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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 21 times.

Post: Do buyer Brokers exist?

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4

I'm deal exclusively in commercial real estate in Southwest Michigan both as a developer / investor and as as a real estate agent. I see off market deals daily and would be happy to share with a regional agency agreement. I have a solid strip center ($1.35M) and an senior medical facility that hit my desk today ($2M) at attractive cap rates. 

Post: Cannabis Commercial Real Estate

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4
Good point with the mortgage. I will check with our lender on Monday. That would definitely be a deal breaker. 



Originally posted by @Tony F.:

@Derek Wissner

Lots of risk and upside. Unless feds pass a safe banking act you will be handcuffed to private money funding (there is talk of this progressing which will be huge for the industry, not only for RE side but for operators who have to currently fund everything, no line of credit against ARs is a big squeeze on operations which trickles down to the landlord) if you have a current mortgage in place you will be likely be at risk of having your note called (doesn’t always happen, but is a risk).

These businesses are started heavily on speculation, not as much profit actually being made as expected in the industry, but lots of investment money has proped it up for last few years.

Rents and RE sales in California are 3x priced over non cannabis tenants. The industry demand is unquestionable, eventually consolidation and commoditization will come and the strong will survive and profit. Pick the right tenant.. easier said then done.

Post: Cannabis Commercial Real Estate

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4

I'm a commercial investor in Michigan. Or city currently permits medical marijuana retail and will likely be approving recreation by the end of May 2020. 

I have a property that is within the proposed approved zone for recreational marijuana. It is also a high profile site with lots of visibility.

A moderately sized marijuana company has approached me regarding a lease for a retail establishment in this site. We've discussed general terms etc and they are to be sending me a LOI next week for my consideration. They have a few other sites currently open or in development to open soon. They are also a fairly large grower and processor of marijuana.

Marijuana is not my thing. I'm not opposed to it but I don't have experience in this as a business (I suppose few do). Obviously it is still illegal at the Federal level.

Any others out there that have dealt with this from a strictly landlord perspective? I'm not interested in becoming involved with the nuances of this emerging industry but don't necessarily find leasing to this tenant objectionable. I do however want to understand my risk.

Post: How Do You Not Let Your Expenses Grow With Your Income?

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4

A way that I got a hold of this problem was by focusing on my net worth verses my income.

I started this shift in 1999 and I began with a negative net worth. Each month I kept track of all my income/expenses and assets/liabilities. My goal was to break zero ASAP.

By focusing on my financial net worth this helped me feel satisfied by saying no to frivolous expenses.  Skipping a night out at the bar literally meant I might be worth $100 more the next day. 

I still track every personal expense that my family and I make and I could tell you specifically how much we spent in groceries or gas or clothing (ect.) in any given year.  It's actually not difficult and I find it relaxing to do once a month (almost every purchase is on a credit card so very easy to track).

Also, when I have had "vices" I've tracked those as well. For example, I tracked cigarettes separately when I smoked....as well as alcohol when I went out a lot. Now, beer / wine simply goes in with groceries as no longer is a very large percentage of our budget. 

These days I have a "boating expense". I classify my boat with a value (what its honestly worth) and then any toys, dock fees, maintenance, boat depreciation, etc...goes into my boating expense category. I need to be able to justify that to myself at the end of the year...did I get "X" amount of pleasure from the boat (absolutely). 

I get immense satisfaction looking at my personal balance sheet and watching it grow year over year. And the feeling knowing that I "could" afford to do pretty much anything I want feels so good that I actually don't even need to "do" much...if that makes sense. 

Post: Commercial Property Help- Please read!

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4
@Paul Reiland these guys might be helpful. I've worked with them before and I think their home is near you. http://www.incrementaldevelopment.org

Post: Reputable Syndicators for Accredited Investors

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4

@Jiten Voralia, a valuable resource I've found (for accredited investors) is the 506 Investor Group. 

It is a closed, online forum, similar to BP but only open to accredited investors interested in passive income. Members then crowd source research due diligence, fees, special offerings, etc...

You do need to apply and be screened to gain access but it is free (donations are welcome).

Check it out.

https://506investorgroup.com/

Post: Can I 1031 taxes from the sale of an purchase agreement

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4

Oh well, not so bad to pay taxes when it was an easy gain!

Thanks for the advice. 

Post: Can I 1031 taxes from the sale of an purchase agreement

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4

Thanks everyone for the information. I appreciate it.

The we are signing the PA today (accepting an offer) tand may actually own the property for a few hours or perhaps a day. Does that change anything? We'd be paying cash to hold it. 

Post: Out of State Investor looking for Wholesalers in Florida market

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4

Specifically looking for properties around Tampa or Coral Springs. Single family total rehabs in decent neighborhoods preferred.

Love to connect w/ some quality wholesalers or realtors in the area that could shoot me leads.

My brother is a licensed Florida GC and lives in the area.

I can close quickly. 

Post: Out of State Investor looking for Wholesalers in Florida market

Account ClosedPosted
  • Developer
  • Michigan
  • Posts 23
  • Votes 4

Specifically looking for properties around Coral Springs and Tampa. Single family total rehabs in decent neighborhoods preferred.

Love to connect w/ some quality wholesalers or realtors in the area that could shoot me leads.

My brother is a licensed Florida GC and lives in the area.

I can close quickly.