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All Forum Posts by: Dale Shin

Dale Shin has started 3 posts and replied 76 times.

Post: ​Medical Marijuana Commercial Tenant?

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20

If the Feds get wind of a mmj tenant they may start by sending you a letter to get rid of that tenant within a certain time frame and if you don't, your property may be subject to seizure.  The bigger issue may be that your lender will have an issue with the mmj tenant, that is if you have a loan on it.  

Put a clause in the lease allowing you to terminate at any time with 30 say notice, the mmj tenant may actually want that as well.  Then cash in!!

Post: Door Knocking - What to say when they answer?

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20

Hi there, I'm just starting out to and looking for low-cost ways to get started, I decided to door knock after reading this article:

http://beta.biggerpockets.com/articles/32-door-kno...

I then went door knocking at around 5:30 pm later that week in a target neighborhood.  I followed the advice in the article and after getting over any initial fears and procrastination, I found it was a really good experience.  Everyone was easy-going, curious and willing to talk.  Some people were eating or other said it wasn't a good time so I apologized and moved on.  One of the homeowners couldn't believe it and invited me in because he was going to list with an agent the next day!  He was a retail seller though so I didn't try to make a deal.  He had a nice house that was well maintained so I told him I don't pay top dollar and so he's better off trying to sell retail, especially since we're coming off a really hot time in LA.  

I didn't take any forms with me but a yellow note pad and I wrote down the names and addresses of the persons I was able to speak with.  I left them my business card and let them know I will pay a referrral fee if I am able to successfully purchase.   I am planning to mail them a friendly note reminding them of my visit and that I pay a referral fee for any leads.  

I did go prepared with market info which came in very handy as some were curious as to how much their home might be worth.  Since it's summer time with longer daylight hours, now is definitely the best time to do it in the early evenings after people get home from work (weekdays that is).  

Good luck!  just get out there are do it, it's really easy once you get in a rhythm.

Post: Subject-To-Deals as a Real estate salesperson

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20
Originally posted by @Brian Gibbons:

Anything posted by me can be used by anyone as long as you get legal advice, DONT SUE ME!

lol

 Hahaha!  No, of course not.  Thanks!

Post: Using MLS for investing leads?

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20
Originally posted by @Account Closed:

I think the best way to go is to buy off market or FSBO in California.


My 2cents,


Joe Gore

 Yeah, marketing to expireds seems the best and maybe easier.

Post: Subject-To-Deals as a Real estate salesperson

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20
Originally posted by @Brian Gibbons:

Anyone can sue anyone anytime.

A disclosure is really important in case there is a lawsuit.

I use this disclosure on all deals:

```````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````````

That sounds like a really good acknowledgment, mind if I use too?!  

Post: Using MLS for investing leads?

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20
Originally posted by @Account Closed:

I don't know about now but four years ago when no one was buying homes in California the MLS was my playground. Today every one of those homes is worth twice what I paid, I don't think I could do that again in my lifetime buying on the MLS. I was lucky and had the funds at the right time.

Now I look for homes you need cash to buy because they are in too bad of shape to get loans on, these are the ones I can make good money on right away. 

Wow, you must've made out well! Did you buy those properties following the ARV 70% minus repair costs etc.?

Post: Using MLS for investing leads?

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20
Originally posted by @Ned Carey:

Yes lots of people use the MLS for leads.

  • Expired listings
  • Long days on market
  • price reductions

These are all good techniques for using the MLS.

 Yes, I've read about looking for those kinds of listings but then a question comes up, for those that are still active, is there any "catch?"  What I mean is, it seems it would probably be more difficult to get a low, sensible enough price since their agent is involved.

Post: Using MLS for investing leads?

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20

Hello,

New guy here on the forums. I have MLS access and wondering if anyone here is using it for getting investing leads. Like contacting expired listings but instead of listing them, marketing to them as an investor to purchase. Anyone do that? If not, do you use another technique?

Post: RE Agent Purchase Contract State of California?

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20

You can purchase the California Association of Realtor (CAR) "Residential Purchase Agreement and Joint Escrow" contract form from your local realtor board. They should have a store and anyone can go in and buy the form. Members get a discount but anyone can buy.

Buying the form is one thing, filling it out is another! Down here in Socal, it's customary for sellers to pay for most of the tests, reports, etc but I hear it's different up north. Talking to a friendly agent should probably help.

Post: Commercial vs Residential

Dale ShinPosted
  • Real Estate Agent
  • Los Angeles, CA
  • Posts 80
  • Votes 20

As a property manager for retail strip centers on NNN (triple net) leases, I think commercial is a great way to go. Yes, it is very different from residential and the price of admission is higher. NNN leases are more complicated but are designed for getting the landlord a "net" profit. Management is supposed to be less intensive than residential because of the NNN but each property is different. The learning curve is steep, but you learned residential, right? No problem. Just read all the leases carefully, yes, all 60 or 149 pages! Then hire a competent commercial property manager, designations can certainly help (CSM, CPM). Other than the obvious, tell your manager to look out for liabilities (trip and fall, ADA stuff, etc.), you don't want to get sued. You should also hire a leasing broker. Since you're starting out, you should pay these guys to learn how to do it right them then do it yourself, if you want.

The commercial landlords I know who went from residential to commercial never looked back. I think the obvious two keys are location, location, location and having reserves (oops, that was four keys). Maybe you can pick up a shopping center for dirt cheap out in the middle of the desert but you're tenants will probably have a hard time making money and you'll have vacancies. That's when you'll need reserves to carry you through vacant periods and if you need any major upgrades (parking lot, roof, main line sewer problems).

What's different about commercial is it could be in a rough part of town but as long as it's on a busy retail area, the property can do fine. You might have to clean up graffiti every day but it could be a cash cow.