Developer · Boise, ID · Member since 2020 · 173 posts · 198 votes
Hello everyone. I am new here and looking to see if there are tips and or tricks for how to attract equity placement out there. We are a local developer/builder in Meridian Idaho. After you make your potato jokes go ahead and Google Idaho and you will see we have made no less than 35 top 10 lists in 2019 and almost as many the year before. I have just finished a 180 unit ground up development and are reaching stabilization. I have been working on another small 36 unit project and when I approached my current partner (family office) the let me know that the project was too small $5.4M with $1.3M equity need. I have secured 70% LTC non recourse financing and am simply looking for about $1M in equity but have really struggled to get any real traction. I would love to get a few pointers from those of you that do this regularly to see what I may be doing wrong or not asking Returns are projected to be in the low 20's on a 12 month duration. Let me know if you have interest and I can send you our OM for you to review and comments.
Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
6y
Hey, @Shannon Robnett, you're not supposed to solicit in forums. That's for the market place. The mods might tag this post.
Regarding where to find equity, I'd do a property search for owners of similar size/value properties in the area. Then start reaching out. Talk with the local commercial brokers, they may have clients they'd be willing to introduce you to. You've got valuable experience, I doubt it will be difficult to find a qualified capital partner.