Quote:
Originally Posted by LikeHamilton
This means he has no money for the project and is trying to get people to pay up front for his project.
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I live/own in Stinson and have talked to harry few times about it. It is essentially a construction loan. You loan him money, and he is securing the loan with a unit as opposed to % of project like others do it.
My dad actually does these things in Toronto in an organized syndicate for past 7/8 years and has been doing 15-20% by doing this in the Toronto condo market. He told me to stay away from this until there whole plan is up, and you know all players involved, and payment schedule is set up. My dad only does ones where you get paid monthly/quarterly even as project goes on - Harry wants to pay at end.
Harry has vision, but doesnt organize well, and his team for Stinson is dreadful. They have failed 3x to hire window washers now. That is a latest of a long long long list. My neighbor hasn't had full kitchen for past 4 months.