All Forum Posts by: Michael Le

If it's a tear down then it would be just the land value, assuming they own it 100%. If there is enough equity there then potentially you wouldn't need to bring additional capital but likely you would need some.

Others are saying demand but I would say that the more likely reason is that the smaller units are not accounting for all the proper expenses. Probably are self-managed by the owner and they are not accounting for their time and costs of management. And they're likely missing others too. And so it is artificially inflating the NOI and making the cap rates look higher. The larger properties are more likely to be professionally managed and thus the financials will be more accurate.

There are meetups around town. I run one in the Woodlands with our next one on Sat, Sep 10th. Plenty of others too.

I remember your story well. Very motivating! Congratulations on all your success, @Brian Adams!

Spot on @Nathan Gesner That was my first reaction as I was reading through the post. Too many people spend years thinking about what they will do without taking action. Getting business cards, creating LLCs, getting a website. To this day I still don't have a website. It's a small source of embarrassment but obviously it wasn't that important to my success.

Fortunately @William Holland it looks like you're finally getting some traction but don't get too caught up in the minutiae. I'm pretty certain it's the engineer in you that's holding you back. Just get out there and do something.

Climate controlled self-storage. Medical Office Building. Could be lots of things, depending on what you think would fit in that area. Good traffic though.

You can check this one out

https://www.adventuresincre.co...

Henry Clark is always very helpful with these questions

Leverage is lower for existing acquisitions but leverage has always been lower for development, so from that perspective it hasn't changed too much. Rates are up about 2% but I can counter that with some proformas. Material costs are up about 20% but projects can still work.

I think 4% is fair for developer fee. I think the JV structure makes the most sense since they are bringing a lot of equity (the land) into the deal. It's not a typical GP/LP structure where they are passive investors.