All Forum Posts by: Chuck Catchings

I need some BPs feedback on the Vegas market. Everyone there says it's a HOT market. I have what I think is a steal on an assumable loan but just would like some feedback from someone other than a RE agent that knows the market there. NO offense to RE agents !!!

Chuck

Adam just check with the state requirements, you should be able to Google this up and be sure to check with the local city requirements as well. I tried to find you a website but didn't find one I liked, it looks like you need to be licensed and certified.
I have over 30 years experience in all phases of residential and multifamily construction and just because you have a good work ethic doesn't make you a good candidate for becoming a GC. Don't get yourself in a bad situation, it's not easy and it requires a lot of your time and is very stressful. Spec building is a good place to start but just the fact you don't even know what requirements you need to start is not a good sign in my opinion. I don't know what your background is and I'm just giving you my opinion from many years in the trade. If I can help with some advise just let me know and I'll do what I can. Good luck.

Chuck

Bill, I guess I owe you an apology but everyone needs to read my original post. It was a general question, nothing else. I just wanted to hear thoughts on commercial property. I didn't mention an offer or say I was looking to buy or sell. Yes a piece of commercial property was brought to my attention by a motivated owner/seller. But I will leave it at that and close this discussion.
I also thanked everyone for their comments as well and yes there are some very smart and very experienced people on BP. This is a great site. So thank you again, everyone, for commenting.

Chuck

Hey Josh. Like everyone that has posted here it seems your looking for someone to say this is a good idea. In theory it may be but I am doing a lot of research in this oil boom in various states and it's a mixed bag depending on who your talking to and what info your getting. ND was the first and everyone is using it as an example. You have the benefit of being there so you have more insight to what's really going on. Personally I wouldn't want to live in the same property with oil field workers coming and going all hours of the day. No doubt some have hit the jackpot but they got in early. There is a lot of speculation in this shale oil boom about how long it will really last. It's also tied to the market price of a barrel of oil and if it drops below a certain price then this whole thing could stop in a heart beat. Plus the fact that oil companies are very mobile and they move to where the most oil is being discovered, the overall cost of drilling plus the supply of water has a major impact on this, no water no drilling !!!
I would be very interested in keeping in touch with you to see what you decide to do here. You need to get a pulse on what the oil companies in that area are doing and what their long term plans are. This is not an easy thing to do unless you know someone. Initially what your looking to do will most likely work but that may only last 4 or 5 years in your current location. If you don't reach that 9 to 10 year time frame and everyone moves on then where does that put you? Oil companies are a fickle bunch and they don't care about you, so be very careful. If I can help let me know as I'm trying to get as much open info that is being provided by information providers that do follow this boom. Good luck.

Chuck

You need to consider if your throwing good $$ into a bad situation. Just because you hire a lawyer doesn't mean you'll get anything back, especially if your contractor is small time with nothing to lose. I was a contractor and even had some homeowners that didn't want to pay the minimal fee for the permits and I turned down those jobs.

It's an unfortunate situation but a reality in this business. These guys make it harder for those of us that try to do things the right way.
I would suggest taking your contractor to small claims court but you better have some sort of contract or written agreement between you and your contractor, if you don't then it won't matter what you do, I don't know how it works in Atlanta. Even in most cases you will get a judgement and you can hang that on the wall and throw darts at it. The whole system kinda sucks both ways even for contractors that do the work and don't get their $$.
Just remember next time if you don't see the permit hanging in the front of your project or stuck to the inside of a front window then something is fishy. These permits have to be displayed for the inspectors to see & sign off on. I know this isn't what you want to hear but hope it helps somewhat.

NOTE: One thing to consider here is if any work was done by an electrician, plumber or any licensed contractor then they have to pull their own independent permits. If they don't they run the risk of losing their license. Again I don't know what Atlanta does but in most cities this is usually the case. Something for you to look into anyway.

Chuck

Well I wondered how long it would take before someone made a negative comment. First off NO ONE said anything about buying at a discounted rate. All I asked was for some feedback on the issue of commercial land compared to residential property. You don't think I don't know that commercial is speculative and didn't take some time to look into this before posting here. So I got what I was looking for from some people that have something to offer other than the obvious.
As far as mineral rights your absolutely right, but FYI, the land I was referring to has mineral rights in place and part of the deal. The owner already got an offer for the mineral rights and he turned them down. I could go on here but then I'd be no better than, Oh I guess I'm stating the obvious now.

Chuck

Jon, yes you have and I just want to say that this is without a doubt the best forum I have ever come across with really top notch people and advise. I'm just trying to find my place here and let things fall where they may. I just have to find my niche and run with it. Thank you everyone who has taken the time to make a comment.

Chuck

Jon the reason I haven't signed up for the pro account is at this time I do not have control of these properties. Not in a position to do this yet. So if I throw out what I find what keeps someone from just going around me a doing the potential deal themselves. I'm attempting to build a relationship here first with someone such as yourself to get something done down the road.
I just can't justify putting a property under contact without a exit buyer in place, not fair to the seller and not the way I work. Besides there are so many variables when it comes to what buyers are looking for and the financing options. I can find the deals but right now I'm kind of all over the place until I find that first deal. I'm working different markets in order to have multiple options. My background is construction, over 30 years. I'm sure you can understand where I'm coming from here, thanks for your input though. When the time is right I will do the pro account.

Chuck

I'll respond to Seth first: Seth did you get those discount numbers reversed? You say significant discount at 10% to 40% then you say slight discount of 60% to 80%??

There seems to be a fine line here on BP about asking questions and solicitation. I've had my hand slapped twice already about this.

So I can connect with you if you want to know more but I'm mainly just looking to see what sort of feedback I get. I know commercial is a whole different animal compared to residential. So again any info or advise is greatly appreciated.

Marc, some parts of the Texas market are the hottest anywhere in the nation, especially Austin with double digit appreciation rates expected for the next 3 years. Of course you'll get some people that will argue the double digit statement but I can show you these numbers. It's not everywhere but certain pockets.
Now the oil boom is a whole different subject and not only in Texas. I am following this in 6 different states and compiling data and talking to local real estate companies, local businesses, just plain local folk and just basically doing research. You mentioned Texas and there are actually 2 different booms going on there, Permian Basin and Eagle Ford down south. The numbers depending on who you talk to can be well how do you say stupid
money. If you want to know more let me know but we should hook up elsewhere because there is just to much to write about this on BP. I'm not soliciting here just offering what I have found out.

Chuck

Hey Marc, Colorado is too expensive and I'm originally from Texas and that's the area I'm working on. I guess you could call me a virtual bird dog for a lack of a better term. I am mainly looking to find and have found some residential properties but just stumbled across some really good commercial deals in the Arlington, Tx area and was wondering what these types of buyers are looking for.

Do you do commercial?? Any help or suggestions would be appreciated, thanks.