Seeking To Give Someone 50% Of My $800k+ Profit On This Land Dev Deal --Need A Buyer
okay the story is I have an agreement with someone to be able to go into joint ownership on there 35 acre, 100 lot subdivision. It is vacant land and some of the lots are waterfront. It is ready to build. He agreed that the builder / developer does not have to make any payments for 13 months. After that it will be $12,000 per month. When the builder starts to see a profit he will then pay the purchase price of $5.6 mil minus what he paid each month.
the appraised value is $6.6
this is a good opportunity for a developer to come in on property with no out of pocket costs.
Any suggestions as where I can find the other end of the puzzle (the buyer/developer)?
are the entitlement in place?
Where?
Please clarify your question. Thanks.
Quote:
On 2009-02-25 23:46, cjmazur wrote:
are the entitlement in place?
Georgia.... and FYI 550 units can be built.
Quote:
On 2009-02-26 22:13, CincyRealtorNKY wrote:
Where?
That sounds pretty well entitled?
How long would you expect to wait for the market to recover to start building.
I would say vacant land is the least desirable asset class.
Have you put a as-is and proforma financial together?
What a developer did on another deal has nothing to do with this deal, and I am assuming you know this. [ Edited by RafaelPabon on Date 03/02/2009 ]
And having read about what the market looks like in Atlanta, GA, I would venture to say developers there are not faring any better than in the developers in the Chicago area (which is the 3rd largest metro area in the US).
Is this property still available. I have a buyer. A serious foreign buyer with his money already in escrow in the US. He is specifically looking for subdivisions with the roads already in.