All Forum Posts by: Mark H. Porter

Jose - you really need to show a bank you can save, not just borrow.  Not only that, but an all debt deal is just a terrible idea for a first timer as it won’t cash flow with today’s rates and the first unexpected expense slams you into begging mode.

Save, save, save.  Learn to put away money each month to save for a down payment.  Maybe go into a deal with others but if you don’t have the cash to become an equal partner it is going to cost you in a lot of sweat equity and frustration.

Irving - do you own other properties or have other income?  You would need it if doing this.

You’re going to be into this for $200+ before you’re netting what, a grand a month?  If this is your first property I would look elsewhere.

I would stay commercial.  You’re in that side Of the business already, maybe go down the path of multi-tenant retail.  That area works well for me.

Start with this - I have $NNN in equity, savings, inheritance, whatever that I want to invest in land development AND I've already talked to and established a relationship with a bank who wants to work with me in doing this.. If you can't fill that amount with 25% of your estimated project costs, have not done project costs, or talked to a bank already, then you're a few years out anyways.

There is no shortcuts unless you want the risk involved.  And it would be a huge risk to not learn about land acquisition, vacant land development, planning and zoning laws … I could go on forever.

Be careful. They only operate as a dual agency. When told that I was already represented and that they could give my broker a call the guy said “I’m not going to do his job, have him call me”.

Another one in South Carolina told me i was unprofessional and didn’t know what I was doing because dual agency worked best. He was a young kid who had never owned a property so I told him to call me back in 20 years.

They’re really arrogant pri<€$ who I doubt would work in your best interest. Go find yourself a good commercial broker and QI and you’ll be much happier.

Talk to a QI or a CPA that is very familiar with this.  I don’t think a foreign investment to a US investment is considered “like/kind”.  I know when I wanted to sell a peoperty here and invest in one in the Caribbean islands  (that I could also use a few weeks) the answer was “No” unless I purchased in USVI.  Not even Puerto Rico qualified, 

Like others recommend, Dave has been involved in my 1031’s for a few years.