All Forum Posts by: Brett Alphin

Hello BP, I'm looking for a good commercial real estate broker, licensed in Arkansas, to list a motel for sale with me. Any recommendations would be much appreciated. Thank you! #arkansas #memphis #littlerock #commercial #ARrealestate Also, if you're looking to buy a motel with good numbers in Arkansas please message me on BP. Cheers!

Good Luck @AsimAlam !!

Hi @JenniferMacDonald

Greg is right. Make sure you always check the box to allow them to hold your offer as a backup too. We have gotten a few good properties that way. They reject our offer at first. But when the highest bidder walks away for whatever reason, they go back to the backup offers. Usually at a really nice discount too. Good Luck!

Hi @GregPilz

I have never added anything other than the 6% for realtors' commissions. I have, on some occasions, had my agent add only 3% to the commission line. Then I paid my him out of pocket at an agreed upon percentage of the purchase price (sometimes 2-2.5%). I will mention that HUD has become a lot tougher than it was when I originally posted this. Homes rarely make it to "all bidders" now, and when they do the amount they will accept is much less of a discount than it used to be. Good Luck!

Calling All Heavy Hitter Investors, Developers, or Architects in Los Angeles. 

I have a once in a lifetime piece of property at the top of West Hollywood that is not listed for sale on the MLS. Two Lots. 1.5 Acres $9M and 1 Acre $3.75M. Both for $12M. Unmatched 360 degree views of Downtown, Hollywood Sign, Century City, Pacific Palisades, and the Valley and even Newport Beach on a clear day.

Los Angeles Agents: if you have this kind of client, I'd love to hear from you. 

Please email me for details. Serious inquiries only please. Thank you! 

[email protected]

#LA #WestHollywood #HollywoodHills #BeverlyHills #BelAir #Hollywood #LosAngeles #LandForSale

Yes @RichLennon this is not a wholesale deal. I am an investor. This is a turn key asset, ready to rent out for really good cash flow depending on your financing. Would possibly do owner financing for the right terms. I'm not desperate to sell it. But I'd be happy to be on your buyer's list if you ever find anything in this area. Thanks!

Considering selling one of my properties in Richmond, VA for the right price. House is great 4/2 in desirable school district in Chesterfield County. Recent upgrades include: new downstairs bathroom, kitchen appliances, and paint throughout. Tenant moves out this month and no repairs are necessary to start a new lease right away. Message me if interested and I will set up a showing. Serious buyers only please. Thank you!

One of the biggest challenges facing first time rental property buyers is saving for the down payment. You’ll need a chunk of cash to get started. So, here are 6 tried-and-true ways of saving money to buy a rental property:

1) Found Money Found money is my favorite kind of money and can really help pad your down payment. From work bonuses to birthday checks from Grandma, this money is the easiest source of excess cash. You won’t miss found money. Just pretend you never had it in the first place. Cash those checks and deposit them immediately into the bank.

2) The Latte Factor I know you’ve heard this one before. At least from Josh Dorkin giving Brandon Turner a hard time on the BP podcast about his Starbucks obsession. But making a bunch of small changes in your lifestyle can help you save literally, thousands of dollars. From cancelling gym memberships you don’t use, to yes, forgoing your daily venti chai latte and bringing your lunch to work, making small changes now will help you buy your first property faster. Figure out what you can live without, and direct that money automatically to your savings account.

3) The Bank of Mom & Dad If you're fortunate enough to have a family with a little extra cash, the Bank of Mom & Dad can be a lifesaver. It's not easy being a first time rental property buyer. Parental help can often mean the difference between buying what you want, and buying a run down condo with a crappy HOA in a bad part of town. Of course parental contributions generally come with strings attached, so be prepared for guilt trips and unsolicited advice about what you're buying.

4) Sell Off Some Toys If you’re like me, you probably have some toys sitting in your garage you haven’t used in years. Look on ebay and see how much that stuff is selling for. If the price seems right, list it. That extra cash will help you way more than that old baseball card collection you never even look at.

5) Practice Mortgage Payments Figure out how much more your mortgage payments/taxes/insurance/cap ex fees will be when you buy and start putting that money away now. This will prepare you in case of vacancy AND it’s a great way to increase your down payment!

6) Better to Be Safe Than Sorry Save your down payment in a separate bank account. Ideally one not accessible from the ATM so that you won’t be tempted to dip into it for a last-minute shopping spree or a spontaneous round of drinks.

Saving money for a down payment isn’t fun, but it’s a necessary evil on the path to rental property investing. If you’re a first time investor, the sooner you start saving, the better.

Hello BP,

I'm looking for some raw land to buy in Chesterfield County VA for either a multifamily project, or a storage facility. Searching for 2 to12 acres, and relatively close to large population centers. If you come across anything that fits that criteria, please don't hesitate to call or text me. 323.686.1976 or email: [email protected] Thank you!

@Kenneth Shultz Have you scouted the area? I know Manchester is being revitalized, but it is still pretty rough in that area. I'm also sure you won't get it for half of the asking price. Not in this market.  But you never know. Good Luck!