Need HELP! On Info For Advertising 300 MOL Land In Tampa Area Commercial!
Hello. I am a Realtor in the Tampa area. I have just came across at great opportunity to sell a commercial piece of property. Its 300 acres more or less around the Tampa area. It is off of one of the major roads around Tampa. They is a Master community being built less then a mile away from it. With 8600 home sites to be build. I did the homework and there is around 12,000 home sites in total right now being built within a 5 mile radius of the land. They just build a Publix major grocery chain in the area. The master plan community is building 3 schools in there community and a hospital and other commercial offices on the main road. So there is major potential for my listing. About 30-35% of the land is wetlands but you can build on the rest. I have advertised on loop net and other online sites. I have also send presentation packs to major commercial chains that can benifit from this land, like Wal-Mart, Sams, Target, Wallgreen, CVS and so on. There is about 15,000 sq ft of fronter age to the main road. I would like to do more to put the land out there and for people to know. Does anyone have any idea on how I can advertise this land more or what approach I should take. Is the wetlands a problem with trying to sell the land. Should I focus more on residential developers, I would think in this market I should try to focus on the commercial side of things. I just want to do all I can do. So any info or help would be great. I also just added this property to my profile with info on it if anyone would like to look at it and give me any other info on advertising or where I should focus on. Thanks again in advance pros.
[ Edited by stev9884tampa on Date 09/28/2007 ]
I am working with my broker on the deal and he is guiding my way. I just wanted to get some more advice from the pros on here too. The more knowledge the better! I just want to do as much as I can.
steve
what is the property zoned for and have you looked up the future land use of the property?
when my clients had a past deal that fell through, The county approved for residential or multi (for apartment, or condo)
I would believe that the county would approve it for commercial too because of the publix that was made and also the master community accross from my property will be having a hospital and other commercial offices and shops. Also a Bank was made too near publix (want to say it was R3 or Multi.)
once you get the zoning, then that will be the type of buyer to focus on. But make sure to do your research on the future land use because that will make or break your deal.
it sounds like you could use the "friends & family" exclusion for capitalizing an entity.
Has for the high rate notes they fall into the following 2 categories:
Usury notes
people that have license that allow them to charge usurious rates.
If you were able to raise enough for a 20-25% dp and obtained a low interest rate on a bank lien would the property cash flow enough to offer your equity investors a substantial return on their investment?
That may be easier than setting up a PPM, and relieve you from having to worry about any kind of usury laws.
You might want to consult an attorney about selling the ownership in your LLC though.
selling shares in the LLC or forming a TIC consitutes selling securities and you need a PPN or some other exception.
You can sell shares in an LLC to friends and family- just not to the general public, as in advertising. Even that is possible as long as there are transfer restrictions- it is only freely transferable instruments that qualify as "securities".
However this is territory that should be explored with the help of a competent attorney.
Chris
Rglover,
That would basically be fraud, not to mention, morally wrong to do that to a real estate broker/agent. BAD advice, VERY BAD advice.
If your house went to auction and "has not been sold," you are mistaken. Your house HAS been sold to the Lender.
It is too late to file bankruptcy to stop the sale. Bankruptcy only works before the sale takes place. In fact, most foreclosure sales include a date/time stamp to minimize the confusion over which came first... the BK or the auction sale.
What can you do? Either challenge the sale with a plausible defense (such as improper or invalid service) or get prepared to move.
[addsig]
look to see if your state has redemption rights where you can buy it back from the bank.