So the time has come, and m3 is in drive mode!
John and I were together all day yesterday (preparing for today's presentation) and got some real work completed. We decided that our construction cost estimates and deal structure ideas would work, and we should give it a green light.
We were able to receive help from Chipman Construction for an estimate, and also a tremendous amount of help from John's friend Ted, who specializes in real estate deal structuring, nice!
We crunched numbers all day via proformas and cash flows, and came around to polishing it up late into the night. I think we owe a lot of credit to both of these folks for helping with the key components of our project. We used the original PPT presentation we put together a few weeks back, and just made some additions/subtractions to slides.
John's girlfriend was kind enough to fix us up a gourmet dinner (Salmon/Asparagus w/ pasta!), so we revamped and put the polishing touches on the project.
As we strolled into class this morning, Scott and Brandt had already taken the stage to be the first ones up. Their presentation and overall project was phenomenal, kudos to a great job and hard work guys. We were next up and we tore it up until Dr. Forgey tore us up. We made a obvious mistake that was VERY obvious and huge. Nonetheless, our $40psf deduction from TI was taken off of the back end price, and we still proved that our numbers still worked, just not as hefty of a return. After Jason, Jared, and MArk presented their successful project, we all headed to Cowtown Diner for lunch on yes, you guessed it right, Dr. Forgey himself. He just doesn't stop taking care of his herd. The class and experience in general was just a great opportunity, and I think we all agreed that it should be a requirement in the program so that all students get an understanding of real estate outside of theory!
