All Forum Posts by: Sam Wish

@Jim Goebel

Thanks for the reply

Yeah i knew it would be a tricky question to answer as it is a very broad and i have tons of question regarding the matter and most of them come down to the amount of money needed to get something like this started and the time. The people that are interested and looking at it now already tell us their plans which is to build a large apt complex, the business is a retail store which use to be amazing but times and the area have changed.  As for risk tolerance its something i am up for and could be an amazing start for learning and getting my foot in the door for future properties. My father is on the fence here, it wont have a major impact on his retirement. Hes just more afraid of things like how long till he could start making money, what if something goes wrong and looses everything etc...

We have friends and i know people who can get me in touch with investors and people who know all about this, i just havent made that connection yet and reached cause i dont want to waste peoples time till i know hes serious about this since as of now hes on the fence 

Would it be possible for people on here to answer questions such as how much it would cost to build a building with 50-100 units? How much could it bring in? How long from start to finish? Another plus is after 10 years no capital gains if sold. i I know the question are very broad and hard to answer but just looking for simple answers before i have to go out and possibly spend money to get them answered

If anyone has been through this any help and advice on the best way to get started would be greatly appreciated!

Thanks for your help and any knowledge you can share!

Hey everyone, new here and have a few questions.. Here's the situation.. My father owns a business which is he getting ready to retire from, we own the property also which is a little less than an acre. No one looking to buy wants the business, they want the property which can and will be used to build an apt complex of at least 50 apts (on the conservative side)  and possible +100, which we've been told by the board is very likely since they want to build the area up.

Does anyone have any experience in building a complex like that from scratch, i want to get into real estate and me (his son) this could be a huge step in the right direction, we have some investors we can sit down and talk with in the near future. But figured id start here and see if anyone here has some advice for us before we proceed talking to people.  The other thing is my father wants to retire and selling the property would be his retirement money which he is afraid he may loose if we go through in getting involved in a huge project like this. I've been doing my research and from the people i've talked to they say we would be cray to walk away from this and let someone else do this exact same thing.

in the area apts range from 1250 for a single bedroom and up to 2k for a double.

I know its a very broad question but just looking to get others advice if they went through the same situation. Is a project like this even with the right people behind us too much for our first complex, how much money can be made, how much can a 100 unit complex cost to build from scratch. Would it even be best to just sell and start small somewhere else.. thanks