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5 Replies Last post: Nov 2, 2009 8:48 AM by DomainDiva

Selling upper floors in shares while owning street level

Nov 1, 2009 6:11 PM

smallcountry 3 posts since
Nov 1, 2009

I am willing to sell in shares the 5 remaining floors to be completed as furnish apartment/hotel.
The present cost of the existing commercial area in building of 7,000 sq ft at street level and 6,000 sq ft of basement was aprox. US$0.780 million. This shall serve as base for the upper 5 levels (6,000 sq ft per level) which will cost 1.4 million. The net income (profit) for rental less marketing/admin. will be US$4,770.00 per level. I shall retain for myself 15% shares of upper levels plus street level and basement.
How to deal with sales of shares of the 5 remaining levels to be completed within this stats.?
regards,

Smallcountry

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DomainDiva 1,732 posts since
Oct 10, 2007

1. Re: Selling upper floors in shares while owning street level Nov 1, 2009 6:34 PM

You need to speak with BOTH an accountant and a real estate professional as well as your REAL ESTATE attorney. This could get tricky, especially on the financing end. There are too many variables here.

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smallcountry 3 posts since
Nov 1, 2009

2. Re: Selling upper floors in shares while owning street level Nov 1, 2009 8:06 PM

I forgot to put that I need a 4% annual interest loan to better finish it myself. Where shall I get such loan? I need the 2 options.

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DomainDiva 1,732 posts since
Oct 10, 2007

3. Re: Selling upper floors in shares while owning street level Nov 2, 2009 7:35 AM

in response to: smallcountry

You need to talk to the professionals I mentioned in my first answer. This is not a forum for fixed legal and accounting information. You are asking for professional services and this forum does not provide them.

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smallcountry 3 posts since
Nov 1, 2009

4. Re: Selling upper floors in shares while owning street level Nov 2, 2009 8:19 AM

in response to: DomainDiva

Let's put this way then, how if I Offer a 10% Market Service Compensation Agreement on safe deal.

The 10% Compensation Agreement implies that the person/entity use efforts and utilize due diligence
in the pursuit of leasing a safe close deal on one or more complete
levels to be constructed on top of the building in Belize as apartments
or hotel.. This way I don't sell shares but manage it myself along with the marketeer.

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DomainDiva 1,732 posts since
Oct 10, 2007

5. Re: Selling upper floors in shares while owning street level Nov 2, 2009 9:17 AM

in response to: smallcountry

The fact that you are unwilling to use professional advice perhaps would not sit well with a prospective investor.

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ForumsStarting a Business

This Question is Not Answered

Selling upper floors in shares while owning street level

Nov 1, 2009 6:11 PM

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