AboutMike Fortunato Expertise Can answer questions on all aspects of commercial real estate management, including lease administration, eviction issues, financial reporting and budgeting, asset valuation/enhancement, marketing & leasing, and site maintenance and repairs. 20+ years of real estate management.
Experience 20+ years in commercial management. Current own and operate property management company in southern California.
Question I live in a community that is in a prime location in large city willing to sell our land. With the economy as it is, I think developers are offering price is to low. Is it possible for a community of about 700 residents to come together and do a lease deal.
Answer Yes, that is possible...but I would be inclined to advise against it. I have partnership clients that only have 2-3 members that can't get along....I can't imagine a situation of 700 different residents in the same investment. Having said that, it certainly could be done, and probably structured like a real estate investment trust (REIT). If you go that route, I would strongly suggest getting a real estate attorney involved.
