forward to all I will (continue to) learn here. It's nice to play real monopoly for once after pourng my heart into concept design (I develop virtual buildings for games) hopeful I'll be doing the real thing too someday... any architects on island need a hand?

alright the concise version - I know commercial loans are hard to get at this point but where would be my best bet to ask about this?

2 acres x 2 lots undeveloped ITV close to 70%
need to put an extra 1 million into construction

What kind of loan would do that?

Hello My name is Michal I am interested in real estate investing and business development. I currently reside in Kona which just got one more desirable, there's finally good Indian food here. So that one more reason to move to Hawaii.

I am getting to the point where I've finally read enough to move to the action phase of investing. Before I make my first deal I figured I still have to say hello to the community. So Thank you BP for your sharing your incredibly in depth experiences sans sugar-coating :D

Is there anybody looking for a real estate apprentice on the big island? If so I want to know where you're located.

I need to move a mountain. That’s why I came to BP. I do not expect easy but perhaps what I’m looking for is possible :

I have a commercial deal that I thought lost because another investor took it up. I have since realized they were not able to secure financing (not due to the property itself but their horrible business plan for it). That means I have a small window of time to come up with the funding myself. The down payment is not the question it’s a commercial loan in quick.

I need to finance:
development lots in Hawaii + 2 buildings for 3 million – this is the minimum it establishes cashflow. I have plans and partners, the contractor is at the ready - just need a loan.
I need to do this by: ideally January 1st or ASAP
ITV for lots is a fraction of a percent past 70% I could get that down past 70% if it would make the deal
I will give more specifics if necessary but I am asking if long-term commercial rates are possible on this? Does this happen at 8% considering they are lots at the moment? I am fine with certain balloon payments. I have seen some unique resources on BP and if you have one that fits I would like to tap into those channels - I would really appreciate any feedback in this and yes it is feasible deal that I will carry through on.

note : Thanks to BP I am fully aware how challenging investing is - I have been reading up voraciously - but now it's time to pull the trigger. Thank you for all the past knowledge you've shared here. Oh and I have posted before just cannot access that account.