Incredible H U G E Opportunity

you get all the particulars. We've come across countless units that were completed in 2007, 2008, or later & despite them going into foreclosure the banks still are not giving any great deals on them.
If you want to sell a project have all the info first, just because it might sound good doesn't mean it is ... Dean offered to do deals with us & despite the projects showing a 20% to 25% return on investment, there was one thing or another that just did not meet his criteria at that time; & we have been doing this full time for 13 years.

Very disappointed in the only response in this forum to my post. It is too bad when others try to be or are what Rich Dad called 'Dream Stealers'. Good thing I saw Dean's video post last weekend *before* I read your response.

I have done some more research on the 'project' and discovered that the seller is extremely motivated to sell the subject property. And the Seller is also willing to consider Seller Financing....so that makes the deal even more intriguing. Seems as though the previous developer-owner got into some trouble with the creative owner financing, pledging the subject property as collateral for a couple of other loans as well. Eventually this all caught up with him, and he lost the entire development along with his freedom.

So I will continue to look into this project and see how I can bring the right people together to make this deal work. I am absolutely confident that it is going to make someone a lot of money, into the seven (7) digit range for profits!

You do realize that this is not the first and wont be the last KILLER DEAL that will be brought up. I'm not trying to cut you down or short. What I suggest you do is gather as much information as you can on the subject property. Find out what the comparable price per unit is, find out how much the expenses will be, find out if the area is up and coming or stagnant, how do you know this will be a popular building when it is done? You haven't even said anything about where it is. People don't buy things on someones word, they buy things based on market research and projections. If the profit margin is not 100% guaranteed noone will buy it. Not even Dean, if you want to make a deal out of this, do your research, create a professional presentation on every single detail a buyer will ask for when they do their own research on it. Just because you say it is a deal doesn't mean your buyer will call it a deal. Each buyers preferences are different. You need to work on your research and marketing skill a little more. I encourage you to do your work on this project and hopefully you will help yourself and someone else make some great money on it. All I'm saying is before you bring it up again, dig into it and provide your buyer with as many 100% verifiable facts about the property and location. How much finish work will it truely need? Were the initial projects completed to local code? You have to eliminate the "What If" questions and provide the "this is everything it will need, how much it will cost and how much you will profit" facts. Then and only then will you get a buyer to show interest in it.

I wish you the best and I hope to see you at the top!

So Walter, what you have to do is figure out what part you play in this. What do you want out of it and how to protect your interest. If you are confident it will make someone a lot of money, why can't the someone be you? Be careful with the digital pics...you don't want to give the location away...maybe interiors at most. Go ahead and call the number and find out what the deal is. For starters, what do you think the units would rent for?

One of the greats thing about this place is that it is a great place to learn, thanks for your comments.

Thanks for the words of encouragement. You are absolutely right, I don't want to give too many of the details away, and have therefore purposefully made my initial comments very generic. You seem to be the only one here in this forum who realizes that.

Securing digital pics of the interiors is a great idea, thank you for the suggestion. Many of the units that I have seen are 80 - 85%+ finished, needing just the cabinets, sinks, and toilets along with the heating and a/c units. I was quite surprised myself at just how far along towards final completion they were. A very small amount (maybe 10 - 20%) of the units are built to just a shell, needing considerable more work.

The Rental Market is very very strong, and I'm sure that the smaller units (~ 1500 sq ft) would rent for ~ $1000 per month with the larger units (~ 1700 sq ft) going for closer to $1200 per month. Both are 3/2/2, but the larger units could be 4/3/2 if an upstairs family room was closed off to make a 4th bedroom.

Again, I am purposefully being vague as to why the Rental Market is so strong, because if I gave my known reasons, half of Dean's group would descend on the area to lock up the deal. The rental market has strong demand with three (3) completely separate market segments as potential tenants, now and going forward into the 5 - 10 year midterm future. My thoughts would be to make this a rental community, vs. trying to sell them in today's current market. And as I said, I have first hand knowledge that the rental market is very very strong indeed.

Yes, I would like to make some decent money out of this 'deal' also. So I will need to structure it so that I do benefit financially from this find. However, it is going to take someone with very deep pockets or access to very deep pockets to swing a deal like this.

It appears that the project has at least two (2) phases, and the owner of the smaller phase is very much a highly motivated Seller. I have spoken to him and he gave me as much information as I wanted, and then some. He is the one who even told me the details about the previous deal, how it was set up (owner financed), and how and why it fell through. But he just wants to make some money by finally selling the place (again), and getting completely out. He was forced to foreclose, not something he wanted to do. And he is willing to do partial releases, as portions of the deal are paid-off and his interest in those portions are satisfied.

Thank you again for your words of encouragement. That is exactly what I expected by my original post, not the "been there, tried that, NEXT' response I originally received. I'll keep your posted as things develop.

Yes, I am not foolish enough to think that this is the 'only killer deal out there'. However I do believe that this 'deal' has some interesting aspects to it that set it apart from all of the others.

I know that Matt Larson and Dean are working together on SFH in the Tampa / St. Pete area of Florida, and are finding many attractive properties in which to invest. However the interesting thing about this project, is that all of the properties are located together, in one large development. So instead of them having to negotiate many individual deals over many locations, this would be many deals at one (1) location.....economy of scale.

And again, I am purposefully NOT SAYING WHERE IT IS.....ya think I'm stupid or something? If I did say where it was here in this forum, without it being locked up or my interests protected, the vultures would swoop in and pick the deal clean while I was left watching and with nothing to show for it. I have been around long enough to know to be careful what and to whom I say things, in order to protect my interests.

Yes, I could expand on my marketing and research skills, to be sure. But that is also why I posted in this forum....hoping to get suggestions from others as to what particular details I would need, in order to present this project to the right people. As I have said before, this is not something to just flip or wholesale to an investor who rehabs SFH......this project will take someone with the ability to take on about 160+ units, and I am not talking about apartments either.

And I would think the right investor would be able to get all of their original money back out of the project in less than 18 months, by refinancing the project once the build-out is finished and renters begin to move in. Some tenants could be in place in less than 2 months, I'm sure, in about 35% of the units; maybe a little longer in some of the others.

Camden Property Trust is one of the largest publicly traded multifamily companies in the United States. Structured as a Real Estate Investment Trust (REIT), the company is engaged in the ownership, development, acquisition, management, and disposition of multifamily residential apartment communities. Camden's workforce totals nearly 1,800 employees, and the company is headquartered in Houston, Texas.

These guys seem to have deep enough pockets. If you're going to deal with these guys, you have to figure out how to protect your interest. They play in a different sand box than Dean and Matt. Somebody has to pull off this deal, why not you. If you're going to be a bear, you might as well be a Grizzly. The big plus is that you are dealing with an individual and not a bank. The deal that could be cut is only limited by one's imagination