LandDevelopmentPro @landdevpro

Real Estate junkie. I buy land for a residential home builder by day, midsize multifamily for myself by night. Recovering lawyer and commercial appraiser. Dallas, TX Joined November 2021

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LandDevelopmentPro @landdevpro

2 years ago

@realEstateTrent Gives some legitimacy to the purchaser IMO. If you’re buying a $10,000,000 and can’t come up with $100,000 deposit (at a minimum) that wouldn’t give me much confidence as a seller… however if you’re an established buyer in the market, I can certainly see your point.

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LandDevelopmentPro @landdevpro

3 years ago

Moral of the story here, in all future contracts moving forward, will include in the assignment of rents clause that and money collected by seller after closing date shall be paid to buyer in full, regardless of money owed by tenants at closing.

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LandDevelopmentPro @landdevpro

3 years ago

Not to mention, Seller has also dragged out repayment over 4 months, sending in small chunks and made me work at every turn to confirm small amounts as if they forgot that I paid them millions and made them a ton of money a few short months ago. Some people just suck.

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LandDevelopmentPro @landdevpro

3 years ago

Here’s a little thread about an experience I’ve had this year with a seller purchasing a building that has tenants on housing vouchers and a lesson anyone buying buildings with government paid rents could find handy 🧵

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LandDevelopmentPro @landdevpro

3 years ago

@shawngorham Also could have found someone to dig for $20 per hour and paid $100 then use your time doing a more valuable activity.

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LandDevelopmentPro @landdevpro

3 years ago

@moseskagan I dealt with this in Dallas too. Can’t even do wood clad. Quote for vinyl was like 18.5k, wood was like 50k, not to mention a minimum 6 month lead time. All just for 24 windows. At some point it’s going to become too expensive to maintain these old houses by these rules.

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LandDevelopmentPro @landdevpro

3 years ago

@JeremyGlantz 0.5%-2% of the loan amount depending on the size of the note and sponsors experience is what I’ve found.

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LandDevelopmentPro @landdevpro

3 years ago

@realEstateTrent Update: told me to shove it again. On the bright side, I’m in the same spot I was in 2 days ago!

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LandDevelopmentPro @landdevpro

3 years ago

@realEstateTrent Okay, fine, you’ve convinced me, I’ll go back to the seller for the 3rd time and ask for an additional discount to close (guy hasn’t budged once)!

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Dallas_CRE @MrGirren

3 years ago

Assets > liabilities Not limited to just balance sheets.

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LandDevelopmentPro @landdevpro

3 years ago

@JerimiahLee Thankfully when I did this I wasn’t married or I don’t think I’d be alive anymore, my bank account barely survived as is 😂. Great learning experience in something I never want to do again though!

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LandDevelopmentPro @landdevpro

3 years ago

@MrGirren @MrJonesSTRs @ArtemTepler When are we going? I’ll bring some tequila for the bar!

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Chris Powers @fortworthchris

3 years ago

Waking up early, cold plunging, quitting drinking, etc etc is not a substitute for knowing the right people. It’s all great stuff to do, but it’s not a substitute. The name of the game is knowing the right people.

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LandDevelopmentPro @landdevpro

3 years ago

Always gets me fired up when I’m able to connect two of my friends from across the country who didn’t previously know each other and they’re able to get a deal done while also becoming buddies in the process!

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Dallas_CRE @MrGirren

3 years ago

Let’s get this going in Dallas — would unlock many tracts/sites. Currently, the minimum lot requirement is 6k sf for a duplex. This creates a situation where the end product ends up being bigger (more sf) than most need due to land pricing. Larger house at same $/sf ends up being more than majority of the pool can afford.

YIMBYLAND @YIMBYLAND

3 years ago

Austin is about to get a massive pro-housing boost from city council thanks to a resolution by @LesliePoolATX! - Allow up to 3 units on ALL lots - Elimination of lot mins - Increase FAR Soon, you'll be able to build townhomes, row houses, triplexes, quadplexes, and more in ATX!