All Forum Posts by: William Tharp

Thank you all for your thoughts.

@Douglas Dowell Joint Venture is being explored and might be the best way to go.

@Joe Villeneuve we are leveraging existing lenders as well.

We are also exploring seller financing.

@Bill Turner So Bill, what happened with your tenant?

Joe Villeneuve I thank you for your wisdom. I have financial partners and funding in place, but this opportunity is a little larger than the single family units we have been doing. The project is profitable enough, but is a multi unit which would warrant seeking the additional funds.

Percy N. Great ideas. I would be glad to send you info on the project. Please message me your contact info. Perhaps a fresh set of eyes will help me figure out the funding aspects.

Good Morning,

I have been found a great project, I will lose if I do not find funding.

As a real estate investor, I have often heard that investors with money will always chase good projects. I have come across a project which I think can definitely test this theory.  

The project is a new-construction build out of a multi-unit property and the profit on the deal before financing is a conservative 850k. The project has an established team in place with the needed experience to complete the project and it is expected to complete construction in 10 months. It is in a strongly revived area, with huge upside which is about to explode. To verify the legitimacy of the project's profit, I completed over 80 hours of due diligence and I am highly confident in the project.

My critical issue, like most, is the need for capital. While I have found the project, real estate experience and have the 15 years of project management to complete it, without funding the project will escape me.

How can I make investors aware of the opportunity, obtain the financing and complete the project? 

Thanks,

William

Daniel, Welcome to Broward. I live in the Sunset Lakes area of Miramar and it is great to have you. Be sure to check out and listen to many podcasts available on site. Also, keep an open mind as South Florida has a wealth of opportunity. Also do not just limit yourself to Miami Dade and Broward, there are many opportunities on both coasts from Naples to Tampa Bay and from Miami to Dayton Beach. Best select a couple of neighborhoods and learn them well so you will now a deal when you see one before someone else does. Looking forward to hearing from you. William

Awesome thoughts.

Omar, Welcome to BP. I too am from Miramar and agree with Phil about thinking about you strategy. Their are so many ways to make money in real estate that you need to determine what part you enjoy the most. If you are a numbers and research person who enjoys finding the deal, be Wholesaler. If you love demolition and then getting you hands dirty remodeling then, flipping is for you. There are also ways to make money through funding deals, managing property and working as a real estate agent. Find what you love and what are your best talents are and work from there. Also remember South Florida is a huge market, so think about where you want to invest. While I live here in Miramar, I invest in Miami Beach, Vero Beach and Tampa bay. Each location has a different type of property, price point and exit strategy. Please just do a few things: 1) Read about real estate and learn all you can. 2) Hit a couple of BP podcasts weekly on topics which interest you. 3) Review and analyze as many deals as you can in your local neighborhood and locations you are interested. For example, in Miramar choose a subdivision like Silver Lakes or Monarch Lakes and learn about each recent sale, what is on the market and where are the pending LIS or Foreclosures. 4) Be persistent, and do not quit. 5) Communicate with as many people in real estate as you can. Join the local real estate club. 6) Get you first deal no matter how small done. 7) Begin putting to together your team of professionals. Hope it helps, William

Many hard money lenders also require you to purchase you property using an LLC. There are several reasons for this, but one main one is they seek to work with you as a business for lending purposes.

BTW, be careful when you check to see if tenant has left upon your return. Florida law is very specific on the eviction process, especially on landlords retaking procession of the property. If property is not completely empty or has not been vacant for a specific amount of time, tenants can rightfully seek damages against you in court. I remember one time a tenant called the sheriff on me when posting a three day notice. It worked out in my favor once sorted out, as the Officer handed the notice to tenants officially aiding my cause. Still it could have ended differently and it made me ever mindful of the process. Good luck and let me know how it goes. Let me