All Forum Posts by: Kenneth Bell

@Jack Knochel

I am in a perimeter neigborhood to uptown seversville/biddleville border. Inventory is low and I live in the adjacent historic district which is a royal pain to build in!! So people are spilling over into the adjacent neigborhood to Wesley Heights.

@Sapan T. Thanks Sapan, I am excited to share.  I will post pictures and updates as often as I can.

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 . 

first day pictures

https://www.dropbox.com/sh/an1uh5r53buqnl2/AADB_u_...

We just fully funded our first house of  the 6 in this project on Ifunding!!! 

409 State St. in Charlotte we raised $195k of  a $241K project. Please pm me if you are interested in upcoming offerings

I am currently doing my first crowdfunding raise on www.ifunding.co.  This is a link to our current raise. It is for one home out of a 6 home development. https://www.ifunding.co/projectview.php?pid=170

I am an infill developer in Charlotte NC. I generally like urban residential infill projects in the perimeter neighborhoods of Charlotte NC.  This link gives some information about the Charlotte real estate market if you are not familiar with it. http://realtormag.realtor.org/daily-news/2013/12/3...

If you are not familiar with infill development I can give you a brief run down. Infill development seeks to use undeveloped or under developed land that is in an area that is already been previously built up. Basically you fill or refill gaps in past development or you demolish and re-purpose land that may not have the highest and best use. I call what we do "urban refill".

I love to develop  homes with historic look and charm  that fit into the surrounding older  homes but with modern amenities that most old homes didn't offer.

I am looking for accredited investors that might like to participate in this and other development projects. I am always available for questions and comments. I am looking for both debt and equity partners depending on the particular project. 

I look forward to speaking to anyone with interest!!

@Marina Wong

You need the proforma to be as detailed as possible. Is it at cost or does he take a little off the top each time he gets a draw? If it is not a debt situation then what is your equity? Does he have any personal assets that can be used as collateral? Can you share any details as to the deal, purchase price, the 30% down, terms he expects? My guess is that he is using HML to build and he needs to show a few months payments in escrow and enough cash to start the project. I could be wrong but that is my guess.

@Marina Wong

So the funds you will be raising or contributing will be used to secure his construction loan? Is this a debt transaction or equity? Have you seen his construction estimates and do they include a builder or developer fee? If this is a debt transaction will he sign a personal guarantee? There are ways to provide protection for yourself. You also want to take a good look at the pro forma and question everything

@Account Closed

They look great. I love historic bungalows as well. I will have to drive by them

If you have 200K in a Roth why not get started with that?

@Matt Hiley

Where are you in Cornelius? I am on Torrence Chapel right now off of exit 28. What types of investments are you looking for?