All Forum Posts by: Christopher Juntura

Quote from @James Hamling:

So @Christopher Juntura, your whole thing is you just want to "conquer" and take over there business from them? Yeah, good luck with that. What would you do in there shoes if someone bought the property and came looking to steal your business from you, how amicable would you be? 

I would become the worst nightmare you ever experienced. I'd find the most savage attorneys $ can buy, and I wouldn't just fight it, I'd return the favor and find every little way to bleed you. Better ask how many ways are you vulnerable. 

There is reason for "pigs get fat, hogs get slaughtered". 

 I hope you find peace in your life. Getting a very hostile vibe from you.

Quote from @Nathan Gesner:

Quote from @Christopher Juntura:

Get a copy of their lease and see what the options are. If they have a contract for two more years, you should honor that. If they are on a month-to-month or their lease ends in four months, then you can terminate them accordingly.

Question: why not keep the laundromat there and charge them market rent instead of sitting on a vacancy and trying to fill it with a new tenant? It's probably not easy to find a new laundromat space, so it's in their best interest to pay and stay.

 I honestly want to have it for myself I  can work out a deal with the current tenant to purchase the machines from them but I also have access to newer machines.

Have a property with a lot of potential. 

100% occupied 22 units 

storage facility

laundromat 

under market rents (haven't been raised in 10 years) 

needs work est. 150k but not all needs to be done right away. 

I'm big on creative financing, seller is willing to finance but wants 20% down on 2 million.

I'm starting to reach out to my circle a couple interested but way short of my goal. Looking to get into RE groups to network more but the deal is real good. High cash flow and equity and multiple income property.

looking to get advice on how to raise money to help with this deal without putting any of my own money in. 

Seems like you have the funding, using the land as collateral and supplement the rest of the 20% with the 40k of the 100k you have. You'll have a buffer with the left over.

good luck with the build

Looking to purchase a property that has residential units and a commercial laundromat. 

the laundromat building is rented out but i want to remove them when I purchase the property to have that as another income on the property. 

they are a tenant at will, they own everything inside the building. 

just looking on how to go about evicting them.

thanks in advance

Quote from @Garrett Gatton:

Quote from @Christopher Juntura:

Quote from @Michael Evans:

I agree but you have to think that banks have seen this coming after all the 2.5-3% loans they have out there. If the title is transferred, it will trigger the due sale clauses. I look forward to hearing more on this topic.

Thanks, 

Mike in Palm Desert, CA

All really depends on if there is a mortgage, but you can buy insurance on it as well were the due on sale clause was triggered. 
I'm doing a lot of negotiations where sellers in the right position are open to it now even if it's a portion. I've noticed that the more informed sellers are better positioned to take such risks, but again I'm better off getting seller financed deals with talking to the seller directly than their agent. I'm working on one now where my agent has asked and they said no but went for a showing and the seller showed the multi and I got to have a conversation throughout the showing and they were happy to see what I could put together for a deal. 

 Christopher what insurance companies do you use to cover the event that the bank calls the loan? Does this just apply to residential (1-4 units) or larger multi-family?

 https://www.equityassurance.us 

its from a BP episode with Pace Morby. Hope this helps. 

Quote from @Michael Evans:

I agree but you have to think that banks have seen this coming after all the 2.5-3% loans they have out there. If the title is transferred, it will trigger the due sale clauses. I look forward to hearing more on this topic.

Thanks, 

Mike in Palm Desert, CA

All really depends on if there is a mortgage, but you can buy insurance on it as well were the due on sale clause was triggered. 
I'm doing a lot of negotiations where sellers in the right position are open to it now even if it's a portion. I've noticed that the more informed sellers are better positioned to take such risks, but again I'm better off getting seller financed deals with talking to the seller directly than their agent. I'm working on one now where my agent has asked and they said no but went for a showing and the seller showed the multi and I got to have a conversation throughout the showing and they were happy to see what I could put together for a deal. 

Seems to be a lot of money down considering the bank and or other lending would require on average 20%.

Quote from @Vik John:

I am buying one of the below investment properties both are houses with no HOA.

1. A two-story house 3 beds and 2 bath  (total 1400 sqft, includes basement upto 350 sqft) . Rental income = $1600 per month as rentometer

2. A ranch house with 3 beds and 1 bath ( 900 sqft with no basement) : $1300 per month as rentometer

Both the house in same area just 4 miles away .  but the 1st one is closer to groceries/pharmacy and is more kind of remodeled. 

Would you pay 45k more for the 2-story house ?   

Thanks

 Cash flow helps keep the investment, but if they have good cashflow, take the one with the higher cashflow + appreciation.

I'm often lost in my thoughts about deals and trying to make sense of the numbers. I've been a decent land lord but reflecting on things where I've caught myself chasing after every shiny object. I'm always looking for deals and learning from books pod cast and experience. It dawned on me that I'm not finished working on my current projects before I see something that'll get me to the next level and start to chase that by running those numbers and then the day goes by and I haven't made any real progress.

I think that I need to start defining things like what does success look like, having better defined goals (short, medium and long)  and how to take/ check my accountability on aligning myself with those goals.  

anyone else feel this way?