All Forum Posts by: Adam Craig

We are buying distressed office buildings which usually need a full rehab.

The building I did in 2019 we went with commercial carpet, but its already looking a little rough.

The building we are doing right now is getting LVP that I found for $2.19/sq ft. It looks great but much more costly comparted to carpet so I question if its worth it.

I do see carpet tiles in many offices I visit so I am just unsure.

Thoughts? 

We are about converting 9000 sq ft of office space into residential apartments on the 2nd level of a commercial building.

Right now its all drop ceiling. Is this a no-no in apartment buildings?

We are pretty much reconfiguring the entire space to get the apartment layouts we want so I figure if we are taking down most of the walls then we should do the ceiling. But the ceiling track is all intact so I want to be 100% sure before we demo.

What are your thoughts on drop ceiling for apartment building? Is it even allowed? 

I am not sure if this is just alot of my deals or common practice, or maybe I am reading into it way too much.

On so many of our flips we accept a 30 or 45 days close. I would say over half the time it goes at least a week beyond that if not more. Many times I get very lame excuses from the agent and often it seems they are not working with any urgency. Countless times, no matter how much I push for it, they want to do their final walk through a day or two before closing to check the ROC items. More times then not their is something not to their liking so we have to make additional repairs, then they reinspect and so on...

What I suspect is they offer a 30 days close to get the house. But really they are not ready to move right away or don't want to pay two mortgages.

Do you find this is the case or are all these excuses for delays legit. I cannot imagine its common practice to put a per diem on flipped homes?

We are under contract on a 16K sq ft commercial building for 350K that needs about 150K of work. Key bank is the anchor tenant, most of the vacancy is on the second floor which we are converting to residential so the cash flow should be nice.

In 9 years doing real estate, this will be my first partnership. Normally I just pay my private investors back on the refinance but the 2 investors I am going with want to structure it as a long term play which I am okay with if we can make it numbers work.

I am looking for ideas on how to structure the deal.

Total money needed raised if 500K. We have yet to determine how much each of us will be bringing. We are starting to raise money now.

2 of the guys are out of state and I am the investor here on the ground who will be doing/managing the rehab and managing the building/tenants when completed.

Assuming we each bring 1/3 of the funds - what are some ideas to structure the equity/cash flow?

Looking for ideas on improving the exterior of this office building. Its all vacant with about 4500 sq ft on top and 4500 sq ft on lower half, so we dont know how our tenants will occupy it yet. The only thing we know for certain is new windows throughout. 

I was thinking of adding black commercial storefront windows to the existing doors on the front with some improved landscaping. 

On the back I was thinking of adding stucco to the block walls then painting. Then adding commercial glass windows and doors.

After being strung along by the lender for 3 months we just got an update of what the processor is working on and its still a TON of stuff they don't have in order. It feels like we are going down merry go round of docs that will never end. I am going to do some searching for non QM lenders but wanted to see if you broker any of those products Stephanie?

I know these are questions for my CPA and attorney who I am going to speak with. But I like to get BP thoughts before I have those meetings.

I am starting to get some traction sourcing private money for my deals. I am fading away from my long time hard money lender and now have 6 private lenders with much lower rates.

With a growing pool of private investors I want to get my ducks in a row and I want to know how to make my investors feel warm and cozy about giving me their money.

1. Should each investor be protected with a note and lien on property? When bringing on several smaller investors on one deal I don't know if I should offer them all a lien position.

2. Do you have attorneys draft documents? We have been using the same mortgage/note documents and "filling in the blanks" and mostly avoided attorneys on past deals.

3. Do you need to send them a 1099? The HML I used for years is a pretty big lender and he never requested one.

Thank you!

I know these are questions for my CPA and attorney who I am going to speak with. But I like to get BP thoughts before I have those meetings.

I am starting to get some traction sourcing private money for my deals. I am fading away from my long time hard money lender and now have 6 private lenders with much lower rates.

With a growing pool of private investors I want to get my ducks in a row and I want to know how to make my investors feel warm and cozy about giving me their money.

1. Should each investor be protected with a note and lien on property? When bringing on several smaller investors on one deal I don't know if I should offer them all a lien position.

2. Do you have attorneys draft documents? We have been using the same mortgage/note documents and "filling in the blanks" and mostly avoided attorneys on past deals.

3. Do you need to send them a 1099? The HML I used for years is a pretty big lender and he never requested one.

Thank you!

 Thank you for the input!

PRIVATE INVESTORS WANTED - 

I am an experienced investor with 36 single family homes and 2 office buildings - Our business is CLE Real Estate Group. I have private lenders who can vouge for my expertise and ability to satisfy each and every loan. 

We now have a new investment opportunity on a 9000 sq ft office building. This deal is offering a 10% monthly interest payments + 1 point over a 12-18 months before payback. Feel free to DM me or give me a call and I can discuss details and answer any questions to alleviate any concerns.