All Forum Posts by: Dennis Nikolaev

what will be a good place to find such a partner?

Hello, I started a project 2 miles east of downtown San Antonio. I own the land, I got it zoned for multifamily and I got the plans, elevations, renderings worked out. 

It has one STR penthouse (5 bdrm 4 bath with 3000 sf roof terrace), plus 5 duplex units (Each duplex is two 3 bdrm 2 bath). 22 parking spaces. There is also a common use roof terrace of another 3000 sf.
I got into a mess with my other investments so now I have to exit the project to get cash.

I'd hate to sell it as an empty lot. What would you do in my place?

@Scott Mac Thanks for the support. It is encouraging. 
@Dylan Vargas The numbers were very rosy in 2022. I was gonna make 5k per property in net profit. as a result, I was losing 15k per month. Some wishful thinking on my part, lots of encouragement from vendors and too many investors doing the same. That's how I lost it for myself and my family of 6.
I don't mind sharing my situation as I don't see what happened as a character flaw. The benefit of discussion is to get an unbiased light on it.

@Peter Mckernan thank you

wow, 5 years...

I appreciate the resources :) huge thanks

Thank you all. It gives me an all-around perspective. I still have a little bit left from the proceeds from the sale of 2 out of 4 homes. If I file the bankruptcy I understand all the assets I have must be liquidated. So, a Short Sale sounds like the best option. 

What is the best way to find a short sale specialist?

Dennis

and a partner are looking for a good test location not too far from Richmond. I'm hoping to find a knowledgeable PM that can advise me on a good area to build a small STVR.

@Nik Moushon Yes the bulk of the income is on the short-term rental 4 to 5 k. The 1 bedroom - $900 each.
Apparently, there are plenty of enthusiasts that pay this money to live in a metal box with tiny windows. I figure this is slightly better. For the STR penthouse, the roof deck, cowboy pool, balconies, and cross ventilation should be enough to set it apart.
On the construction side - the only really expensive item - is that folding door on every container. about 12k apiece.
Please, share where you feel is the weak point?