Our "Luxe On South" Project - The Power of a Team!

April 12, 2016

It all started with an invite from a fellow investor to a NerdNight meeting. At the time we were spinning in circles and did not have a clear path lined up, so we decided to go and check it out. It was one of the best decisions we ever made! We are now a member of this investor group which is made up of a mixture of total newbies to experienced real estate investors. At the time we joined, the group had several deals already closed and under construction, and was seeking investors for a new build 3 town home "Luxe On South" project with total ARV of $1.65MM in downtown Orlando. After leaving that first meeting we realized the combined power, passion, and eagerness for success represented in the group (builder, realtor, experienced investors, and go-getter newbies) and we did our due diligence vetting members and deals on the table. 

The "Luxe On South" information was enticing but new territory for us - we had never considered new construction deals before. We decided to get in on the deal and it has been an adventurous ride for us since. The amount of learning we have done in these last few week is incredible; a whole new world has opened up to us. We have raised $185,000 capital, created two new LLC's for the project, met with lawyers and learned how to structure such deals, studied zoning laws & regulations, talked to the City of Orlando's planning & zoning department, created & taught others about spreadsheets & formulas, learned about social networking sites & how to use them, met builders, designed layouts and architectural plans, managed to organize 7 investors by showing everyone else how to keep all parties involved in the JV through the Google Drive tool, and so much more! It has been incredible...

All this hard work finally paid off. Yesterday, after some stressful but fun days, we managed to close on the deal. The "Luxe On South" project has officially moved into the next phase: permitting & planning. Stay tuned! 

April 14, 2016 Update!

This project is moving fast! The builder has finished the floor plans for the town-homes. They will have more heated sq.ft. then we initially planned on. The initial plan was for approx. 2,000 sq.ft. - the final plans have 2,700 sq.ft. with 30ft. high ceilings. 

Now that the closing is done, it is kind of nice to sit back a bit and let the builder take over the majority of the work. Construction will begin in May! 

More updates later...