All Forum Posts by: Devon Garbus

Please do not disturb owners.

This is a property we are doing a lot split on. We have all ready sold the extra lot and this frame home is available for rehab. Rehab will run about 100k.

Property ARV is $475 (extremely conservative)-> 525

Please review the comps below!

http://mfr.mlsmatrix.com/Matrix/Public/Portal.aspx...

I've signed ndas for properties active on,Loopnet and mls. So I stopped.

Just seems like everyone throws spaghetti at the wall trying to get lucky... 

But if @op does have a direct to owner and can prove it is love to talk to him

DO you own a small business and can get a small business line of credit from a bank? 

To be honest, any real estate attorney worth a salt has written up agreements for this dozens of times. Call anyone, pay them $500 for the 2 hours of work, and tell him to structure it so everyone is protected.

Hey guys I don't want to rain on a parade just trying to get info.

How can you confirm these deals are 'real' without offending anyone involved? Every time I've spoken with someone trying to make sure the point of contact has actual control  (assignment, marketing agreement etc) they get offended.

That's a great margin. Here in Tampa if you want to build 1.2m you need to pay ~400 for the lot.

Yea engineers are expensive. GOod luck.

Hi BP

I posted this about 7 months ago when we first got it in and it was instantly snatched up by one of our regular builders. 

Unfortunately their financing has fallen through for the construction side and had to back out of the property.

Zoning has been completed to RM-18. Maximum density of 8 units will require a large driveway down the center of the lot and 4 units on either side of it. Est footprint on each unit is 21X58 for 2436 total square feet per unit.

With 150' of road frontage you could easily fit 6- 22' wide units off the road, or 7- 18' wide units.

Location is walking distance to Westshore Mall, Chipotle, Panera Bread, and the largest business district in Tampa plus located in the best school district in the county (arguably best in the state).

The below projection is for a 2 story product using the above 21x58 size projection. THe comps in the area do support a 22-2500 sq foot product, but a 3rd story would require an additional design variance (easily achievable).

Rough Breakdown 2,000 sq feet of living space

$400,000 Sale Price

-32,000 Closing Costs

-180,000 Vertical Build

-72,000 Land Acquisition

-10,000 Site Development

-10,000 Impact Fees (only on 7 units)

$96,000 Profit 35% Cash on Cash return

Joint venture arrangements can be made for an investor who purchases the land for a GC/local builder to build on.

This is currently under contract but I will let you all know if it falls out.

Hey Monty!

The west tampa area is really good right now and in a prime spot for appreciation. Do you have time to get together tomorrow? I'd like to talk more about what you are looking for and like to invest in.