Time to Shake Shit Up
ASK: INTRODUCTION TO REAL ESTATE CPA AND A REAL ESTATE DEVELOPER’S PROFORMA TEMPLATE
MAJOR MILESTONES FOR NEXT WEEK:
- Get site analysis completed
- Commit to a business model and business structure
- Complete new financial model
- Update business plan
WHAT I LEARNED THIS WEEK:
Before I fundraise I need to commit to a business model and decide if I want to give investors a stake in the deal of each community or interest on top of their principal. I am open to both options I am just unclear as to how to structure the company for each option. I believe a real estate CPA could really help me understand which structure is best and why. With this information, I will be able to decide what the actual ROI to investors will be.
LAST WEEK WE ACCOMPLISHED:
- We met with Maura Newell and discussed the design thinking of curating culture within the neighborhood
- Haydee Moreno owner of Almost Home Financial (Affordability Cohort Member) worked with me to help create our new financial model.
- Sean Garretson (Affordability Cohort Member) introduced us to the engineering firm Big Red Dog. I met with James Roman and he committed to doing our site analysis for our prospective site pro bono.
- Met with our mentor Eric Merchant with BBVA and helped us pinpoint some weaknesses in our business model. We are currently working on updating our business plan to turn into to him for review by Wednesday night.
- Had lunch with our mentor Eric Donnelly and he challenged us to start to qualify our 353 person waitlist