All Forum Posts by: Michael Farraher

Filing a complaint with the GA state bar will not make you whole (get your money back), and is not likely to help in any discernible way. You really need to file a claim against the transaction atty's malpractice policy, as well as your agent/broker's office for negligence if they were using communication media that are insecure, knowing the risks inherent in same. 

Your best option is to consult with a lawyer who handles professional malpractice (attorney). S/he will be in the best position to assist you. Assuming that your lawyer/agent were working in the state of GA, you'd want to find an attorney in that state. 

Good luck.

Hey all,

I don't know if this is the best forum for this, but I'm looking for an architect with a multi-family design slant in/near Van Nuys. Any recommendations would be appreciated. Or, if there is a more appropriate forum, let me know. TIA.

Good food for thought. I appreciate your advice. This confirms my instincts...back to sourcing/research/drafting contracts...

Thank you for your input @Brian Burke, @Bill Gulley

You're asking for trouble with unpaid internships.

https://www.dol.gov/whd/regs/compliance/whdfs71.ht...

There is a boutique industry in filing FLSA claims against people who offer unpaid internships. (I'm an attorney.) 

Proceed with caution...

Forgot to add...seeking capital amounts of anywhere between $2-$7M (in projects of $6-$15M range, mostly ground up).

Hello. I was recently hired by a RE developer as a Business Development Manager. Part of my role here is to raise capital for projects in the pipeline. To date, my boss has been self-financed or through traditional financing. He's got about 25 years under his belt and has done some pretty big projects (22 unit MF, 100k SF self storage, $10M TI project for public utility). 

He is looking for capital to move projects that he might otherwise be stalled on due to liquidity. He's not really looking for a JV/partner, but looking for capital exclusively. He's a typical developer (control freak), but very successful and smart as a whip.

My question is this: is it the norm to raise capital by way of a fund and a private placement memo (to fund various projects generally), or should I be looking for individual investors for project-based investments? 

It's a convoluted question, but I am curious to know what success others may have had with either approach. (N.B., I'm and attorney and am aware of the challenge of wading into securities regulations--I just don't know if it makes more sense to put together a fund vs. negotiating each investor's stake and position in each project)

My wife bought a condo in 2006 (at top of mkt) $155k. We have had a tenant in place for the past 8 years, operating at a net loss of ~$100/month (because, upside down). Solid stable tenant, but discounted.

Now, market has rebounded. Comps are at $150k. Currently owe $135k. HOA is $250/mo. Place is kind of a dump, but the management is good. Rent is presently $1000/mo. Going rentals are at about $1250-1400 (maybe)

Question is, do I try to raise rents and find a better-paying tenant, or dump it? (Also, I moved across the country, so any headaches are going to cost me to fix.) I'm thinking dump it...any reason why I should reconsider?