As a developer/builder there's always ideas swirling in my head about "fantasy projects" I'd like to do someday. One that is just outside our grasp right now, and I'm sure all of you have some too.
If you could do a deal, anywhere in the country you wanted, or type of project or deal, what would it be? List them using bullets if there's more than one!
- Boutique Hotel (somewhere in Orange or San Diego County)
- Mixed use development (live/work units)
Fun Topic, I think about fantasy deals all of the time! Hopefully one day in the future.
- Boutique Hotels (Gulf Coast tourist towns or in popular/historic neighborhoods such as New Orleans Garden District)
- Convert older buildings into luxury apts (Happening in downtown Houston!)
My fantasy deals for residual income purposes would be:
- a five star hotel having 120+ rooms with all of the lovely amenities, on-site restaurant... doesn't matter which U.S. housing market so long as its a thriving one.
- Condominium building with 20-30 units in Philadelphia, Pa
- An extravagant resort in the Carribeans, maybe my own island. Everyone on BP is invited ;-)
- Anything hands-off with 20+% CoC return
- Develop, own or operate a casino in AC or Vegas
My number one REI fantasy project is a bunch of land that I can simply turn back to its natural setting. A couple of hundred acres should do it. As I think more and more about doing some development this "offset' has been on my mind quite a bit lately. I'd have a house on the cleared part of the land but the rest would be left to nature, though I might plant a few interesting trees. Now if I could just convince my Manhattan born wife...
100 unit apartment building in B area
Donate 50 homes in Africa.....etc...
I will do each one in the next 10yrs...nice topic...
Condo in Hawaii, on the beach, that I can rent as a vacation rental 80% of the year and visit whenever I want! While I'm at it, I'll take a condo in Denver, one in NYC, one in LA, one in Orlando, and one in Arizona. :)
Right now my fantasy deal is my first one, whatever that may be! Hopefully, I'll have it out of the way by the end of the summer. Until then, I'll take one of each of Brandon's condos........
A large building in Manhattan with a place on the top floor; a flat in Paris, Rome, Munich, Hong Kong and Singapore; A large chunk of land on Kauai where we can grow lots of fruits and veggies and build a subdivision...
I can go on.
@Brandon Turner we did things backwards! My wife and I started with a condo in Kihei, Maui across from the beach that we vacation rent at 88-91%. Now we are digging to find local investments here in Denver. So, my list would be:
- Our first deal here in Denver (flip or rehab and rent)
- Our next 20 deals here in Denver
- Move to Maui and do 20 deals there!
Something involving my giving back to society. Redevelop an entire street in a run-down area of Newark, NJ with the hope that other big investors would follow. Perhaps the street would be renamed after its developer.... :)
And if I get really big? An efficient, high-speed commuter railway system linking NYC to the west coast (San Fran./L.A.).
- Do some spec building of duplexes and sfrs, our market has not recovered enough yet but I've been buying lots...
- Turn a large piece of land 20+ acres into an organic farm
- Beachfront vacation rental in Florida. I've looked before but the numbers never seem very good.
A ski resort with hobbit hole like condos.
Return the area around my home town to a nice, environmentally friendly area with more trees.
Non-profit community housing center for persons with Alzheimer's disease... designed so that even if they require 24 hr supervision, they get maximum independence.
and a cabin on the rim of Grand Canyon... they exist but you have to work there and I just want to hang out.
50 - 100 unit student housing apartments
Locations : Whitewater, Marquette, UW-Milwaukee,
MSOE, Waukesha Technical College, Madison Media Institute,
UW-Parkside, University of Green Bay, and
Milwaukee Area Technical college campuses.
Over next 35 month
-> Move about 53 newly built spec homes in Milwaukee county.
Five star hotel having 98+ rooms very extremely near Florida Disney.
Sports facility area housing local concerts,
professional basketball, and etc
For me it would be to:
*250 units Class A apartment complex, 15% Cap Rate with under $5k or No money down.
*The purchase 40 acres of coast land in the Habana, Cuba right before the United_States_lifts the embargo_against_Cuba.
I have two:
- 300-400 unit Class A Multi Family syndication
- Penthouse apartment vacation rental in Vegas
Creating a community in one place (mixed-use) is one of our long-term dreams as well.
An energy efficient (Passivhaus standards) mid-sized (40-60 units), mixed-use property (retail, office, residential) ... I already have a site in-mind.
I wanted to buy an old roller skating rink and turn it into a mixed use athletic center. Maybe two basketball courts, laser tag or obstacle course, perhaps a kiddie jungle gym for the young ones. Keep the arcade for the gamers and have free Wi-fi so all the kids can text their parents about how much fun they're having and why they should keep paying the exorbitant fees required to make my idea fly. There was a rink for sale around town but the $465K price tag is somewhat of a barrier to entry for me.
My Goal/Dream Deals, would be
- Own Vacation Boat Houses/Cabins around a lake in Michigan, preferably in, or near the Berry county
- Side Goal would be to pay Cash for my dream house, which is in Hastings, Michigan! Currently for sale at $450,000!!! one of the reasons I'm looking into Real Estate Investing! as an Automotive mechanic, I could never afford that!
- also to retire young, and self dependent! With the way the government is going, I'm not sure if I'd trust them to support me when I retire! I'm only 20 right now, so I hope be prepared!
Interesting topic! Thank you all for sharing!
I would love to develop a 50 story building with condos and town homes in Dubai. Each floor would be named after every state in the US. It would have a luxurious spa and hair salon, state of the art fitness gym and a fine dining restaurant. The private residence would have a concierge to accommodate any needs of the residents. It would also have two pools (one on the roof and an indoor pool).
As hotel contractors we would love to build in Orange or LA or NYC and we are not far off
My goal is to have adequate passive income so I can build and support an orphanage. I know it's nothing fancy, but there it is.
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