All Forum Posts by: Jordan Prentice

@Greg Dickerson Thank you very much for the advice, Greg! I appreciate you taking the time to respond. The common consensus I've gotten is exactly what you've said so I am in the process of getting everything together in a package.

@Don Konipol I would say that's an accurate statement!

@Ronald Rohde

I absolutely look forward to my career in Petroleum Engineering but I wanted to at least get some sort of work in regarding real estate while I had an ample amount of time. 

We are working on a pitch book currently but you're right in the sense that we are looking for selling a small parcel of the lot first. If we get any small piece of the property sold we have an investor willing to pull the trigger on the remainder of the land. Part of the property has been deemed a promising location for residential/multi-family with the remainder being office space & shopping complexes. We are currently looking to raise $2 million in cash to run utilities and begin infrastructure of the property.

@Matthew Baltzell That's perfect! Thank you for your help!

Hi Alina, thanks for the advice!

@Theo Hicks Hey Theo, thanks for the advice! 

@Joel Owens 

Thank you so much for taking the time to sit down and share so much information. You are absolutely right when stating that Magnolia and The Woodlands are two completely worlds, the thing that brings them together is that the property is overlapping in a way (East end of Magnolia, West end of Woodlands) and is right along the currently developing "Aggieland/Baylor Parkway" which is a highway system that has been anticipated for years as it will drastically cut down travel time from the greater Houston area to both Texas A&M and Baylor University. There are currently developers working in surrounding lots to put up neighborhoods, multi-family properties, and new grocery stores. So while the market itself in Magnolia is not the most ideal market in regards to demand and median income, the highway system and the proximity of this property to it is what will offset that to some degree.

The main reason for wanting to work on this has 2 parts:

1. I wanted to work with someone willing to mentor me in commercial/multi-family properties and I was put in contact with a broker through family connections. This 70+ acre project is one of the projects he currently has going on and has asked me to help him with.

2. I am new to real estate and do not know too much outside of what I learn off of BP podcasts, BP books and other real estate books. I wanted something challenging with a ton of moving parts to potentially start off my investing career with simply from a learning perspective and this project fit the bill. I learn best when I get thrown into the fire and am responsible for making things happen with little to no background so I know I will get a lot out of working on this.

Main point - I simply think a lot could be learned from this project and with few alternatives to have a hands-on learning experience, this project is my best bet for now.

I am 23 and have recently graduated (4 weeks ago) from Texas A&M with a Petroleum Engineering degree and am currently job searching for a full time position. While I have been applying for jobs and going on interviews, I have dove into real estate investing and am trying to put what I have learned into action. In regards to this, I did not want to start off with a single family residential property simply because I wanted to affirm a mindset of creating something big and making that a standard. I have recently worked out some financing and put in a bid for an 8-unit multi-family property but after rerunning some more numbers I think I will be retracting my offer and continuing to search for a new property.

@David Miller That is a small world! I appreciate you talking to your developer about it. That gives me an idea of if the word is out about the property yet or not.

Thank you guys very much for the quick and helpful responses!

@Greg Dickerson Hi Greg! That is great advice and something I will implement immediately! I would need to talk to my broker to determine what information to include that the developers typically want to know.

@Logan Freeman Hi Logan! I know that we are looking to raise $2 million as of now for infrastructure costs and would be happy to give you as much information as you would like. I know that there is a specific plan that is currently in place for the property so I would love to work with you regarding terms and information you might need.

@David 

@David Miller Hi David! While the property's physical address is in Magnolia, it is extremely close to The Woodlands.

Howdy BiggerPockets!

I have recently stated working with a commercial real estate broker in The Woodlands, Texas and have been tasked with attempting to sell either partially or in its entirety 70+acres of a continuous lot and/or raise infrastructure funds for partial development. Being new to commercial real estate, I want to ask for general advice on BP regarding methods used for finding an audience big enough for this larger, less-liquid property? The land itself is in an incredible location, directly along a developing highway that has been anticipated for years. This makes me think that the land itself will spark a lot of interest for the right people, I am simply asking for advice on best practices for getting in touch with these individuals and the differences (if any) from methods used in residential properties.

Thanks for your help in advance!

Jordan