All Forum Posts by: Duke Marquiss

Walk up to them and when they are about to say something, ask them if they could spare a dollar and a cigarette.  Do it enough and they will move to somewhere where are not being annoyed.

That won't work but it would be fun.  I would go to the council and explain the problem and see how they want to address it.  You aren't the only one having this problem. Join others.  The city should have loitering oridinances that can be enforced.

Sometimes the council and the Planning and Zoning boards need to be reminded what their job is.  I have gone up against several of these.  I always hire a Land Planner to make sure that my project will meet the published guidelines of the P&Z, I always go door to door to those that are directly affected, introduce myself, tell them my plans and ask them if they have any concerns or questions. Most likely they will not have any questions when you are face to face but they will show up at the meeting and scream like crazy.

At the meeting, I will listen to the comments, take notes along with the names of the one making the comment and check against the list of those served notice that I called on.  If there are valid concerns that won't break the bank or you deal, you can agree in your comments that you will accommodate these concerns.

When it is my turn at the podium,  I restate our proposal, tell the council or P&Z that my land planner has met the guidelines that they have published, have made it a point to go door to door in the neighborhood and that it is their job to make sure that we have met the guidelines and then to approve the project.  To do otherwise means their guidelines are of no use.

Sometimes it is hard to be civil but remember it is just business.  If they turn it down without justification, you have room for legal action if you want to go down that road.  I just move on to a more friendly community.  Remember that the people that protest are doing so for "emotional reasons".  Maybe their kids always played baseball in the vacant lot or they would rather look at a weed patch than look at the back of a building.  

Good luck.  When you develop, you are leaving a mark on this earth for the next 100+ years.  Make it good!

Bid on the bad one first.  Just make sure that you know what the after repair value is going to be.  The level that you rehab the bad one to will dictate your buyer for both.

My partner and I have purchased several tired medical buildings that had stood vacant for 3-5 years.  They were both in good locations, but needed everything from the cedar shake shingles, paint, landscaping and reconfiguring the large medical style office down to size and style of general office layout.  We then broke down into condo units, refurbished, and put up for rent or sale.  All sold before we got completed.  

Purchased a similar center like yours back in 1981.  the first thing we did was to subdivide off the anchor grocer and sold the property to the grocery store.  We reaped the benefit of the anchor without it dragging us down (no pun intended).  We set up a small association spelling out the exterior maintenance ie painting and paving.  Worked out very well.

I think in today's age, there are a number of buyers that would jump all over the purchase if the lease was firm and stable.  Always good for a 1031 buyer coming out of vacant land into anything that creates income.

Do watch out for the remodel costs.  The one above was just remodeled by the company that we sold it to for a total price tag of $2,100,000 for a 22,000 square foot in neighborhood shop.  His rate increase more than made up for it.

I have owned both and have made loans on both.  Just remember that a Hotel is not a real estate loan or property, it is a business and an apartment complex is real estate.

Hotels are only as good as the operator. I have seen operators that had high occupancy but low NOI because of expenses that get away. I have seen lower occupancies actually provide a better NOI.

Go with care.

I am like a cat, if it moves, I swat at it.  This one is kinky enough to be good.  I think you are on the right track just keep refining it and don't be afraid to make an offer less than they want.

Home Depot does a cash back rebate, keep track of your purchases, and also have a gas rewards program and you can get additional savings by going through Pro Desk if you are buying over $5,000. You may have to join a local REI club to get the rebate. Some rehabbers that I know will then pay their HD bill with a credit card that offers travel points. Doing all of the planning of credit cards to get points kinda makes my teeth itch. Each their own.

I have a college degree in Agriculture and one in Education.  Taught Vocational Agriculture. After three years I found out that I was allergic to kids.  (Not really, the politics of teaching sucks!)

I have been in real estate since 1974 and while I use some things that I learned in college, most has been done by just "figuring it out".   Being raise on a ranch, my dad called it "Bunk House Logic".

Entering the field of finance will give you a big leg up in RE investing.  

Good luck.

Well done!  Think you can or think you can't, either way you will be correct.