All Forum Posts by: Daniel Toy

The town is growing rapidly with tons of new home construction still happening along with new schools, and we were recently ranked as the fastest growing city within the metro area....but we are served with only a handful of restaurants, 2 of which are fast food (sonic and Mcdonalds). Everyone in town knows we need more options because everyone currently has to drive out of town for food and entertainment. I'm eyeing a piece of land along the main corridor into town.

The lot is a little over an acre and is already zoned commercial, but its mostly raw land with an older home thats just being rented out to a small business. Sonic restaurant is just a few lots over. 

Given the lot size, is it worth pursuing for a restaurant and if so... do I buy the land and just market the lot to restauranteurs as a lot flip? Do I develop it and rent out the building? Should I find a partner and buy into a franchise (LOL)? I think most fast food places would develop themselves, so I'm not sure what extent my involvement would be or should be if I buy this lot. I'd love to own another business, but the food business scares me so I'd rather stick with the real estate play here. 

Thanks!

I closed on that property, and I'm actually working with the same realtor again on another place so I don't have any mistrust in her now. I chalked it up to the sellers being oblivious to the repair/make-ready work being done on the place, so there wasn't anything more I tried to pursue out of it. 

I was recently referred to another "great" pm by a former re agent, transitioned to them last month and it's been nothing but issues so far...

I live out of town from my rentals, otherwise I'd self manage. Even if you feel like you don't have time, you should give it a go initially. You'll find the time if it matters enough and you'll learn so much more before you pass on the reigns to a "professional". Get yourself a quality tenant and it shouldn't be too time consuming at all, assuming the property is in decent/good condition.

I'll plan to be there. 

Welcome! What parts of town are you targeting?

I am curious about the source as well, because I was already getting calls to buy a recent property that I just closed on a few weeks prior.

I can appreciate people wanting to make money in real estate as we all do in our own way, but at the same time this flood of novices entering the wholesale game is surely going to cause an issue thats going to lead to some regulation of some sort. 

Comps. Have an agent set you up with MLS listings in the area(s) you're targeting. I also refer to Zillow's "recently sold" feature (although reliability of it comes into question at times). Also search for comparable rents in the area (craigslist, rent.com, zillow, etc.) What parts of town are you interested in?

The swings and the headlines obviously don't help the masses when it comes to "believing" in crypto, but when you have extremely tech savvy/forward thinking individuals that are pro crypto, there is something to be said about that. When it comes to the "future", I'm more inclined to listen to someone from silicon valley than the traditional "experts". Also, the fact that blockchain technology is being adopted by numerous companies now should be worth noting, regardless of how people say it's irrelevant to the actual currency. And let's face it, you will never hear anything positive about anything that the government can't benefit from, unfortunately. 

If you made money from it, you're probably more inclined to believe in it to some extent. But if you lost money or missed out completely, crypto is just a scam.

You always fear what you don't understand... 

Has anyone had experience/success in contacting owners of properties that failed to sell at public auction, shortly after auction closes? I'm wondering if there is any potential breach or violation with the auction house if I contacted the seller directly after to discuss a sale?