Official Carleton H. Sheets^® Website

Hello,
The project is moving right along, So far so good! We met with the Realtor and the Seller yesterday instead of the Attorney, (rescheduled for this afternoon at 2 PM). We have the building plans for the storage facility. We forwarded those plans to our partner who seemed rather impressed that we were moving along so quickly. I think having those plans will increase our chances of possibly selling the property. Part of me doesn't want to sell until we have something lined up, but I may not get what I want.
We have a few leads on future purchases already, so things are looking good. We submitted the plans to a couple of local builders yesterday to gain a better understanding of how much it's going to cost to build. When the bids come back, we can input those numbers into the business plan. This "business plan" will be submitted to the lenders along with the loan documents. A copy will also be provided to the investor who needs to invest his funds from a 1031 exchange he is involved in. I'm told that money needs to be committed to another eligible project within 45 days and completed within 180 days or he will have to pay tax on it.
I hit my Coldwell Banker Realtor up for some good advice on how to successfully market this project to that investor and also to share the good news of my investing progress of course. He wants some details. I suppose I'll get those to him by this afternoon.
You may already know we applied for a fifty thousand dollar line of credit. We should know something possibly by tomorrow on that. Twenty-five thousand of which needs to go to the Escrow company, to be held as an earnest money deposit.
The seller is extremely nice and is still willing to hold a second on the property. Our new credit partner, ****, wants us to apply for a million dollar loan, which is the minimum loan amount for some commercial lenders. We decided to purchase this parcel and buy a seperate parcel for the Hydroponic facility. I'm told that storage units are a good sound investment these day's,(haven't studied much about it myself). And with the plans already drawn up, this project is ready to build. I'm definitely no less interested in this parcel than I was when I started, hydroponic facility or not. this is a great opportunity.
Vital build project payment is due to the city by December 15th or the city says start over!
The plans are already approved and come with the purchase. The seller spent as much as eighty thousand dollars getting them this far. Awesome!
After my mortgage broker finds us the line of credit, he's going to start searching for commercial purchase loans as well. Which is raising a slight concern, because that direct method lends itself to us needing more money upfront, but then again maybe we can still do a land contract as the purchase method or then again, maybe loan will be 100% financing. Whatever the case, I certainly don't have two hundred grand, (twenty percent) lying around...yet!
That's where I'm at with this project...keep you posted!
Marc
This is a Mandatory Green Energy Project, Built using LEED silver or gold standards...and that's because of me!!!! Alright!!

GREAT PROGRESS!
Your project is really exciting.
I am especially interested in the commercial loan feedback. What we are hearing in the news about commercial financing in general is not positive, but your progress is really encouraging.
Thanks for keeping us posted!

I've been hearing the same things about the lending. Our partner has a set a loan completion date by mid Sept. I believe he will be doing most of that. My original idea has us selling the note on the discounted note market. New Partner has something else in mind so we'll see where it takes us.
Marc

Most lenders will rely on personal credit information until the business has a track record of it`s own.

Lenders are concerned with

1. Ability to repay the loan

2. Assets that will help ensure that the loan is repaid.

So I suggest that you do a preliminary plan with basic financials before you start looking for a lender.


Properties In India