Real Estate Development Investor Needed
Real Estate Development Blog
I know that both of your e-books are going to be helpful, and even though I am very busy, I will try to read some from each daily, until I can "talk the talk."
I am preparing for a pre-application meeting with the County Zoning
Planning Department. I live in (Name) County, (Name) State, USA.
I have been sitting in on previous sessions, so I understand how proffers
work, and the issues such as transportation that are usually discussed.
Anyway, I have assembled all the parties I need to develop (Name) MANOR,
except I need to locate an investor who would like to back the project.
I have experience as a real estate agent, as well as residential finance. So, you can see why I do not want to sell the land (I am sitting on an offer of $2 million for 4.00 acres) and I want to see the project through to completion, including building and selling the homes.
I am attaching one of many photos I have of the property. As you can see, I have incrdible specimen trees, such as the 200 year old Oak tree, which a normal developer would bulldoze to increase density.
My goal is to show the County and its residents that it is possible to build
enough high end homes to be profitable, while still protecting environmental
specimens that are irreplacable.
Can you provide any suggestions or recommendations in regard to finding an
Gee I love getting emails like yours – fantastic, thank you!
Thanks for the picture – beautiful, and I can see why you want to retain it.
I feel from your descriptive words that this development will be an act of love and a demonstration that something beautiful can be developed and still retain the natural beauty of the environment.
In starting, let me just say that I never do a development to prove anything to a County.
I have done the same thing in my little patch with 40 townhouses on 3.5 acres.
In fact they were the First townhouses built in my city.
I only mention that because I have done a number of FIRSTS – mentioned in my e-book.
Not all of them turned out to be as profitable as I'd hoped, because I was ahead of my market.
Don’t worry, I made money, but my post development assessment, told me that you can only “Lead The Market" just so far.
If your innovation goes one step to far, the clients innate conservatism comes into play, and the product does not sell as fast as you hoped, so increasing your interest charges.
People generally want to live in something like their friends live in.
I only put that to you, so that you draw in a deep breadth every now and have a deep think about what you are planning.
Now to your question.
Make an assessment – are you currently financially well off – not my business
to know; but what is your net worth?
If a substantial leap in your wealth will come from selling this land now for
$2 million, why would you not take the profit and look for another deal with
the added comfort of the additional cash you will have.
Old phrase, “you never go broke taking a good profit!”
My blogs will tell you what I think of Joint Ventures – always a second option – never the first! (Home Page -Blog The Coach)
Once your pre application is approved, get the land re-Appraised and then borrow
against the increased land value for the development of infrastructure only – roads,
water, electricity etc.
This work can be built in stages, so you don;t have to borrow all the money at once.
You could do a deal with a builder or builders that they construct the first few
houses with their own cash flow on your land.
Get say 3 to 4 houses built, with house designs approved by you, in keeping with
the style and price of the estate. These act as your Display Houses for a few months.
Sell the houses – the builder gets paid a fair price and you get paid the market value for the land that includes a profit.
As you profit increases you progress through the whole site varying this idea to
suit the circumstances as they occur.
Hope this helps,
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