Home Buying & Real Estate Thread

Really tempted...

1000
 
LiLcHiCo4LiFe said:
Great session! He's 31 and owns 46 units. Amazing! :pimp:


He took my question too...SFH's or Duplexes?
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correct me if I'm wrong.......


it seems all these webinars are saved for Pro Members to listen as Podcast


thats dope as hell, and yea he is my age unreal i turn 31 in May, dude motivated me
 
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Hey guys I'm putting together a presentation for investors. I need $1.5m for a new construction project, four condos. If you're interested or know someone that may be, you can send your email. It should be done by the morning.
 
No problem Al, BP will consume you lol.

antbanks81 antbanks81 definitely let us know how the syndication process goes. Interested on keeping up to date with your project goodluck!
 
Thanks man! I found out about the lot late in the game but I'm getting an opportunity to bid if I can put it all together. It would be one hell of a start.
 
What do y'all think of this language? I've never done this before and need to know if some aspect can be improved.

Good morning,

Please take a look at the attached and provide feedback. Please forward if you have any friends and associates that may be interested.

Hello _____,

Please see attached the request for private investments for a four unit new construction project in Chicago, IL. The lot is located in the West Town (http://www.city-data.com/neighborhood/West-Town-Chicago-IL.html) neighborhood in Chicago. Survey, plans, comps and the details of the request are attached to this message. Forward any questions to Brian Cunningham of Roman Realty Group.

[ATTACHMENT=11736][ATTACHMENT=11737]NobleSurvey.pdf (86k. pdf file)[/ATTACHMENT][/ATTACHMENT][ATTACHMENT=11738]458NobleComps.pdf (61k. pdf file)[/ATTACHMENT]
[ATTACHMENT=11739]458NobleDrawingSet.pdf (4,246k. pdf file)[/ATTACHMENT]
 
How did you come up with 990K as the price? via a builder estimate? i would attach that if so.

I would also break down the unit size specs in the letter. and also maybe mention school districts if they're good?

also the lot is zoned for an MFR? if not a variance permit is needed prior to building.
 
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Stork said:
How did you come up with 990K as the price? via a builder estimate? i would attach that if so.

I would also break down the unit size specs in the letter. and also maybe mention school districts if they're good?

also the lot is zoned for an MFR? if not a variance permit is needed prior to building.
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To add to the unit size in the letter

I think it would benefit you to make a 1 page cover letter with a quick break down of the numbers and maybe a mock up of the building.

All of the information looks good but it would be a hard to have someone sit down and take the time to read it all. Something short and too the point on the cover letter might help you sell it to someone who doesnt know they want to invest but has the money to do so.
 
Thanks Slick and Stork for the feedback.

I used $125 per sq ft (6,900). That gave me $862,500. I ran it up to 900k to include plans and permits and some change order room. I then added 10% for contingency.

It' is zoned mixed use
 
AntBanks81 said:
Thanks Slick and Stork for the feedback.

I used $125 per sq ft (6,900). That gave me $862,500. I ran it up to 900k to include plans and permits and some change order room. I then added 10% for contingency.

It' is zoned mixed use
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I mentioned it to a coworker who has a well off friend but i didnt want to seem pushy so ill drop another hint in a week or so.

Gl

How are you involved if you dont mind me asking?
 
I would take the role of developer on this one. I'll set up the LLC and business accounts. I'll hire the GC and I'll also be the listing agent.

Thanks for the mention! For the longest I been struggling with just doing this much. I'm thankful to finally get off the couch and hope to land it. If not, I want to learn all that I can about process.
 
Anyone here ever purchase foreclosure properties and flip them? With the bay area being so expensive that doesn't seem like a bad route.
 
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I definitely agree with the 1 page cover letter with all of the major info and numbers.

I saw that a lot when looking for small apartments.
 
yanky said:
Anyone here ever purchase foreclosure properties and flip them? With the bay area being so expensive that doesn't seem like a bad route.
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My current flip I'm working on is an REO

AntBanks81 said:
I would take the role of developer on this one. I'll set up the LLC and business accounts. I'll hire the GC and I'll also be the listing agent.

Thanks for the mention! For the longest I been struggling with just doing this much. I'm thankful to finally get off the couch and hope to land it. If not, I want to learn all that I can about process.
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Good luck! have you considered finding a mentor? When I was interested in flipping, I had a friend who was flipping homes and I asked him if I could shadow him on his projects. Each time I went out with him, I absorbed everything like a sponge.
 
ekREV98 said:
Good luck! have you considered finding a mentor? When I was interested in flipping, I had a friend who was flipping homes and I asked him if I could shadow him on his projects. Each time I went out with him, I absorbed everything like a sponge.
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Not formally. I reached out to an investor some time ago. He is scheduled to come into Chicago and mentor me while we find deals. After the training is complete, he will form a partnership with me. I'll have Chicagoland as my base shop.

Problem is I don't speak to him daily. I try to keep regular contact without coming off as sweating him or being too pushy. It seems like all the other gurus want to be paid for that knowledge. This man is giving me the game and the financial backing too. So after I get put on, I'm going to pay it forward and help someone else.
 
silkboi said:
ekrev98 ekrev98

Do you do exterior renovations as well? How much would it cost to removal a gravel/dirt yard and replace it with grass?
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Besides real estate listings and flipping, My company does home design and remodels. We currently have a client we are doing a 203k rehab for.

Costs depends on what the size is, how much we have to haul, are we adding irrigation, etc...? What area are you in?
 
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AntBanks81 said:
Not formally. I reached out to an investor some time ago. He is scheduled to come into Chicago and mentor me while we find deals. After the training is complete, he will form a partnership with me. I'll have Chicagoland as my base shop.

Problem is I don't speak to him daily. I try to keep regular contact without coming off as sweating him or being too pushy. It seems like all the other gurus want to be paid for that knowledge. This man is giving me the game and the financial backing too. So after I get put on, I'm going to pay it forward and help someone else.
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I hate when some people want to be paid for their knowledge but I get where they are coming from. They got to where they were at for a reason so they aren't going to give away the secret recipe for nothing. Luckily, my friend mentored me and we became business partners and the rest is history. I try to offer advice to anybody who asks cuz I know it's hard to get into the game.

It looks like you have a game plan in place already and executing it so that's :smokin You're a good dude for wanting to pay it forward which is rare to see nowadays.
 
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