David889 from the middle of the mitten (Michigan)

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David889 from the middle of the mitten (Michigan)

David Marr
Architect · Saginaw, MI · Member since 2008 · 14 posts · 1 vote

Hello,

My name is David and I have been in the AEC (Architecture, engineering, construction) for over 20 years. I've been designing and building other people's dream investments for most of that time. I specialize in commercial properties but also mixed use.

My wife and I have about $50k equity in our home and only car and mortgage payments (no credit card debt). I have a 718 credit rating and she has a 712. She is full time employed but only makes around $36-40 K per year. I'm self employed doing architectural design and site development layouts and I make about $45-50K per year.

I'm tired of other people getting rich off my ideas so I want to start developing myself. Where we live the residential market sucks, but the commercial market seems to be doing well. I have an idea for a strip mall (8 1500 to 2500 sqft units) near a growing university and on a road with avg. daily traffic counts of over 25,000. I have plans designed, I've worked with the township on zoning, I've run the numbers (this would be the only part I'm not 100% sure about, as I am not an accountant) everything seems to be fine, so how do I start? How can I get financing? How can I find tenants to pre-lease before I build? I have an LLC that has been active for about a year and I've got some minor credit brewing there.

Any help would be great

you can visit my website to see the type of work I do just PM me for the address

Thank's for taking the time to read this.

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  • Account Closed
    Real Estate Investor · London · Member since 2008 · 3k+ posts · 74 votes
    19y

    David,

    :welcome: to BP.

    Anything else you want to share about your background? I would like to see you update your profile so your location shows. Given the question you raised it could help a lot.

    As to the specific question. This is the new member introduction forum so not the best place for the question. I would suggest the commercial forum so that you get more people who are interested in commercial noticing the question.

    A quick answer to the question is you are looking for a development partner. Someone who has deep pockets and had experience where you do not. An alternative is to do a deal with an accounting firm that is used to producing business plans for businesses and construction. That will help you get the package organized in a way people expect and the accountants are likely to have clients who invest in projects that are recommended.

    Your experience will cover a lot of what is needed. Working on the planning is important so well done there. Being able to show that the project costs have been identified and fully planned for is what will get this off the ground. An opportunity that will soar vs. an opportunity that will crash and burn.

    John Corey

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  • Account Closed
    Real Estate Investor · Chicago, IL · Member since 2008 · 1k+ posts · 218 votes
    19y

    David,

    Rather than having people PM you, how about you create a signature block that has the link in it?

    Other than that, welcome aboard. I hope you will share some of your knowledge on the BP boards. These are a great resource and we look forward to having you among us.

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  • David Marr
    OP
    Architect · Saginaw, MI · Member since 2008 · 14 posts · 1 vote
    19y

    Thank's for the help, I have updated my profile and placed my web site address in the signature block.

    I will head to the commercial forum and troll for information there.

    Thank's again.

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  • David Marr
    OP
    Architect · Saginaw, MI · Member since 2008 · 14 posts · 1 vote
    19y

    Actually, the contractor part would draw $70G to $90G for a site supervisor (that's what I do) in the mid sized project market i.e. 2-3 story office building, or small school, retail build outs etc. The larger projects $10 mil and up would bring a six figure income. I do mostly 3 month retail build outs and if I'm lucky, 2 a year.

    The design side is what really sucks. The average income for a CAD drafter in the Midwest is $45G's, but here as a project architect I barely made $40G. The reason my salary is low right now, is I am self employed and with the economy here, getting a project to design is touch and go. Sometimes I don't have an income for a month or two, but it averages out over a year.

    That's why I'd like to have some additional income from some developments.

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