All Forum Posts by: Mayer M.

@Michael Fuller

Hi Michael, this might come off wrong....how do you own a construction company and not know how to go about these things?

Should be simple, let’s say you need electrical done, provide the electrical plan to the electrician and get a bid

@Davere Currie

Great area. I know two developers building a new 28 and 31 unit buildings on the 3000 block of Richmond st. There’s a new trolly line going in and a new septa hub.

@Joseph Scorese

Yeah don’t wanna hold paper

Have a 20+ condo portfolio all units in the same complex in South Jersey. I’ve moved on to bigger things and want to unload. Property is in what I’d call a B neighborhood, fully occupied. Gross rents $300k+. Most units remodeled, and all in great shape.

What’s the best way to unload?

Thanks

@Katey Kana

Can you name a few large projects you’ve completed?

I also am curious.....for a developer with a significant track record there should be no need to pay 12%. Hell I’ve only been in real estate for a few years and I can go get a multi million dollar construction loan from a traditional bank today for WSJ + 1%, so 4.25% and stabilized loan for around 4%

@Ellie Perlman

I think one key factor is opportunity zone benefits as well

@Julia McManus

My guy is pretty good Jason Tete of Tete Brothers Construction. He has 6 projects going on for me at the moment.

I’ve heard from many many people that Grit Construction is amazing as well. I’ve met with them before and will likely be using them at some point

@Julia McManus

What type of project?

@Ben Kniesly

Keep calling around....small banks and credit unions. I just did a portfolio cash out refi at 75% LTV for 4% rate 5/20, no points. I also had my two other portfolio loans reduced from 5.25% to 4.25% without having to go through the refi process. They simply lowered my rate for the remainder of the term and provided a new amortization schedule. Total cost $0.

@James Camp

Unfortunately, I don’t know if anyone who do take that on. Do you have the experience to handle it yourself and manage the subcontractors?