Shifting Gears In FL!
I made a deal today to Joint venture with a landowner for 8 duplexes on his already zoned property. It was his idea! I was gonna buy his land and build the 8 duplexes myself but he got to figuring what I was gonna a make and said " lets just JV it" with the basis for the land cost what he paid 13 years ago! I say, "Oh yeah, I want in on that deal."
I have a builder who specializes in these nice duplexes..... 3/2 with 1 car garages in the center. We are gonna be able to retail them for in the 160's or so. A great deal for investors as our area has very few rentals available. A friend had done a few of these using same builder and they all sold out pre-construction to investors. They rent for 1,500 to 1,600 per building (2 units) so the numbers work well . I am pumped. Will keep ya'll posted on how it goes.
My question is: how do I take deposits for these preconstruction? Do I need to escrow it with attorney? Any other tips with potential pitfalls to watch for? [ Edited by Ricker on Date 03/04/2004 ]
In the state of Florida you need to register your reservation account with the State. Will these be condos? You will then need condo docs and register and get THEM approved with the state before you can go to contract.
Suggest you get a good RE attorney who can help you ride this regulatory strewn road.
But not to worry - it's just stuff not problems.
Good luck with your project.
Gregg
[addsig]
Thanks Greg. No, not condos. And the guy I am JVing with has done this before so I guess I don't need to worry about it all as he has a good attorney.
You should still take Gregs advice in regards to the attorney.
Nothing personal against his attorney but good business sense dictates that you run any and all contracts across YOUR attorney's desk.
Been there done that.........lost $50,000.00 on relying on a partners attorney.......
NC