my first development proposal

[Mark Updegraff]

Coincidentally, a few doors down from my first rental property, the city has put out a RFP for a .5 mixed use development. The deadline is May 16th, which is fast approaching, but I think I have my team in place to make a stellar proposal and possibly get selected. I'll keep anyone interested up to date on my progress.

Cheers,
Mark

[Joel Owens]

Mark don't get too excited on this. I worked on assembling commercial projects for big developers.

A key component is financing.I can't tell you how many projects I have seen start to end up being foreclosed on.The equity partner ends up suing all involved.

So before any money is invested proper disclosure need to be signed using an attorney to CYA.

One of my friends revitalizes downtown districts using credits from the government to offset costs. You won't get banks buying into construction loans as that is one of the most riskiest types of loans.

You can find alternative financing but will not like the rates and must get things finished on time or will be eaten up in costs.

Is the area strong for rents for the type of project you are doing or is there over saturation??