found good real estate deal.. $8-10mil from $2-3mil
 

I found a good deal today in Vegas... this insurance company/REIT went bankrupt and have some half developed lots in one of the most exclusive places in Vegas... they want $15mil for the lots but I think they would come down to $10mil... 33 lots.. they would sell for $600k/each once completely developed... Anyone wanna go in on it with me? Only need about 20% down... zoning is already approved, etc.. just a matter of completing and marketing .. looking for about $1.5mil-2mil from investors.... figured the interest on the loan could be deferred for a year so only 20% out of pocket at first.. would probably end up being about $800k in carrying costs (I would say it might take 24 months to sell all the lots but 12 months interest would be deferred)

Only the people with money to invest will understand what you are talking about ;-)


Good luck with that though. :thumbsup

Do you mean with houses on them or just the lots?
Where are they located? What size houses? I have a few friends with some cash in vegas looking to invest.

lol where's all the ballers now :Graucho

AC

sounds good ... im not a big baller but kudos to your plan and a bump for ya donnie :)

I think you guys are "ballin" with the best of them now days.

They are just lots. They're in Seven Hills in Henderson and all of them have strip and golf course views. It's a gated neighborhood and the lots have already been subdivided and the final plat has been approved by the city. The lots are ready to build on. The road is cobblestone and needs to be paved. I would say the project is 70% completed.

I would estimate it would cost about $100k to finish the development of the lots (including the gate -- I would prefer doing guard gated as it raises the value). Lots with a comparable view in Seven Hills sell for $500-$700k. If we could get them down to $10mil for the whole thing the project would double its money without having to even build any houses.

Houses in the neighborhood sell for about $350/foot ($1.5mil+ homes)

Donnie can you hit me up about this deal?
I know a few people in town who may be interested. I will pass on the info to them


[email protected]
Icq 98055668

Hit me up, cool part is you can pre-sell them on Phase one and two.

[email protected]

or AIM @ cyberagedave

Dave,

I hit you up on AIM

Bump for Donnie

bump for the realestate :2 cents: :2 cents: :2 cents:

bumpadeebump.

I sent a link to this thread to a couple people who might be interested...

If you can email me a little more info on it [email protected] I'll put them in touch with you

Hey I might be interested. Drop your email on ICQ and I'll have my real estate manager get in touch with you.

I'm trying to get ahold of the owners today to see if they'll do a rolling buy option contract instead of having to buy it all up front... will let you guys know..

Do you know anything about real estate development or construction? If the deal is sitting out there in Vegas and has not been snapped up by all the local investors who have been doing this for many years. There may be a reason.

But it would not surprise me if you get flooded with emails from dreamers.

I understand what he's talking about, its not rocket science

yes I know about both.. it hasn't been snapped up because: a) they want $15mil for it and that's a lot, b) it's not listed on the market, and c) it's very new.. they were working on it up until a couple months ago... there is no reason other than these things.

How much to buy in to the project, $50k enough?

I know two people and me that would be interested if the numbers work out.