Initial Development Issues
“Founding Member” is someone who invests in the “raw property.”
Some may contribute Expertise in exchange for a “Founding Member Position”
Some would contribute money for a “Founding Member Position.”
I understand that funds from IRA/SEP/401K can be invested in commercial real estate partnerships.
The “Founding Member Partners” might get a variable discount (based on Partnership %) to buy (1) unit for personal occupancy with a 2 year minimum hold period.
Investor-members would AUTOMATICALLY be on the project’s “Preferred Vendor List” (CPA, Legal, Construction, Designer, Title, Mortgage, Property Insurance, etc).
Do we want “exclusives” of one category per property or per pod?
(There may be multiple pods in one property-see “Our Project” page).
IF the property was too large in comparison to the presale of housing units, perhaps sell part to a nonprofit AT COST (including interest, improvements, legal, etc.) for shell with minimal improvements- $TBD. This would be a win-win: great price to them and lessons vacancy risks.
Cost for the land and Existing Shell building is:
~$30/ SF for a single story and
~$70/ SF for a multi story with Elevators, HVAC, some usable finishes. More money for a property North of I- 30 and inside of LBJ.
EVERY DOLLAR INCREASE HERE WILL INCREASE THE
FINAL SALES PRICE APPROX. $1.50.