All Forum Posts by: Adam Craig

I would appreciate the referral. Better than me Googling Securities attorneys I imagine

 Thanks Chris.  Most of what I am looking for is debt financing that is paid back within 18 months or less.  So yes, bridge debt is what I am after.

I reached out to my attorney who is not a securities attorney and got the sense he was going to look into it in a similar fashion that I am doing now - he didn't know.  So I will look for a securities attorney and ask. just like to hear BP opinion 

Any scenarios where you can advertise to private lenders through facebook?

Sometimes we have scenarios where a small amount of money is needed via private lenders to take on or do a commercial investment project. 

I think my facebook network could meet my needs but from what I understand, I cannot advertise a deals on facebook without going through the legal setup of 506c or fund. From my understanding, this legal setup could approach 10K per property. This just doesn't seem viable on smaller deals where small amounts are needed.

Is there any form of "general" advertising that would be allowed on facebook. Possibly not offering terms/returns? Just something like "contact me to disuses"?

 Hi Kevin - thanks for the straight up answer! Thats what I will plan on doing then, we should have the building in good standing within 6 months.

And good move on the office purchase! I been buying single family BRRRR rentals since 2013 but got into non-residential commercial side of things in 2019 and never looked back. I still hold a nice portfolio of single family but I am always looking at which one to sell next as I fell in love with non-residential commercial for all the reasons you mentioned.

 Nothing residential. They are all office/retail.   All suburbs of Cleveland, usually B areas and nothing in Cleveland itself.  44092, 44130, 44094, 44077.

What actually made me shop it aside from maybe finding better rates is that my agent said Nationwides appetite for the buildings I buy - which are usually slightly distressed with some vacancy. We fix the buildings up and get them full of tenants but my latest purchase he said they likely wouldn't be able to do because of the roof is older then 20 years and its 40% vacant.  We plan on replacing the roof and I carry a $5000 deductible so I wouldn't be making a roof claim anyway but thats what he said.

Looking for commercial property insurance - 6 properties total. I am currently insurance with Nationwide but have been looking to shop it for quite some time.

These are non-residential properties.   I would like to get a quote on one property for sure that I need now and then maybe get a quote on my other 5.

Any referrals appreciated. 

Thanks Joseph!  I was very surprised this girl wanted my building for a daycare without the pull up parking. But job and family services is across the street, and she says she has strong ties with them and she gets a lot of business for her daycare business in another city this way. But I will assume its a long shot at best. Just happy to know there should be solutions for other businesses through a variance or leasing spots nearby.

One of our latest projects to date is in a downtown area and has ZERO designated parking spots which I knew going into it. Pics of the building here www.cleinvest.com/113main

We have a daycare business that wants 5000 SF on first level so we are trying to work through parking requirements. Not having purchased a commercial building with no parking, I had a rude awakening today talking to the city zoning department about parking ordnances for different types of business. I wrongly assumed because a bank and other businesses occupied this building years ago, customers just park on street and public lots nearby and walk to the building. The zoning department explained to me the city parking ordnances for different types of space and said I will have to apply for a variance if the business cannot comply to minimum designated parking spots, but I am still bit confused/concerned.

There are many similar buildings without parking nearby and they seem to be operating. Are they leaving the city in the dark and not having their tenants get occupancy permits or can I expect to have success getting a variance accepted?

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