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All Forum Posts by: Account Closed

Account Closed has started 11 posts and replied 38 times.

Post: Oil & gas emerging market insights?

Account ClosedPosted
  • Commercial Real Estate Broker
  • Biloxi, MS
  • Posts 50
  • Votes 4

Hi All,

Just curious as to whether or not anyone is familiar with the exploding markets in North Dakota and Texas surrounding the new oil and gas extracting technologies? Some of my contacts are starting to ask me questions.

Any insights?

Post: NEWBIE WITH POSSIBLE NEW SENARIO!!!

Account ClosedPosted
  • Commercial Real Estate Broker
  • Biloxi, MS
  • Posts 50
  • Votes 4

I wouldn't risk getting involved with re-habbing Namon. If that's really what you want to do I recommend you stop watching HGTV and look into getting a job as an insurance adjustor. That may be some of the best training you can get prior to beginning a rehab career. Even for pros underestimating can happen. And we try to always over-estimate repair cost. You seem so far off I'm worried about your personal safety on a job site. Find a different way of investing in real estate until you get some real, on-site experience.

Good Luck

Post: Does anyone have any success stories on condos they own??

Account ClosedPosted
  • Commercial Real Estate Broker
  • Biloxi, MS
  • Posts 50
  • Votes 4

I helped an investor pick up a condo complex last year. 15 units, 2 buildings. 9 in one and 6 in the other. This was a tax incentive, buy and hold deal. The complex is functioning as apartment rentals and is known as Sandollar Condos.

Here's a link to some pictures on my website [REMOVED]

We got it for $1,000,000 5.5% 25 yr 5 balloon 30% down
Each unit similar, very nice finishes, 1250 sq ft +/- with a 200 sq ft covered balcony overlooking pool, covered parking, elevator for each building, gated, less than 2 blocks from Biloxi Beach.

2 beds 2 baths

Rents run 800-890 (4 - 800) (5 - 840) (2 -850) (4 - 890)
Total 12,660

We started out renting for $800 military and $850 civilian
Now we are up to $840 military and $890 civilian

All units currently occupied

Expenses
Elevators $300/mth
Phone 90/mth
Pool & Lawn $400 mth
Water $600
Insurance $1833.00
Taxes- $1963.75
Mgmt $1,266
Total Expenses $6,446.75

Debt service $4298.63

Total payment & expenses $10,745.38
$1,914.62 monthly cashflow

Notes: Taxes are based on a much higher property value. Re-assessment year is this year. Property was also divided from another 6 plex just prior to sale and that reduction in taxes has not taken effect. Taxes should drop to somewhere around $1,000 mth this year.

This property also qualified for Gulf Opportunity Zone, Go Zone, tax benefits which was designed as 50% accelerated depreciation bonus after Hurricane Katrina.

The condo units themselves appraised at around $250,000 at the height of the real estate boom when they were constructed in 2007-2008. Current market valuation puts them around $100,000 each.

[SOLICITATION REMOVED]

Post: URGENT - Investors: Seeking Sources for Article in a National News Magazine?

Account ClosedPosted
  • Commercial Real Estate Broker
  • Biloxi, MS
  • Posts 50
  • Votes 4

HI Joshua,

I have a close friend, he's also a contractor, who was watching his bank account dry-up while being mostly out of work. I convinced him to buy a couple of duplexes that were in foreclosure and now he rents them out for $800 each with under 60K into each duplex. Even though things have picked up for him again he is always telling me how much that saved him and protected his credit. He's a real good humble guy too. He'd probably fit your bill.

Let me know

Post: Construction costs-New build Investing

Account ClosedPosted
  • Commercial Real Estate Broker
  • Biloxi, MS
  • Posts 50
  • Votes 4

hey Craig,

Does it really cost 125 p sq ft to build new? Sounds like you may be viewed by your contractor as a repeat luxury-home-end-user compared to the build-out prices I'm used too. I can build a beachfront home for that including lot here on a brand new coast line! A duplex!!!!!! I'm amazed.

I must be missing something but I'm kind-of laughing at those costs. Must be the whole area that has deep pockets in Denver!

Post: Choice of appliances

Account ClosedPosted
  • Commercial Real Estate Broker
  • Biloxi, MS
  • Posts 50
  • Votes 4

I learned the hard way to stay away from GE. They are very difficult to deal with from an end-user perspective. Repairs are....Ridiculous. GE makes their appliances so that they cannot be repaired in a cost effective manner. They plan on making you buy new instead of repairing. Their customer service ethics are upside down. Frigidaire costs less, looks just as good, and is less unfriendly to repair pros.

As a flipper myself I know appearance sells...Name recognition on GE is good...Cause that's all they care about!

good luck

Post: Is it time to build green?

Account ClosedPosted
  • Commercial Real Estate Broker
  • Biloxi, MS
  • Posts 50
  • Votes 4

Hi all,

With all the costs associated with home ownership on the rise in utility costs and insurance, is it time to build stronger, alternative to stick, and more "green"? Or does going green really mean spending green instead of saving green? Seems like people would appreciate more energy efficient homes.

Would green built homes do better at appreciating?
How about marketability?

Post: Emerging Real Estate Market Indicators

Account ClosedPosted
  • Commercial Real Estate Broker
  • Biloxi, MS
  • Posts 50
  • Votes 4

Hi all,

I've been doing investment real estate for about 10 years. I've noticed that most of the emerging markets identified by others tend to be large-scale metro areas. By definition, these markets appear to have already emerged. Is anyone out there looking for the next big emerging market that isn't a star on the map yet? If so, what are the identifiers that would be used?

The identifiers I have are:

Federal and state capital investments
Diverse Economic Engines, (stablility, growth, and creation)
Municipal Infrastructure (city services)
Transportation systems (imports/exports)
Quality of life (leisure, entertainment, cost of living)
Tourism draw
Real Estate Price Points (Can money be made...cashflow rentals, landbanking, etc)

Any insights would be great!