Building and Selling Multifamily Project for $12m Profit over 3 years!!
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[{"id": "ggv47uv", "text": "Congratulations. Can you tell us about your market? General location, demographics? This is an amazing resource for a new commercial investor.", "replies": [{"id": "ggvel4j", "text": "The site is 35 minutes  outside of a top 10 major city on the Western half of the USA.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggv4ap2", "text": "Congratulations on the successful project! Where was this site and what markets do you typically work in?", "replies": [{"id": "ggvefpr", "text": "Thank you!  The site was outside of a top 10 major city (about 35 minutes out from said city, about 10 exits out on the high way).  It is the highest income earning per household area, has the best schools, and overall a great area.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggv5jwy", "text": "So to clarify - the $2mm is your cash, the $6mm equity is cash from your partners?\n\nDid you start by buying the site and then pitching investors?  Or did you start a JV with your equity partners and then find a site and project?\n\nHow did you determine the 50/50 structure given you put in $2mm and they put in $6mm?  Does the $4mm difference represent your sweat equity?\n\nThanks!", "replies": [{"id": "ggvdwo7", "text": "I'll do my best to answer all these questions here: \n\nThe $2m is us. $6m is the equity raised. $8m total. $24m of debt at 75% LTC.  Total cost of the project is $32m. \n\n50/50 structure was determined by negotiating with the equity partner. They put in 75% of the equity and got 50% of the deal plus a pref that accrued (6%) but wasn't to be paid out until we were operational. This was then just paid out entirely out of closing.", "replies": [{"id": "ggvkcuk", "text": "So the partners just broke even if I\u2019m reading that correctly? $6mm equity and half of the profit is $6mm.", "replies": [{"id": "ggvl9mw", "text": "Project cost 32m, sold for 44. So that partner received 6m profit on top of his equity I believe.", "replies": [{"id": "ggx4dc1", "text": "The waterfall is prorata (75/25) until the pref, then 50/50. Using very rough numbers the LPs made 2.25x.\n\n44 - 24 = 20 distribution. LPs get 6% until investment is paid back so that\u2019s 6 x 6% x 3 yr = 1.08. Add the 6M they invested, you\u2019re up to 7.08.\n\n(20 - 7.08) * 50% = 6.46. Total dist = 13.5 which is 2.25x of the 6 invested.\n\n[Ignores compounding on the accrued pref, asset management or other project level fees, and assumes no distribution until sale]", "replies": [{"id": "ggxk9qv", "text": "&gt;The waterfall is prorata (75/25) until the pref, then 50/50. Using very rough numbers the LPs made 2.25x.  \n&gt;  \n&gt;44 - 24 = 20 distribution. LPs get 6% until investment is paid back so that\u2019s 6 x 6% x 3 yr = 1.08. Add the 6M they invested, you\u2019re up to 7.08.  \n&gt;  \n&gt;(20 - 7.08) \\* 50% = 6.46. Total dist = 13.5 which is 2.25x of the 6 invested.  \n&gt;  \n&gt;\\[Ignores compounding on the accrued pref, asset management or other project level fees, and assumes no distribution until sale\\]\n\nWow - this guy gets it.  Neuropat - I would like to be your friend please.  lol. Everyone should have a banker like you in their Rolodex!", "replies": [{"id": "ggxkdcz", "text": "I see about 500 of these deals a year.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}, {"id": "ggxev50", "text": "So it gets a bit more complicated because we refinanced buildings mid-way as the overall project was being completed and were able to return some of the equity over the course of the project.  They got parts of their money back throughout the project through refinancing, some cash flow of the buildings, and to make matters a bit more complicated, we (both us and the equity player as the ownership entity) got to stay in the project for 7% of the deal after the sale and we have a 6% pref also.  The buyer needed an equity player after they had two drop out and so in the purchase, we took $3.5m off of the price (it was originally $47.5m) rather than letting the deal die again (bringing it down to $44m; we also had to extend the deal multiple times because the buyer/borrower was just not super organized and prepared and kept letting things die) and so we kept a piece of the deal at the end...but these details really overly complicates matters and for just trying to convey the high level numbers and share a story, it didn't seem very helpful. \n\nI probably should have titled the project as \"12m of gain on project\" because it isn't just a true profit.  In fact, I will see if I can change that now!  Cheers!", "replies": [], "depth": 5}], "depth": 4}, {"id": "ggxjexf", "text": "So just to be clear, there's more here that added to the profitability, but in the most simple terms, we sold the project at the end for $44m and the loan on the project was $24m.  After returning the $6m (which is not part of the profit), we had $14m left over.  There were prefs, sales tax, etc other expenses to pay and that's how we got left with $12m.  \n\nTo make matters more complicated, the original sale price was $47.5m and the buyer's equity player fell through (more than once) and so we finally gave a consideration of $3.5m to stay in the deal for 7% after the sale and so the equity players still have that too.  But I was just trying to keep things simple.", "replies": [{"id": "ggyl8xp", "text": "Makes sense now. Thanks for the additional details", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ggv7piu", "text": "Congratulations. Hard work pays off", "replies": [{"id": "ggvf0z7", "text": "Thank you!  It was hard indeed and included many nights of working late but this one is now behind me and I've free'd up some time to work on new another new project!", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggvcdry", "text": "Are you going to 1031 or take the tax hit?", "replies": [{"id": "ggve9iw", "text": "Yes, we will be!  We have purchases currently under due-diligence.\n\nUpdates: Nope: we are not 1031 this money.  We do have someone who is going in on a purchase with us (another equity partner and she is bringing her money in from a 1031 sale that is currently being set-up).  I honestly don't know much about 1031s.  In checking with our accountants, they did confirm that the money does need to go from escrow.  So here this money is just being divided out amongst the equity partners. Us and the investors.", "replies": [{"id": "ggwa2a6", "text": "Correct me if I\u2019m wrong but those funds are in your own bank account? If you are planning on doing a 1031 those should have gone to a 1031 intermediary straight from title company but by taking control of them you have technically lost the ability to elect to do a 1031. Maybe I am missing something but you may want to check if that\u2019s the case.", "replies": [{"id": "ggwdivt", "text": "Yeah your only option might be an opportunity zone investment.  Also how long has it been since you got c of o?  If its under a year my understanding is its short term capital gains (huge tax hit).  Could turn that 12m gain into 6 - 8m.", "replies": [{"id": "ggxda4g", "text": "True!  It has been less than a year.  My $12m figure was more of the value profit of the project than of the individual.  I was showing, in a very simplistic term, how equity, debt, and then the construction and sum of all the parts increases the value of the project.  But yes, the net gain individually will certainly be much less with other tax gains that get recognized!  Great point.", "replies": [], "depth": 5}], "depth": 4}, {"id": "ggxckd1", "text": "Interesting!  I will check with our 1031 attorneys (who are also our oppozone ones).  We don't usually do 1031 exchanges.  Our money just gets reinvested in new projects and the accounting team tends to handle the best way to acknowledge the funds to minimize our tax liability.  I will be sure to check with our team.", "replies": [], "depth": 4}, {"id": "ggxczvf", "text": "You are correct.  Just got off the phone with one of our accountants and this is her understanding as well.  We don't do 1031 exchanges generally but it seems like there might be some opportunity there.  I don't know how they would work with buying raw dirt and building but I guess you could use a 1031 if you wanted to buy an existing project and \\*then\\* decide to tear it down and build something new...well now I really want to learn about 1031s!  Thank you for sparking my curiosity!", "replies": [{"id": "ggzpc43", "text": "Glad you got it figured out. Congrats on your successful project!", "replies": [{"id": "ghbj62c", "text": "Thank you!  I appreciate it!!!", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "ggwbpje", "text": "Sounds like a terrific project and exit which should attract LP's to future deals. Are the existing partners planning on investing in the 1031 replacement property?", "replies": [{"id": "ggxc4zd", "text": "They are currently evaluating our other deals and may invest the proceeds form this sale in them.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "ggvf723", "text": "Awesome move, congrats..hopefully your LPs follow along and cascade up with you on that..Steppng into your basis as a GP is a glorious event!\n\nI'm on ownership/asset management with syndicated value-add deals. Roughly the same size you are playing in. Would be interesting to connect and learn more about your journey on the development side; Something my partner and I have been contemplating recently.. Perhaps in the new year..Let me know.", "replies": [{"id": "ggvggcw", "text": "Sure!  Thank you for the kind comments and great feedback!   I'll DM you soon.  Def open to connect!  Cheers!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ggvdz9j", "text": "This was an unbelievable read! Love this!! Congrats!!", "replies": [{"id": "ggvglm2", "text": "Thank you!  It was fun to write.  There's a bit more to share (might do a second post) about the nightmares and efforts to help secure the $40m loan that the buyer needed.  In short, I helped lead the due diligence efforts for that close also and that was riddled with disorganization and lack of preparedness.  But I'll save that for another time!  I'm just glad it all worked out!", "replies": [{"id": "ghkwmo7", "text": "Do you mind if I PM you? Would love to hear more about this, your experience, and bounce some ideas off you", "replies": [{"id": "gi1sxht", "text": "Sure!! PM for sure!!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ggvftrv", "text": "As an insurance agent who would love to work with developers in the future, how much did you have pay to on this project? \n\nAnything I as an insurance can do other than stay on top of emails and EOI requests?!", "replies": [{"id": "ggvgp0c", "text": "Checking insurance values on my pay-apps in a moment and will post.  I'm still at the office (it is late!!) and I'm wrapping up a change order for another project.  I will let you know the costs for insurance soon and then address your other questions too!", "replies": [{"id": "ggvv8st", "text": "That would be awesome, as the company I currently at does well when in real estate sector. I am trying to get a better understanding of the needs of developers, contractors, and agents so that I can best play to my strengths! \n\n&amp;#x200B;\n\nHappy Holidays!", "replies": [{"id": "ggxbz9c", "text": "So insurance costs have come up significantly.  It's insane.  So these costs are from a few years ago.. We had a 24m construction value I believe at first (even though all costs all in were closer to 32m).  I had builders risk insurance at about 110k and liability insurance at 68k initially.  And then I'm certain that we had another 50k or so of liability and 35k of builders risk for extensions.  This is just form my draw packages and pay-apps...I can consult more with the accountants to see exactly what we ended up paying (we also had a refund at the end as we sold the project with the insurance having paid in advance so that could affect these numbers..  Happy Holidays!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ggvg54s", "text": "That\u2019s awesome ! You looking to hire?", "replies": [{"id": "ggvh6t5", "text": "Thank you!!   As for hiring, it doesn't make a lot of sense.  If anything, I think we have too many people.  Development at this level is a small time gig where you can kinda do most of it yourself.  And if you think about it, the cost to hire is a lot more than you think. (Like Felix Dennis/88 Narrow Road explains).  If you're profit margin is 10%, this means you need to make 500,000 in sales to hire someone who you plan to pay 50k.  If you plan to pay them 100k, then you need $1m of sales.  I mention this because though our profit margins are definitely more than 10%, the point stands.  And in development, you really can do so much of it yourself.  But there may be a point down the road that hiring or adding to the team might make sense.  \n\nAre you in development?  What do you do?  And why would someone want to hire you? AKA, how would you be able to make them more money and value to them?", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggvgity", "text": "Congrats on the sale!  What market was this project in?  And curious, you said you saw a 4.75% cap, but what was your IRR and cash on cash?", "replies": [{"id": "ggvhnw7", "text": "The appraisal came in at 4.75% of stabilized NOI.  I will have to calculate the IRR and cash-on-cash to get you accurate numbers.  Currently at the office trying to wrap up some work but will follow-up with you all later with these details.  Thanks!", "replies": [{"id": "ggw9x2v", "text": "If I read it correctly, the levered IRR should be close to 22% and 1.5x. That assumes that all of the equity was put in up front, but since you had a construction loan, I think that\u2019s a fairly safe assumption. \n\nWhat level of occupancy did you have at time of sale? Seems like the buyers got a pretty good deal on buying the lease up risk (5.4% ROC vs 4.75% cap rate), assuming it was good product and good market.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ggvgm01", "text": "You GC'd it yourself? You have a commercial license and subs but you also run point on multiple deals for a family office? Seems sus", "replies": [{"id": "ggvhj4l", "text": "Well the project had a dedicated project manager, superintendent, laborers, an AP team helping me with all the draws..it wasn't like I was a one-man show.  But yes, we do the GC work ourselves. We have them bid/contract, and we do all the project management and managing the subs.  Not me directly.  I sign the contracts and I'm the manger of the contracting company and yes, we are licensed.  \n\nWe do the GC work on all of our projects over three states.  Why would that be suspect?", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggvigky", "text": "What type of business is yours called? And what would I google to find that type of business? If I were to hit Google right now, I'd just be typing in \"Development\" haha. I know there are many different kinds of development, but I'd like to know about your type specifically. Perhaps I can see if there are Businesses similar to yours in my area that I can learn from.\n\nThank you!", "replies": [{"id": "ggvipn4", "text": "Commerical real estate developer.  We primarily had done smaller projects up until recently, between $5m and $50m, but lately they have been larger, about $125m and $150m in size.  The first of those two is under construction and the latter is still in the planning phase.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggvirwx", "text": "Could you elaborate on your equity waterfall and IRR hurdles for this deal?", "replies": [{"id": "ggxbgwg", "text": "Yes.  The investors put money into the deal and we paid back a portion of their investment through the refinances.  What you don't see in the picture that I've drawn here (and this would take a while to really get into all the detail) is that we have more than one building and we were refinancing the buildings and reducing the construction loan once they were complete.  During that refinance, there was more value that we were able to take out from the projects so the equity players got some capital back, and then they were entitled to receiving half of the profits. They also had had an pref that was building up, at 6% accrued until the project became operational.  But since we essentially sold it before it really ramped up, we never really had to worry about it.  They were paid all of this out of escrow and then again, we split the profits 50/50.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggvw3w7", "text": "This is an amazingly inspiring post. Thank you. I\u2019m just starting out in real estate myself and have been saving to buy an investment property. Starting on something small now and aspire to do something big where you get to create a community from nothing but dirt! Amazing. \n\nHappy holidays to you and your family!", "replies": [{"id": "ggxb0fn", "text": "Thanks!  Happy Holidays to you, your family, and loved ones!  Hope you get to enjoy the time with good company.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggvx8h1", "text": "While I\u2019m not the biggest fan of development, this is one of the best story examples of how this game is meant to be played.", "replies": [{"id": "ggxay08", "text": "Awww, thank you!  I appreciate that.  Cheers!", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggw6kxa", "text": "How did you source the equity? Was your loan non-recourse?", "replies": [{"id": "ggxaudt", "text": "Equity was from a contact our RE broker introduced us to.  They have done other deals with me in the past and are just awesome to work with.  Private source (not institutional) individual with high net worth who does very well for himself from the Commerical real estate assets he owns that cash flow (he makes about $2m a year from just his assets in free cash flow! \n\nLoan was recourse.  We had to PG.  I don't think there are any construction loans where they don't require personal guarantees.  If there aren't PGs, there are certainly bad boy carveouts which act essentially as PGs.  And if you think about it, you're only on the hook for the amount of the loan you draw down.  Assuming what you draw down was put directly into the land (the main collateral for the loan), then the value of the land went up by the amount that you drew dawn.  So if you should run into trouble, whatever land and value you have into it should easily cover the outstanding principle amount.  Was I able to explain that well?  I don't think you should worry about recourse or non recourse unless you are taking the money and running off with it and then there's nothing to show for it (but at that point you have other, bigger, problems!)", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggw9jfg", "text": "Congratulations to you on a payoff of lots of hard work. Developing can drive you to drink some days. I\u2019d love to hear about some of the amenities, especially tech based, you included in the project. The company I work with has a development division that builds apartment communities in the southeast and I handle all low voltage pieces of the projects.", "replies": [{"id": "ggx4qtz", "text": "Yes - there are times, days, maybe even weeks that you could be driven to try and numb yourself.  Usually I've found that this is because of poor planning.  The more corners that are cut, the more shortcuts taken or the more people try to take advantage of each other, the greater the likelihood that these days show up in frequency!  \n\nWe don't have too many high end tech amenities.  This community is a bit more simple. As far as amenities overall, we have: \n\n* Pet Grooming Station\n* Outdoor Gathering Area \n* BBQ Grilling Station \n* Fitness Center\n* Car Charging Stations\n* TV Lounge\n* Elevators (not a garden style project) \n* Lobby with Fireplace \n* Free WiFi in Common Areas\n* Business Center\n* Mobile Concierge Services (for residents from the property management company)\n* Mail/Package delivery/receiving service\n* Bicycle Storage\n\nPretty standard stuff for most places I would say...and they aren't really techie or that advanced.  In the luxury condo tower I'm doing (12 story in downtown), we will have 24 hour concierge and the condos are all smart  -- they will have smart thermostats, systems for controlling lights, upgradable USB plugs in the walls (trying to make it easier to future proof them!)", "replies": [{"id": "ghauynb", "text": "We\u2019ve started doing the smart apartment thing in our communities.  Are you working with a specific vendor or did you build your own solution?", "replies": [{"id": "ghbj4vk", "text": "Nope, I don't believe we have one vendor we're committed to.  Our project manager is the one who arranges for it.  If there's one you would recommend and stand by, let me know!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ggw9ode", "text": "Awesome write-up! Aside from the family office, could you share your career progression? Thanks !", "replies": [{"id": "ggx3ui9", "text": "Sure!  I wrote about it a bit in the other replies a little but I started out school studying finance.  I always had a passion for technology and while in school, I was fortunate enough to work at the IT department.  From there, upon graduating, while I was about 4 or 5 months into my first job, I got a message from a staff member I use to work with to come back and work full-time.  I thought about this and ultimately decided it made sense because they would pay nearly all of my graduate school tuition if I worked there.  I got my MBA from this private school for 95% off and worked there.  Because I could see the next year, the next 5 years, and the next decade into the future, I knew I wasn't going to be at that help desk forever.  I had co-workers who were lifers... they didn't want to take risk, they didn't want to take free education, and they barely saw a day ahead at a time.  Since I knew I wasn't there forever, I gave it my all and always excelled, went above and beyond what was expected.  I ended up getting promotions, raises, increased responsibilities, and direct reports that increased to 9 with a total team of 33+ that I was in-charge of.  I finished my MBA in 3 years and one day, a friend of mine asked me to go out with her to meet the man she was seeing.  I had no clue but this was a job interview for his private equity company.  He wanted to hire someone young that he could groom (it was more than an executive assistant - he already had one).  It was almost love at first sight - we just clicked and I started working for his firm. We mostly did CRE purchases for investors and I did a few of those (think big Best Buy like CRE, $20m to $45m in size).  \n\nThen, I had the chance to raise some of the equity for a developer for his hospitality projects.  I put together a small package with a one page executive summary, totally without any experience in development.  I just thought \"what would I, as an investor, like to see on a single page about a deal?\" I met with the developer, got certain details of the deal, arranged it neatly, did some research on the area, and then finalized this package, sent it to an investor and it caught like wildfire.  The developer had another project just like it nearby and we used nearly the same material and got a second equity partner hooked on that deal.  I realized I wanted to be in development: it was fun, exciting, engaging, worked my creative brain, allowed me to work with others and in teams, and there was lots of money to be made too (for everyone!).  I left my firm without having another job lined up but with the mission that I was going to study and learn everything I could about development.  I spent almost a year learning, planning my own projects for fun, and growing my network in the industry.  This is how I got connected to the family office. \n\nLet me know if you have any questions! \n\nBest, \n\n\\- HYD -", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggwbabg", "text": "Congrats, great write-up!\n\nCurious how many acres of raw ground you had to purchase, and did you buy dirt before or after the planning/architect phase?", "replies": [{"id": "ggx0za7", "text": "Thank you!  Site is 3.25 acres.  The answer is yes and no.  We did purchase it before the architect phase but we had certainly modeled what the highest and best use was going to be before we bought the land.  I don't think anyone should buy the land without doing some planning to make sure they can build something that makes sense and will be profitable.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggwen1b", "text": "Congratulations. Always feels good to go full cycle on a deal. Do you have a focus within asset classes? Any industrial new construction plans?", "replies": [{"id": "ggx0j39", "text": "Thank you!  It really does feel good!  My focus primarily was on hospitality, retail, office, light industrial, storage, multifamily, and some residential/condo projects.  Hospitality has nearly all but died down as I'm sure you would expect in this market.  I do have my 7th hotel still under construction, about 45% complete at the moment..  On that site, I have two retail pads that are about 60% complete.  Not looking forward to it though I have Starbucks that we're currently working with to finalize an LOI and get to a lease (even in this market, they wanted to talk!).  So things are coming along fine.  The focus going forward is going to be multifamily and it will also be storages (I have 4 projects of various sizes, the smallest of which is 4 stories and 65k sq ft of buildable space about).", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggwkb9d", "text": "Thanks for being to forthcoming and fleshing out the details!\nThese are the stories people need to hear...", "replies": [{"id": "ggx01lf", "text": "Aww thanks!   I appreciate that!", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggwxsra", "text": "I'm looking to do my first ground up investment. Would you mind if I PMed you some questions? \n\nRegardless, thanks for the post. It was an interesting and inspiring read!", "replies": [{"id": "ggwzzvu", "text": "Please do!  I'd be happy to help.  I'm trying to get to everyone's questions and comments so if I'm a little slow, sorry!  But I'll try and get back to you as quickly as possible!\n\nA couple things right off of the bat..do you have any experience or any exposure to development?  I started off in private equity, had the opportunity to fund the equity for a couple development deals for my firm.  I was successful in my first attempt to raise the equity needed for those hotels and \"development\" just clicked with me.  After that, I quit and told my boss I was going to be a developer.  I spent a year learning and reading as much as I could, planning my own projects (without necessarily expecting they would go through - I wanted the exercise, the practice of putting a deal together and analyzing it.  Over time, from my network, I was poached to come work for a developer and that's where I started to get even more experience.  If you don't know what you're doing, do not risk your capital or anyone else's.  Read, learn, and get experience.  If you can get the latter on someone else's dime, you'll be more ready for your own projects and you'll reduce the risk component.  Development has a lot of risk inherently.  It's the nature of the business and it's also justifies the higher level of reward too.  But you can minimize that risk the more educated and experienced you are.  \n\nPlease PM me and I'll do my best to help out! \n\n\\- HYD -", "replies": [], "depth": 2}], "depth": 1}, {"id": "ggxg406", "text": "Why did the mods remove this post?? Did I say something harmful?  If someone was being rude in the comments, wouldn't it be better to just remove them rather than the whole post?? Dang...that's not great.  I really had shared a lot here that I thought would have been useful for others. \n\n&amp;#x200B;\n\n&gt;Moderators remove posts from feeds for a variety of reasons, including keeping communities safe, civil, and true to their purpose.", "replies": [], "depth": 1}, {"id": "gi4z8z7", "text": "MODS - please explain what went wrong with my post?  What was the violation?  I don't want to accidentally repeat the mistake so can someone please message me?  I've had countless requests for screenshots of the post because they wanted to learn from it.  If you could help me understand what was wrong in my original post, that would be great.  This way, I won't make another mistake.  For anyone who cannot read this post but does get email updates or can see comments, the full post with comments is available here as a PDF: \n\n[https://www.dropbox.com/s/drbk70mxfa6hk8x/Building%20and%20Selling%20Multifamily%20Project%20for%20%2412m%20Profit%20over%203%20years%21%21%20%20CommercialRealEstate.pdf?dl=0](https://www.dropbox.com/s/drbk70mxfa6hk8x/Building%20and%20Selling%20Multifamily%20Project%20for%20%2412m%20Profit%20over%203%20years%21%21%20%20CommercialRealEstate.pdf?dl=0)\n\nFor some reason, it does seem blurry when previewing with Dropbox.  If you download it through, it should show up just fine.", "replies": [], "depth": 1}]