All Forum Posts by: Dennis Johnson

Thanks for responding, 

The LURA is in effect until 2045 and not yet but I do have a consulting company that will look over it once we get to the next stage of the purchase.  

Anyone in this forum have any experience with syndicating LIHTC multifamily properties. 

Good afternoon Bigger Pockets,  

.    I have a land deal that I am working on and got the numbers looking good, my question is I am starting to seek investors or institutional lenders in doing the numbers should I seek the money to cover the entire deal or money to cover the first phase.  If I only do enough for the first phase and sell out those funds can cover the remaining 2 phases free and clear.   

@Greg Dickerson good info, I just sent over the PSA to the seller outlining the terms of our agreement, he did all the preliminary things on our contract he has to pay the remaining balance for local and state approval before we close on the property.  I have done the development business but still need to make the entity investor ready.  But definitely thanks for the info.  I continue to watch your YouTube videos good info.

@Bryan Hancock thanks for the comments, he actually owns the land free and clear,  to structure it make it look good for investors

Afternoon BP Group,  Looking to get some scenarios on a development deal:

1.  I have a friend that wants to sell his land 55 acres that has the preliminary drawings for 135 lots.  We planned to partner on the deal to develop the land to lots however he thinks he doesn't have the patience to deal with the local municipalities to finish it so he wants to sell me the land to move on with the project.  Once it's complete he still would like to purchase a couple of lots to build on.  Ideally this a great opportunity

After a couple of conversation he has agreed to owner finance 200,000 and I pay the remaining balance which is good, the question I have is how to structure the deal to where I can also get a loan or bring in investors to finance the development part of the land.  All comments welcomed.