Developer · Charlotte, NC · Member since 2014 · 208 posts · 101 votes
Thanks to all that followed me through my first crowdfunding raise for my infill development project. I figured why stop the party! I am going to chronicle the rest of the journey.
Some background information on the project to start. I was able to assemble and divide 4 residential infill lots in an up and coming area in Charlotte NC. with the current zoning I was able to divide the 4 lots and make 6 lots. After looking at comps in the area and the market I picked six unique plans. I managed to fund the first of these 6 houses through Ifunding.
We started moving dirt yesterday the lots are being cleared and graded. They will stake the foundation by Monday and maybe we will have permits in hand by Friday. My building permit is in plan review (7-10) day .
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
12y
@Kenneth Bell That's great! Looking forward to watching your progress. Looks like the New Construction Forum is going to be busy. We are building, you are, @Bryan Hancock@John Blackman , and @J Scott
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
11y
I've been trying to get BP to do a forum specifically for threads on new builds and remodels so that we can easily find to follow the progress!! But until then, I'll monitor the ones I see. :) I have a hard time remembering the subject line for the ones I posted to update!!
Developer · Charlotte, NC · Member since 2014 · 208 posts · 101 votes
11y
@karen margrave,
I honestly have been so busy I have not been the best about posting updates. I will have 3 going on the same site within a week and a half if all goes right in plan review. We have had a lot of traffic and interest already. I also learned we will have a historic street car line literally a stones throw away!! I will try to do a better job keeping this updated. We will probably start another raise once I have the first house in drywall.
Developer · Charlotte, NC · Member since 2014 · 208 posts · 101 votes
11y
@jenkins Ramon,
Thanks iFunding has been great and I had a private investor fund one as well. Just 3 more to go! I have a bigger project in the works but I will post more when and if is locked up
Would you be open to sharing more of your experience with iFunding? What kind of information did they request when you presented the project and while they were vetting you? What kind information did you have to provide to them during construction? What did you have pay to iFunding in fees? Does iFunding hold the title? Thanks
Developer · Charlotte, NC · Member since 2014 · 208 posts · 101 votes
11y
@ Dustin,
This is a common question that I have answered in this thread I believe..... You can also go on ifunding and see the terms. You can chose to raise equity or debt and I have done both.
Developer · Charlotte, NC · Member since 2014 · 208 posts · 101 votes
11y
@dustin
I also did a thread on the whole process. I am on my mobile so it is not so easy to share the link but I will post it. It will answer a lot of those questions
At the time I had never used crowdfunding and knew nothing about it. With the help and direction of some crowdfuning and development pros @Bryan Hancock I dove in and worked on my first offering. With some solid advice from Bryan and working with Ifunding I completed my first raise. When I started on this journey I asked for a playbook.....no one answered that question but I was given some sound advice and I will pass it on. Call your own play!, no one can give you the road map because each deal is different.
Developer · Charlotte, NC · Member since 2014 · 208 posts · 101 votes
11y
Sorry I have not posted in a while just been super busy!!! We are dried in, Plumbing rough is done, sheathing inspection passed on to siding and exterior paint, HVAC done by Friday. House 2 comes out of the ground next Tuesday!!! House 3 in 2 weeks!!!!
@Jon Klaus Jon we raise about 195k on this one. I will have 3 of the 6 on this infill site underway in 30 days. I crowdfuned another one about a week ago on Ifunding and I have a private investor on another. The weather here has been killing me!! But we are still on schedule.
Kenneth,
Thanks for posting this. Very impressive with your work and quick pace of building!
What's your estimated return on the project and total timeline from buying the lots to selling the finished product?
I'm now raising a fund and am an investor in TX, NC, SC, and various other locations. If I run across any infill opps, I'll be sure to get in touch with you. Please shoot me your coordinates.
Developer · Charlotte, NC · Member since 2014 · 208 posts · 101 votes
11y
@Account Closed
Jon, sorry I have been so busy I have not been on here much. We will make an average of about 29% per house. The first one list in a week and we have had lots of traffic in anticipation of it listing. These lots I had owned for a while but I like to build and list in 120days or so. The first house ran longer because I completed all the site work for all the lots at one time. Here are some more recent pictures.
Developer · Charlotte, NC · Member since 2014 · 208 posts · 101 votes
11y
We have officially 4 houses in progress on site at one time. I will post some recent pictures but in the next few months I will have little time to get on! We will break ground on the last two in the coming months!