Steven Pugh ⋅ Apex, NC U.S. Marine Corps, Sergeant ⋅ 8 years served

Larry,

I will reach out to you Monday.

Donald,

I'm looking to come to the table with something, mainly land to leverage. So, yes, I would like for the partner to provide most of capital for the project.

Thank you all for your feed back and advise.

Larry Louwagie ⋅ ⋅ 1 years experience

You might call me at HomeVestors . 503 705 5883 .. let me know what you want to and i may be able to line you up with a partner.

Donald Marshall ⋅ Hingham, MA U.S.Treasury ⋅ 45 years experience

Hi Steven,
Are you looking for your development partner to provide most of the capital for a project?

John Green ⋅ Cary, NC Information Technology ⋅ 40 years experience

Have you written your business plan yet? This very first step before anything else would be to complete a well-written business plan.

For example, how much capital do you need? How much cash reserves do you need? What occupancy rate is your target (100% is unrealistic).? How much do you budget per year for maintenance? Have you mapped out your replacement rate for various large purchases like air conditioner, replacing the roof, changing the plumbing?

Once you have your business plan written, then you should incorporate so you do not expose your personal net worth to any liabilities.

Note that a four unit building will not pay enough for you to live off of. Empirically, you need 22 units to pay one full time maintenance worker.

You also need an umbrella insurance policy of at least $2 million.