All Forum Posts by: Bob Baldwin

Mark : It was used as Mfg for a couple of different companies . The owners wife told me that No Chemicals or Haz-Mat type of things were ever mfg'd there . BUT ALSO at one point there was an open area for Machine maintenence where they kept some industrial cleaners , a few 50 gallon drums for Machine Lubricant purposes  and a rack for Propane tanks that were used on the tow motors . That area has been removed but you can still see some oil stains on the floor . T o me Not a problem it can probably be cleaned . But Realistically My biggest concern is having to Get / Pay a EPA compliance company to come in and tell me everything is OK or wether some type of Remedial work needs to be done to be in compliance before the project even begins . 

Scott : That is what I am currently doing My due deligence / Fesability study . Remember I have not yet bought the place YET ! I can tell you though that the town has 6 various " Mini - Storage Facilities  Talking to their owners generally at 75% capacity . In these units generally the largest are about 10 X 25 ft . My thinking is for Household storeage . two of the places do offer a small outdoor storeage for Boats , RV's etc .not sure what those rates are I guess it depends on the size . 

Not really sure how this translates to the potential of Industrial Storage / Industrial Useage though .

On the bldg under consideration of the 65,000 sq ft I am thinking the positive features are the 6 Shipping doors and the ability to drive a tractor trailer inside the bldg if need be . that I would not want to change and I am further thinking that I would save about 5,000 sq ft for that purpose . this is all to the rear of the bldg . 

The other consideration is the front of the bldg has about 5,000 sq ft of empty office space / lunch room / bathroom facilities / Meeting room etc; How to best make use of that space .?

On tuesday I am actually having a few OFF the RECORD meetings with town officials just to discuss what I am Considering doing and make sure no unforseen problems may arise if this project should move forward . 

Scott or Others : Do you or anyone else have any experience in the " Record Storage " business ? I do see that as a Need for the area as the nearest type of facility like that is 45 minutes away . Though I would think you would need a controlled enviorment Temp , Humidity , etc; Just curious 

They can be if you are willing to do the Due Diligence tracking down ownership .

Start by going to city hall property tax dept to get the latest info on ownership .

Got a call from a lady whose husband owned an Industrial Bldg on 9 acres . It had been used by her husband who operated several businesses . The actual building is 65,000 SQ feet . It has been vacant for 4 years other than occasionally for some short term warehousing rental . Owner has no mortgage wife and kids want it gone . It had been listed with a commercial Agent and now that listing is expired .

I am further stating that in the past 4 years the commercial broker was neither able to sell the place nor get offers to lease out the whole place . From speaking to others in town I do see an interest in / need  for 10,,000 - 12,000  sq ft units for industrial / warehouse sites for sale and for lease . almost like Industrial Mini Storeage space .

The Bldg has 6 shipping / receiving Dock Doors along with a 14 ft wide drive up ramp that door is also 14 ft tall so you could literally drive a tractor trailer inside if need be 

My thinking ! Not confirmed yet would be to leave the shipping area intact leaving it as common area then further sub-dividing the rest of the space into industrial Condo's 10-12,000 sq ft each .

Have not talked Price yet with the seller but I get the impression they Really Really want out 

I would like your thoughts both Pro and Con to proceed with my due diligence ?

Welcome to BP Quin . I have been investing since 1965 and have been lucky enough to have been to all the Provinces except Newfy . In my hunting and fishing endeavors you country is quite diverse . 

The only problem I have is in BC , Alberta , and Saskatchewan I have had an interest in Purchasing a Hunting / Fishing / Lodge / Outfitting Business on a few occasions and now as my facing Retirement and wanting to again do such I have been told by 3 seperate RE Brokers that because I am NOT a Canadian Citizen that is NOT possible to do .

How does that affect my ability to Invest in any Canadian Business such as SFH or Multi's ?

Can anyone tell me If Jeff and Ellen Petracco of Wealth builders are on the up and up ?

I am considering doing a deal with their office but now I am thinking to put that on hold . 

Why would the developer want to incur the &36,000.00 annual cost ?

I would add to your last comment The Strong and Knowledgeable will survive . 

I have always been a Goals Orientated type guy :

Last year have you met your realistic goal so far for this year ?

Are you on track for 1year ,2years , 3 years out ? If Not Why ?

Is your business Operating as you want it to be ? Or constantly changing on the Fly ?

i just got back from taking a walk around the property Outside seems to be in Good shape ,Heck even the grass had been mowed I peeked inside a few windows ,did not see any major issues . Am meeting the Parents Saturday afternoon for a tour inside . 

I guess the areas that I am concerned about with : Where is the Deed ? Can a person in prison Sign / Sell his house to an outside source ? Who would handle that ? I would think that even while he was on trial and his parents and sister had made payments ,All the mortgage company was concerned about was getting their monthly payment on time .

Well you never know where your next lead will come from ! I'm standing in line at the local Kroger Supermarket the lady behind me had a few people come up to her asking how her brother was doing ? Apparently he just got sentenced to 10-12 years at the State Penn for 4 or 5 offenses . The lady about mid 20's was telling the people that she was going to have to sell her brothers house . Apparently the sister and the guys Parents were making the monthly Mortgage payments till after the trial was over and a conviction was had . Now they all want out . 

Details as best as I understand them : 

    House is a 3Br 2 Ba 2 car garage . 

    Comps show recent sales last 90 days $229,000.00

    Mortgage is $105,000.00 As stated it is current . Not in Foreclosure .and Taxes paid .

    This lady further told me  They are looking for the following : 

    Pay off the Mortgage , Repay the parents 8 mortgage payments they made plus the 3 that the sister made . Along with about $10,000.00 in outstanding bills so as there are no liens and 1 judgement to be satisfied .

   The numbers seem to work out OK But I called my attorneys office to get some questions answered and he and the family are out of town for the next 10 days . I am in a position to make an ALL CASH OFFER But Not sure where I stand .

  To Whom would the Offer be Made ? The convicts name is on all Documents . At what point does he Not have control of the house ?

 *I have Never been in this type of Negotiation before . Needs some advice Deal or No Deal ?