All Forum Posts by: Joe Cummings

 I have a unique situation, I am looking for a factoring company that can do financing as well for working capital, at the pace that I want to grow, I could not do it alone. I have the skills and the company has the ability, but need the financial push to make it. More on the development side and government contracting, they're not really for real estate. But yes, I would agree with Rita, they aren't that bad, there are some who are plainly bold.

I am commercial realtor and though I have never been involved with rezoning industrial land to multi-family I do have experience with automotive to multi-family. The lot is on Park Blvd, I'm sure your familiar with Park, and is 3.5 acres. Park gets 50,000 cars a day. Along with a nice sized piece of land the front is zoned retail. Slated for retaill space in the front and a 60 unit multi-family behind it. They got a grant from the State Government to build it. I would love to look into that one day. It had one bay (of four) that had a crack in the concrete and was leaking for years. Sales Price was 1.4M and it cost 50,000 to excavate the contaminated dirt and run tests. There were three bids between $48,000 and $55,000. The land owner did not have a mortgage and wanted to sell so the deal went through...but it's nothing to take lightly. This was one small car bay and they excavated 500 square feet 2 feet in depth. The city forced the landowner to get two independent companies and they took samples 3 months apart. If it's been industrial for a long time, unless for light uses, there are bound to be some issues. They will make you take extra precautions when working near the water.

It's a ballsy move. If you get stuck with it, that's real estate. Just try to get it locked up ASAP and leave yourself some room in the contract without putting down a ridiculous amount of hard money. If your thinking of it someone else is too...especially 60 acres of waterfront in Tampa, which is blowing up. Good Luck with it David. I know a few developers who would be interested if something like that pans out. Let me know. 

@Joe Cummings

Karen does a great job of getting attention... Building and maintaining mutually beneficial relationships? Probably not so much.

Unfortunately, the latter is more important in real estate investing and wholesaling.