Posted by cork horner on February 19, 2005 at 11:38:19:
OK, ‘boss’,[ read: friend] your on.
The refi on our house in San Diego is largely going to be utilizing my Realtor partners fico or investor equity participant.
I need to bail my $50k+ in it for overhead in other pursuits.
Why abandoned buildings? Well, one reason is—‘been there done that’. I know these projects and the reasons for failure and the reasons for success. I have pulled these off as a generalcontractor, rehabber and co-owner in that other Winter Wonderland Minnesota…Sister rustbelt state to Michigan! Hey, Lake Superior is fret this time of the year…yesterday 9 degrees fahrenheit. Ya know what? People still LIVE THERE.
Marquette Mich was voted one of top cities to live. It has needs like all other cities.
As to abandoned buildings all over…lay em on me.
I missed redoing the El Cortez Hotel in San Diego by one day a few years back. It too, was vacant abandoned quite a while. the CONDOS now go for 4-600k in downtown San Diego.
Readers, [lurkers] on this board need to know that in the world of creative deal structuring that 24 hours is a long time in winning or losing. Ask the Patriots. [superbowl]
Recently, I mssed buying a 2 story free and clear building near Wichita Falls for TEN DOLLARS cuz the famiy had other interests/challenges. I waited ONE DAY too long. a family friend bailed them out.
HEY ED CREATIVE FUNDING NEEDED - Posted by cork horner
Posted by cork horner on February 19, 2005 at 10:09:29:
Hi Ed,
Still beatin’ the bushes nationally.
Presently on a team that has under contract the locally famous abandoned orphanage in Marquette, Mich.
I can send you pictures.
We are looking for 600k hard money 1st level funding on vacant building.
Will convert and rehab to about 80 apt units either market rate or fha 232 assisted living.
Project will come in around 8-10 Mil.
We can talk about it if interested on conference call with partners hq’d in Vegas.
Cork Horner
San Diego
ps
San Diego house deal crashed back in Nov.
May refi with partners hi fico if you can pull it off. I need to liberate my 50k in it to launch a major national org. He can give you details of prsent debt structuring.
Re: HEY ED CREATIVE FUNDING NEEDED - Posted by Eddie-Mi
Posted by Eddie-Mi on February 20, 2005 at 17:12:15:
Have nothing really to add other than I have driven by this building and have seen some pictures online. Keep the board informed on whether or not you go forward with the deal.
Re: HEY ED CREATIVE FUNDING NEEDED - Posted by Ed Garcia
Posted by Ed Garcia on February 19, 2005 at 10:45:25:
Cork,
As you know for you, I?m never more than a phone call away.
Go ahead and call me and we can discuss doing a refi on the San Diego house as well as your new venture.
I don?t know what your attraction is to an abandoned or vacant orphanage, when there is so many other vacant units around that may have less differed maintenance, especially in Michigan.
But I?m sure you have your reasons and will give them to me in detail when we talk. I?ll be in my office Monday from 10:30 am until 80:30pm.