Forums: Discussions for entrepreneurs and small business.

Sounds like a wonderful offer. Hope you get investors soon!

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"Success is 99% hardwork and 1% intelligence"
Albert Enstein

It sounds like an offer in Startup Funding needed to get your business venture off the ground. I do not see where she is offering to sell someone anything. Question though. What role are you playing in this? Are starting a company? How much are intending to be involved once you get funding?

Start up funding is needed to get my venture off the ground, yes. I want to be 100% present in every aspect of the development to learn as much as I can. Should I get investor(s) I plan to build and develop the project with them. I do not forsee much of any salary for the first years for myself as I would have to pay back the investors with interests. Government grants for start-up salary in Quebec are only one year which would be equivalent to $15,000.00 CAD yearly salary. This is my dream, yes it is starting a business, my main reason for being on SUN is to network with experienced people, possibly get a mentor, and get ideas for this project from people who have been in the real estate development business before. I intend to be involved every step of the way, once I get funding. My reason for needing funding: I don`t have the capital needed for this venture.
Thank you for your post.
Corinne Nichilo

RealestateGirl.

Just to add my 2 cents - I don`t see anythng in your post that abuses the guidelines.

That said, I beleive that success in attracting capital for a project involving real estate development will largely be dependent upon the "team".

So I encourage you to focus your efforts on finding those people who can and will participate - starting with a mentor or a couple of advisors. Also, since you are in Canada, I`d look to get someone on the team who is familiar with Real Estate Development in Canada.

If you`d like to discuss specifics - contact me privately.

Hope this helps,

Robert Johnson

 

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I hope your day is sensational.

Joel Welsh

Joel,

Thank you. I was the one who took this discussion in the wrong direction, and I apologize for that.

After a weekend of what seemed like post after post of `selling my stuff`, I approached this topic more than half-cocked about it`s original intent. I was more than a little protective of the community issue of avoiding blatant advertising, but it was not my place, nor would it ever be, to make it a personal attack. I did that, and it was wrong.

Corrine, I was wrong and ask for your forgiveness, as well as anyone who read this while it was still a back and forth argument.

As it turns out, I know someone here who is developing a similar concept called Obatanga (www.obatanga.com) in Northern Ontario. You may get some ideas from their approach by visiting their website.

I wish you every success with this venture.

Realestategirl,

It`s great to see charisma like yours is still alive in the real estate world. With that being said, I feel like some issues need to be addressed before you decide to pursue your endeavor in the way in which you`re currently doing it.

On top of owning my media development company, I have built spec homes for the last 4 years, and have just recently started development work with my own subdivision (two partners of course!) about a year and a half ago.

Without any prior experience in real estate (I`m assuming you have none or very little) you will be hard pressed to find any "industry people" willing to give you a second chance. For a lofty project such as yours, there`s years of research that goes into it. Usually, developers will piece together their development portfolios 5 years out, or more, and only developing on their bare land when favorable market conditions exist. To me, it sounds like you see some land that looks nice, and which appears to attract people, and you`d like to buy it and build on it. I will tell you that personally, I`ve never met any developers (especially developers of leisure properties/lifestyle communities) with so little foresight towards their projects.

Let me give you a real life example of the problems facing you:
Here in Idaho, we`ve got a development called Tamarack. Built in Cascade, Idaho, which is one of the most desirable locations in the summer or winter for recreational activities. This is a place where the rich go to play and get away. Naturally, the developers felt that there would be enough of a draw that they could build a community development; lodges, shops, restaurants, etc. After battling through a couple years of expensive litigation (brought on by the rich homeowners in the area), Tamarack Resort was ready to break ground. It took about two and a half  years to build out the first phase. At this point in time, southern Idaho was experiencing one of the most profitable real estate booms in the nation. Builders were building at rates they`ve never done before (losing quality in the process), and new homeowners were popping up everywhere. Unfortunately for the Tamarack developers, they didn`t even fill 75% of their first phase, but with enough money, continued on to the second phase of building. To make the story short, the development is nowhere near complete, and they`re nowhere near sold out.

To the uneducated eye, there`s numerous locations that look buildable and profitable. If you`re looking for investment capital, you`d be looking in the wrong place if you`re trying to get it from real estate developers. You just dont have enough data or foresight for the project. You indicated that you`d like to be built out in a year and be ready for business, at least in the first phase, at the beginning of the second year. That`s highly unrealistic...

Don`t let me post discourage you. I hope that what you take away from it is that you need countless more hours of research, and you need to find some professional help. If you`ve never built or developed before, you have no idea what you`re in for.

Hi there,

I have to agree with Andrew.  I am a Realtor that is aspiring to establish my own development company.  I do not have the experience to start a huge project like realestategirl, mabey someday.  However, she definately seems to  the vision and tenacity to do so.  I have decided to start small by purchasing 1 lot and develop 1 house on it to see how well I do.  My dream is to rebuild homes of the past while including modern features of today.  I`m not sure about other areas in the country, but Massachusetts is being invaded by phoney coloney`s (fake cookie cutter colonials), unless of course you have big bucks to hire an architect and build a truly custom home.  I want to build those custom homes myself, within a reasonable budget, then sell them.  Eventually developing a small subdivision that looks like a replica of the past.  Old, quaint country cottages.  The big issue for me is borrowing money from the bank.  If anyone can offer some input regarding getting bank financing for a non-owner occupied construction, I would be very grateful.  I`m just not ready for a big project yet.

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Nicole Aspiring Real Estate Developer

Hi there Andrew,
I wholeheartedly agree on your post. Thank you for your constructive critisism. YES I can take it LOL. I spoke to a friend who`s family is in the real estate industry and the problem we face here in Quebec is that investors are buying land for development and 1 or more years into the project the governement comes in and says ``no, gotta conserve wildlife properties, stop all activity, no more development`` which is what happenned to my friends family. Development project gone to heck, half done and the rest (half a million dollars) is for the ducks.
I have studied the issue greatly, this is not some project I came up with yesterday and after lengthy research with the local development center, the governement, and statistics canada as well as contractors, hydro Quebec and many others, my time line is very realistic. Phase one of the project consists of 4 cottages, an office and stables. This is attainable in 1 year. Also there were other merchants involved in rentals and the actual development.
However, I had a meeting with the municipality this morning and found out the truth (even sellers can be scammers). I paid to have all the evaluations pulled on this property which the current owner has listed at $775,000.00 with a real estate broker but the municipal evaluations is .... drum roll please...... $45,000.00 I called the owner just out of curiosity to find out if his price was negotiable and he told me the municipality is trying to play him and I was being unrealistic. (Jerk)
So rest assured that my plans have changed... one property at a time. Buy one... already built ready to move in, rent it pay it in a shorter period of time due to rental income, halfway through buy another one and so on and so forth. Like Nicole, slowly but surely I will have my development company. What gives me a start is that I do not have to live on the property I purchase since I already have a home therefore the minute I buy, I can start to rent.
Thanks for the post though! Wish me luck.... with a considerably smaller project lol... Im off to call the owner of the property to tell him I am not ready to pay his exhorbitant price!!!
Have a GREAT day!

Corinne