Investment Closed
This opportunity has closed. Please note, all investments entail speculation and inherent risk. Real estate securities, in particular, are generally illiquid and the loss of your entire investment is possible.
Offering Snapshot
Security Type
Debt
Investment Duration
60 months
Return on Investment
12%
Payout Period
Quarterly
Exit Strategy
Refinance
Profit-Share
49%
Description
The Forbes Farmhouse Development Corporation is initiating a multi-phase project to establish a mixed-use residential community on a 5-acre parcel in Miccosukee, Florida, situated just 18 miles northeast of Tallahassee. The company plans to generate revenue through two key avenues. Vacation Rentals: By focusing on mid-term rentals (14 days or more) at rates of $600-$700 per night. Event Venue Rental: Offering the property for events, with an average event space rental of approximately $13,000 with a 30% profit margin. This dual approach aims to tap into the growing vacation rental market and the lucrative event venue sector, ensuring diverse income streams and financial stability. Once operational and generating revenue, our commitment is to provide quarterly dividend payouts based on the available cash reserves. Our strategy involves maintaining ownership of the property for a five-year term, after which we plan to execute a property refinancing.
About the Company
The Forbes Farmhouse Development Corporation has been established with the primary purpose of managing and overseeing the construction, operation, and maintenance of the Forbes Farmhouse property for vacation rentals and event space. The Forbes Farmhouse Development Corporation is initiating a multi-phase project to establish a mixed-use residential community on a 5-acre parcel in Miccosukee, Florida, situated just 18 miles northeast of Tallahassee.
Focus Industries
Vacation rentals and event space
The Team
Kelvin Harris
CEO & Managing Partner
Kelvin has four decades of multifaceted expertise making him an ideal leader to drive the success of this offering. His rare blend of experience as an architect, construction, and project manager, financial and business consultant makes him uniquely suited to pioneer the company’s continued excellence.
Gerard Barrett
Lead Developer
Gerard Barrett brings over 10 years of principal real estate investment experience and is Founder and Managing Principal of PrimeLerner Companies, a private real estate investment and development company located in Newark, N.J. PrimeLerner specializes in investing, developing, and managing undervalued and distressed properties to include single-family residential, small multi-family and commercial properties ranging from 1 to 50 units.
Antoine Wright
General Contractor
Antoine Wright brings a wealth of experience and commitment to community development. He currently serves as President at Urban Organics Development, located in Tallahassee, Florida. With a focus on the Subdividers and Developers sector, Urban Organics Development, under Antoine’s adept leadership for 15 years, has established itself
as a driving force in the industry.
Tiffany Hamilton
Real Estate Consultant
Tiffany Hamilton, an active Realtor since 2003, holds a Business Administration degree with a Sales and Marketing minor from Florida A & M University. An influential member of the Tallahassee Board of Realtors, Tiffany has chaired the Equal Opportunity Committee, served on grievance and young professional network committees, and earned the (CLG) designation from the 2010 Leadership Academy.
Ron Curtis
Property Management Specialist
Ron Curtis assumes a crucial role as the Property Management Specialist for the Forbes farmhouse project, leveraging his extensive experience and expertise to ensure its success. As the owner and manager of WavyStays, a thriving short-term rental business encompassing diverse properties across the country, Ron’s strategic oversight encompasses the entire spectrum of daily operations.
About the Project
Offering
The Company is engaged in an offering under Regulation CF (where anyone can invest), which we refer to as the “Reg CF Offering”. The maximum amount we wish to raise in this Reg CF Offering is $535,000. We will not complete the Reg CF Offering unless we have raised a total of at least $100,000 (minimum goal) by August 31, 2024. If we haven’t, both offerings and all investment commitments will be canceled, and all committed funds will be returned. The minimum investment amount in the Reg CF Offering is $500. Investors can cancel their commitment up until 11:59 pm on August 28, 2024 (2 days before the target date). After that, any funds raised will be released to the Company and Investors will become members of the Company. The Company may decide to change the offering deadline but will provide at least five days’ notice of such a change to all Investors. Investors will also be notified and asked to reconfirm their commitment if any other material changes are made to this offering. Investments under Reg CF are offered by Secure Living LLC, a licensed funding portal.
Real Estate & Location
Our site is in Miccosukee, Florida. This location is a unique blend of rural tranquility and convenient proximity to Tallahassee's urban amenities. Nestled within a picturesque rural neighborhood, Miccosukee provides an idyllic backdrop for the project's vacation rental property and senior living facility. It's proximity to the historic Bradley Country Store (0.8 miles down the road) adds to the charm of the site, offering a glimpse into the rich heritage and history of the region. Situated within a short drive from Tallahassee, this location seamlessly bridges the gap between the peaceful charm of the countryside and the vibrant offerings of a bustling city. The area is characterized by a harmonious mix of residential homes, horse farms, community churches, and small local businesses, making it an ideal location for the envisioned development. Residents and visitors will relish the tranquility and natural beauty of Miccosukee while enjoying seamless access to the cultural, educational, and commercial vibrancy that Tallahassee has to offer. Tallahassee, Florida, has emerged as a city of promise and growth. According to a 2018 report by Tallahassee Democrat, its economy has been outpacing all other Florida cities, solidifying its position as a hub of opportunity and investment. Moreover, U.S. News & World Report recently recognized Tallahassee as one of the "150 Best Places to Live in the U.S.", underscoring its appeal as a destination for residents and visitors alike. Tallahassee is not only a thriving economic center but also a vibrant college sports hub. Florida State University (FSU) and Florida A&M University (FAMU) have earned their place in sports history with championship-level teams. Recent accomplishments include FSU's championships in football, women's softball, and basketball, and FAMU's notable achievements in football, track and field, and marching band competitions. These universities contribute to Tallahassee's dynamic sports culture, attracting fans and visitors from across the nation.
Financing
Phase One: the initial $405K capital will be utilized for site development, covering excavation, tree removal, retention ponds, water irrigation, and road connectivity. Following this, we will secure bank financing for the construction of the Forbes Farmhouse, Barndominium-style residential property. No down payment will be required to secure the construction financing as the bank will
leverage the land as collateral.
Use of Funds
The proceeds generated from this offering will be utilized towards site development, covering excavation, tree removal, retention ponds, water irrigation, and road connectivity. Since the land is under the ownership of the Sponsor, there's no requirement for investor funds for its purchase. The $405,000 in investor capital will be allocated to conclude Phase 1 Site development, which is a prerequisite to obtaining the building permit for Phase 2. The remaining $848,416 in capital will be sourced from a 30-year construction-to-perm loan secured from a local Tallahassee bank, to finance the construction of the Phase 2 -Barndominium vacation rental property. This loan is facilitated by utilizing the developed site as collateral, negating the need for a down payment.
Return
The Company will issue promissory notes for all investments made, promising to pay each investor their investment based on a 5-year amortization term. Interest (“Regular Interest”) shall accrue on the outstanding principal of each Note at the rate of twelve percent (12%) per year. Principal payments will be calculated over a 5-year amortization period. Interest will accrue the first year and be added to the principal balance owed, until principal and interest payments (“Payments”) begin on June 30, 2025. In the fifth year, 20% of the equity is shared with investors during the projected refinance.
Why Invest?
Historical Significance
The Forbes Farmhouse Development Corporation project holds profound historical significance, as it is comprised of land in the deep south, that has been in the developer’s family for more than four generations. This enduring ownership represents a powerful connection to heritage, strength, and resilience. Against the backdrop of a troubling history of African American land loss, where an estimated 90% of the 14 million acres of farmland owned by blacks in 1910 has either been lost or seized, this project emerges as a beacon of hope and empowerment. As African American land ownership dwindles, the Forbes Farmhouse Development endeavors to stands as an example of how our community can reclaim and develop inherited land, pay homage to the past, and pave a way for others to forge a similar path in the future. This project will serve as a compelling template for our community, demonstrating that through strategic financial planning, architectural ingenuity, and collaborative effort, a legacy of generational wealth and empowerment can be fostered. A major goal of the Forbes Farmhouse Development is to become a testament to resilience, a catalyst for change, and an embodiment of the spirit of progress that carries forward for generations to come.
Growth
Tallahassee's prominent role as Florida's capital and a hub for political, governmental, and educational activities has led to a consistent influx of visitors. The city hosts legislative sessions, conferences, and university related events, creating a steady demand for short-term accommodations. The project can cater to this demand by offering well-appointed vacation rental properties with amenities that appeal to business travelers, families, and university- related visitors.
Demand
The vacation rental market has witnessed remarkable growth driven by changing traveler preferences. The rise of platforms like Airbnb and Vrbo has made it convenient for travelers to choose unique, personalized accommodations over traditional hotels. National trends indicate that travelers are seeking more spacious and home-like environments over the typical hotel experience, enabling them to experience destinations like locals.
Disclosures
Any investment has risks and potential loss of funds. Secure Living does not guarantee specific gains from any particular investment. You are solely responsible for deciding whether an investment is appropriate based on your personal investment objectives, financial circumstances, and risk tolerance. By engaging in crowdfunding activities, the issuer acknowledges and agrees that it is permitted to provide compensation to third parties for the promotion of its crowdfunding offerings through communication channels facilitated by Secure Living. However, this permission is contingent upon the issuer taking diligent and reasonable steps to guarantee that any promoter involved explicitly discloses the nature and extent of the compensation received in conjunction with each communication made. Secure Living charges fees in connection with the sale of securities on our platform. Secure Living will charge Issuers who complete their capital raise a range of compensation types (e.g., flat fee, platform fee, and/or equity fee in the form of commission). The flat and platform fee will be paid when the successfully funded campaign ends. Any securities paid to Secure Living, if any, will be of the same class and have the same terms, conditions, and rights as the securities being offered and sold by the Issuer on our platform. All fees paid to Secure Living in connection with the offering and sale of securities are nonrefundable unless in its sole discretion determines that a refund is appropriate.
