A Big Deal - What Would You Do?
A big deal has fallen into my lap: a large property at a great price. But, the price is still beyond what I alone can do.
1. What would you do?
2. How do you form a consortium of investors to build a fund to purchase the property?
3. How do deals like that work in the real world? How do you profit? (Do you ask for donations to the fund, and pay out when the property sells later according to a percentage of donation?)
What would you do?
MC
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JEREMIAH JOHNSON!
MC
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Fantastic story. Completely demonstrates how real life deals actually are.
I would entertain a JV with you . I am in NJ
Great Story
What area are you marketing?[ Edited by scr2001 on Date 04/28/2007 ]
Many discussions on this subject in the Marketing forum on the Residential side of this site-
Chris
commercialking.. actually I wanted to do a deal where it was 70% bank, 25% seller, and 5% cash... short term (like 2-3 yrs) from the seller. You posted somewhere on another thread that you do this routinely... How do you go about convincing your sellers?
Thank you for the response. Does assigning a contract require funds in escrow...ect....
If and when I sell the property, what would my fee be considered? assigment fee?
Thank you guys.........this forum is great!!!...
But, ed.........my invester is in Rochester, and the owner is in Texas...so it wont be possible to introduce them and rip up paperwork.
But I understand that I have to be the principal in the transaction to stay lawful. I guess it comes down to how well your relationship with investor works.
The escrow part seems like a good idea also.
Thanks
From what I have seen the use and resale is quite limited so the the questions becomes where do you make money?
if you have some benevolent use for the land, it can be a great deal.
make sure the deduction w/ credit does go w/ you. in CA most do not.
Multi units are a good plan, since you need a $50k+ loan amount. This will enable you to be more profitable at that price.
Good Luck!
Chris