All Forum Posts by: Jeffrey Richard
Jeffrey Richard has started 24 posts and replied 37 times.
Post: Transferring property from LLC to S-Corp
- Posts 39
- Votes 15
Post: Transferring property from LLC to S-Corp
- Posts 39
- Votes 15
If I am transferring 2 properties from a co-owned LLC to a personally owned S-corp, do I have to pay any taxes on that transfer?
Post: How to Sell and Market a $1M+ Property Portfolio in Ohio
- Posts 39
- Votes 15
I'm looking to sell a portfolio of 12 cash-flowing properties in Ohio valued over $1 million in total. Could use some advice on effective strategies for both selling and marketing such a portfolio. Any tips?
Quote from @Hector Perez:
Yes, there a a bunch on lenders that will be happy to do so. I do it every time.
But are you looking for a private lender or a BANK, or a hard money lender.
Everyone will have different criteria.
Private or Hard money.
Quote from @Mel F.:
The challenge with a deal that small is the amount of paperwork and processes are mostly the same whether the deal is $50k or $750k. Most of us lenders want to spend our time wisely on deals.
HOWEVER: I'm curious. What is the rehab budget and what is your exit strategy for this property?
My uncle bought a house for 32K, he will rehab around 20K. He just bought it to keep his crew busy and will sell to me for a small profit.
I will either refinance or hold long term.
Not sure what the appraisal will be...could be less than the 75K minimum I see at a lot of companies.
Wondering if there are lenders out there that will loan for less. The house will be sold for around mid 50's.
Post: Seeking High-Potential Real Estate Deals for Family Office Investment: $5-50M Range
- Posts 39
- Votes 15
Quote from @Ronald Rohde:
Everybody would buy those deals. I would not sell any of my industrial deals for a 7.4 cap...
Those deals are indeed attractive in the current market. Your choice to not sell at a 7.4 cap rate is justified. It's essential to consider market trends and property specifics in these decisions. Also, a friendly reminder..this isn't reddit..I recommend keeping more professional tones on this forum. Thanks.
Post: Seeking High-Potential Real Estate Deals for Family Office Investment: $5-50M Range
- Posts 39
- Votes 15
My business partner has a direct connection to a large family office actively seeking real estate investment opportunities. They are looking to invest in deals ranging from $5 million to $50 million, with specific cap rate targets based on the property type:
- Retail properties targeting an 8.6% cap rate
- Industrial spaces with a 7.4% cap rate
- Multi-family units, aiming for a 5.5% cap rate (subject to fluctuation with interest rates)
Before we proceed with any introductions, we need detailed information on potential opportunities. This includes the size of the deal, information about tenants, and the marketability of the property. Our goal is to ensure that any proposed deal aligns with the investment criteria of the family office.
If you have or are aware of any properties that fit this profile, please let me know. Upon finding suitable opportunities, we can facilitate a direct email connection to discuss further details and potentially move forward with the deal.
This is a great chance to get your property in front of a significant investor with the capacity for substantial investment. We are looking for serious inquiries only, as we want to respect the time and interests of all parties involved.
Thank you.
Post: Seeking Financing Solutions for Florida Real Estate Developments
- Posts 39
- Votes 15
I'm reaching out for insights on securing financing for two promising real estate development projects in New Smyrna Beach, FL. Our local banks in New Orleans are currently not extending credit for these Florida-based ventures, so we're exploring alternative financing avenues.
Example deals.
- Subdivision Development: We have a shovel-ready project for a 45-lot subdivision. The financial breakdown is as follows:
- Land Purchase: $3M
- Site Development: $3.5M
- Phase 1 Construction (5 homes): $4.375M
- Total Phase 1 Cost: $10.875M
- Luxury Townhomes: Our second project involves developing 8 luxury beachfront townhomes. The financials are:
- Land Purchase: $2.85M
- Site Development: $1M
- Construction: $13M
- Total Cost: $16.85M
- Post-sale of 4 units, projected debt: $3.5M
We're also managing larger projects in New Orleans, with details available upon request.
Our goal is to partner with an equity investor, offering a 50/50 split, to finance 100% of the construction and 75% of the land costs. Alternatively, we're open to discussing terms with a debt financier.
Post: Buyer showed up unannounced multiple times before buying property
- Posts 39
- Votes 15
Quote from @Bob S.:
Quote from @Jeffrey Richard:
I have a nightmare buyer.
He wanted lots of work done before buying. We did it..put 7K in escrow as an earnest deposit.
Then he demanded more things before closing not on contract like evicting tenants he didn't like bc of a boyfriend staying there and having them out before buying..or trying to evict them for things we're not illegally allowed to do like having an emotional support animal he didn't want in there.
He showed up multiple times unannounced the weekend before it was supposed to close. Hanging out inside the house with the workers and tenants. At least 3 times he was there..only once was announced.
We're now 2 weeks out of contract and we tried to negotiate with him...offering an extra 500$ for an eviction if he wants to proceed with one after buying. But he now wants another walk thru before buying another week out..and I'm worried he is just trying to find another loop hole of not buying and us potentially losing the 7K escrow.
Move on, tell him sorry but you're a pain in the ***, we are done, Whats the ask and address, maybe I will buy it,
We did, then he finally bought it lol