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PostNov 07, 2007#26

If there are any PM's flying around about this, I would like to be included. :wink:



And, if it is not confidential, I am sure everyone on this forum would appreciate a post. This has the potential to be one of the most relevant and potentially informative threads ever started on Urban St. Louis. IMNSHO, it deserves a sticky.
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PostNov 08, 2007#27

^ditto
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PostNov 09, 2007#28

you guys should all join the young leaders group , Urban Land Institute ULI, google it.
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PostNov 09, 2007#29

Look, identifying property is the easy part.



Buying empty lots with the idea that you'll sell for a profit to a "well intentioned" developer/builder and expect results as you want them along a timeline of your liking is comedy at best.



If you have no intention of getting licensed as a GC or contracter and seeing the project from beginning to end, you are just another middle man making infill less feasible.



Now get serious, target rehabs next to empty lots, buy both, and as many as you can in a target area. Rehab first, infill after you sell those. Even updates, flips, or upgrades are good, as long as you are adding value to the property. Curb appeal is key, but don't invest heavily in ornamentation, as is the case often, shallow plantings can disappear in fringe neighborhoods. Use planter boxes or ornamental bushes.



whoa...way ahead of myself....way ahead.



They key is to have enough COH to pay off interest only and construction loan cost while you rehab and wait out the sale. This is what usually screw most entrants into the market because when cash gets short they panic, slash prices, and make no money. And not making money when experiencing the headache that is rehabbing and or working with municipal beauracracy is not worth it.



Rehabbing is like the restaurant biz, many try, lots fail, and usually because they don't have the liquid capital to hold pat during slow times. If you require a rehab to sell in order to pay your bills you're running a tin can operation. Some people do it that way, but its not good business.



This coming spring will, however, be a nice time to buy.
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PostNov 09, 2007#30

MattnSTL wrote:I've long thought of starting Urban St. Louis Development LLC. and using some of the brains from here. I guess I'm not the only one.


If you do this, I will come. :)
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PostNov 09, 2007#31

So let's meet up somewhere - I'll propose the new Tower Grove Public House on Manchester that opens soon . . .
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PostNov 09, 2007#32

If you do it sometime over thanksgiving (the tuesday before through monday after) I would love to attend. I admitedly cannot offer much, as I'm still in school, but I would love to be able to listen in on the ideas, and offer what little advice I could as of this point in time.
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PostNov 09, 2007#33

newstl2020 wrote:If you do it sometime over thanksgiving (the tuesday before through monday after) I would love to attend. I admitedly cannot offer much, as I'm still in school, but I would love to be able to listen in on the ideas, and offer what little advice I could as of this point in time.


I'll be in town for the holidays as well. I will be willing to go anywhere and meet up. Let's go some place fun and uniquely st. louis...yet undergroundish...
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PostNov 11, 2007#34

I like the young minds working this over! I will note, you will need to think about the following:



1. Either capital (20% of the total deal) or a strong financial partner.



2. A clear understanding of what Tax credits you may attain and what

each and every process is to get the credits..then follow through

or you may get nothing.



3. A contractor who is reputable ( I suggest a not to exceed contract and

penalty for being late/ bonus for early.



4. A qualified Lawyer who anderstands the Credits to help with the finance

side of the deal, They should also draft the Operating agreeement.



5. Partners you know or feel very comfortable with.



6. Oh.. and don't forget a product that has a market with qualified

property management and a real estate agent that goes and finds you

customers vs sitting and waiting for their sign to do the work ..
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PostNov 14, 2007#35

Just in case any of you missed ecoabsence's thread:


ecoabsence wrote:Join <a href="http://www.rvstl.org">ReVitalize St. Louis</a> and the St. Louis Rehabbers Club for

Historic Tax Credit Programs

PART ONE*



Wednesday Evening, November 14

7:00-8:30 PM

SLU's Humanities Building, 3800 Lindell Boulevard

Room 142 (1st floor conference room)



This week's expert speakers and presenters are

Kris Zapalac and Gabrielle See

from the Missouri Department of Natural Resources

State Historic Preservation Office



Learn about the Missouri State Historic Tax Credit programs

offered in partnership by the Department of Economic Development

and Department of Natural Resources.



If you are rehabbing in an historic district, or are making plans to,

this is a prime opportunity to find out how to maximize your budget by

utilizing tax credits. In addition, there are very important program

changes

that take effect for fiscal year 2008 and those will be discussed as

well.



After the initial presentation, extra time has been set aside for

your questions.



Because of the detailed nature of this subject matter, and we

strongly suggest

that attendees bring paper and pen to take copious notes.



Fee for Individual Class: $10.00



*Historic Tax Credits, Part Two will be presented

on November 28, after the Thanksgiving break,

more about that to come next week.



PARKING: Onstreet, metered parking is available along Lindell or park

in the Moolah Theatre garage behind 3821 Lindell. Garage parking is

$1 per hour. Garage tickets can be validated at the Moolah Theatre

in exchange for a purchase at their bar or concession stand.



PAYMENT: We accept checks and cash at the door; sorry no credit

cards. The class fee is tax-deductible. Your support of these classes

benefits ReVitalize St. Louis, and its projects including the St.

Louis Rehabbers Club and the annual Big BIG Tour.



We extend our special thanks to Rehabbers Club Class Corporate

Underwriter: Lending One
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PostNov 21, 2007#36

We could always start a website to rival that of the CVC. Even throw in some hotel information, etc.
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PostNov 27, 2007#37

Historic Tax Credit Programs Class, Part Deux - Tomorrow Night!

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