All Forum Posts by: Chris G.

How long has he owned the properties? What is gross and net income per annum?

Since its your building and its been empty for all the time, have you thought about trying to just open your own restaurant and use all the current gear? Its been empty 3 years already, you could first try a "if we build it, they will come approach" kind of cheaply.

You may not end up with a huge revenue generating restaurant, but maybe something that nets you more than the rent from a tenant at least...

Probably this website right here... I would make a new thread requesting references for the market.

Have her hire a lawyer to renegotiate the 2nd with a full pay settlement. You may be able to knock off $30k or more from the 2nd and make room in the spread that way.  Hopefully the 2nd is with a different bank than the 1st as it'll make negotiations easier. 

where are you finding these? What volume are they coming thru at?

At that level of spread, even if there is rehab to be done, that should still be an OK profit. 

You might check and see about getting an umbrella policy via your current vehicle / home insurer. Depending on the policy you setup, it should cover new home purchases and you remove it once its sold.

If he wants out, he has to be willing to budge on asking price.

That's how I would keep trying to play it for now -- negotiate hard to get sale price down.

How long have the current tenants been in place?

If the rents of $550/unit are market value for the area, then I would say this is a done deal, especially since you are local.

At $35K and that rate of return, I wouldn't be miffed about an initial rehab cost to clear up some deferred maintenance and improve the aesthetics and stability of the property.

I just made 2 posts in 2 different threads and they aren't showing up.

The post count has gone up though, and they've been bumped to the top.

Threads in question:

http://beta.biggerpockets.com/forums/517/topics/13...

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http://beta.biggerpockets.com/forums/517/topics/13...

Carey,

I think you presented a good offer and should give it a bit more time to find the right match.

Don't forget that you are looking for someone who has the $ to buy the house to begin with. Also dont forget that someone who has the cash typically already has a team they go to as it is, so you need to find someone who is unhappy with their current contractors or is new to the game and doesn't have any loyalty to one team or another.

So your offer is good, but your potential market is "small", relative to the size of readership of the Marketplace forums...

What might help kick start your foray in real estate is to actually try and find a deal on a house first (even though you dont have much experience), then look for $$$ partner.
If you can present the deal with a house potentially bought right (good price, good area, enough room for rehab, and good profit) with the fact that you can handle the entire rehab process and "all" they need to do is front the cash for the house...

Use the fact that you will be investing your own cash in the rehab costs (labor/materials) as your portion of "skin in the game".

Maybe some of your contractor buddies or acquaintances have some leads on heavily distressed properties in SFV that you can steal.
Everyone is always scared of heavily distressed properties, but both you and I know that they are typically "easy" fixes.