LOOKING FOR ADVICE ON BUILDING A 50 UNIT MULTI FAMILY BUILDING FROM START TO FINSH.
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[{"id": "gngn4g6", "text": "Honestly this is going to be a huge task to take on for someone that have never done it and doesn't even know where to start. My recommendation would be to start interviewing developers that have a track record for success in this type of project. Then use your property equity as your equity contribution and have the developer invest cash for construction. Work out some sort of partnership based on work and investment and go from there. \n\nYou'll give up some gains but honestly you'd probably end up loosing money going at it yourself.", "replies": [], "depth": 1}, {"id": "gngnhni", "text": "I would HIGHLY suggest that you find a sponsor developer. This is exactly what they do, and will (assuming you find a experienced one) know way more about the process. They will get zoning in order, deal with neighbors, hire engineers and architects, put money in, raise money (if needed), setup financing, survey the market for rent comps, market, setup prop management, hire and manage the GC. Literally everything. \n\nYou\u2019d likely find a smaller developer for a 50 unit deal, which means they\u2019re likely flexible or deal structure, so you can structure it however you\u2019d like. Typical equity structure: 10% sponsor, 30% limited partners (you, friends, family) 60% loan. You can also use your land contribution as equity (mark to market)\n\nIn return, they will get a promoted interest (higher rate of return, which goes up the better the deal performs) and usually some sort of development/CM fee. \n\nTons more to share on the subject and I could likely help you know where to look for these guys. I\u2019d take a look at it myself, but you\u2019ll want someone local.", "replies": [], "depth": 1}]