All Forum Posts by: Austin Drew

Hi Jay,

We are looking to build a MH community, we are also already under contract and looking for the 4 million to close (100% financing)

Hi,

I have a plot of land located in Fort Pierce, Florida that myself and partners are looking to develop. We have a relationship with the bank that has control of the land and the previous owner recently defaulted on the land, which was then valued at 27 million.

We are able to purchase it from the bank at $4 million and we plan on developing Modular homes on this land. We are currently looking for a private lender to loan out the 4 million over a 1 year period with two 6 months extensions.

The loan will also be backed by a very high net worth individuals balance sheet. This is a Land banking opportunity, while we are getting the permits from the city. The city however has approved the land for 12 units per acre of the 120 acres previously on the investor who in the past defaulted on the loan. We are simply just getting approved what has already been approved in the past.

In what areas are investors starting to develop, such as C class neighborhoods in Jacksonville? 

Where are you starting to see gentrification? 

Also where are you seeing a good housing stock of small multi-family priced relatively low? 

Is it possible to find housing for under 40K a door?

Has anyone in the Chicago area found any local banks good for REFI?

Has anyone personally used the Chicago deal vault? If you have what was your perception, did it work, was it easy to use, is it worth the money?

@Andrew Holmes I'm a little confused on where you're getting the Equity to buy 2nd and so on houses? Are you putting 20% down on the first house then once you have 25% equity in that house you refinance to buy the 2nd house and so on? Also as far as the cash flow goes for the houses in the process of acquiring the 5 houses are you just saving it or are you also using it towards the down payment? 

@As Dutt You're absolutely right, I plan on making the jump in within the next couple months. Still looking for the right deals. 

@Michael Facchini thank you I'm looking forward to attending the event in Lakeview!

Thank you Kiera, that would be very helpful 

Thank you Eudith just PM'd you