All Forum Posts by: Ian Jaeger

A friend of mine asked me to post this here in case anyone in the Dallas area has some input.  Relatively urgent but all I'm going to do is forward your information to him (he's not on BP... yet!).

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I am involved in a construction project which requires a Builder’s Risk policy/coverage…something off the beaten track for most people. I am not that satisfied with the policy I currently have and would like some options. But since this is off the beaten track, it is not straightforward finding alternative brokers or agents to help.

So if you are a broker or agent that has some experience with this, or know of one, I am interested in discussing, or in getting a lead/some contact details. Thanks…

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Thanks,

Ian

Hey all,

I need to get my STR set up and was hoping to get some help from someone who's done this before. Just west of DFW, but I'm at DAL all the time.

Let me buy you a beer / coffee while I ask some questions!

Thanks,

Ian

Edit: Apparently I don't know how to grammar with my title 🤦

Talk to @Thomas Rutkowski - He's posted here and knows A TON about it... definitely one of the masters of the trade as far as designing the right policy for you.

Followup questions: I essentially want to run a different business out of one of the 'units.'  If I do get the business, can I eventually just raise the rent of that one tenant when their lease is up to the point that they leave, or is there some other better option?

Hey All,

I honestly don't even know where to start with a good question - I'm at the point where I still don't know what I don't know!

I posted about a property a while back that I thought could be interesting with little response.  A year later, after starting a business elsewhere I'm suddenly back looking at that property.  I've done the county search and found that the owner owns 2 side-by-side properties one with a single tenant, the other with 3 tenants.  Without knowing anything about the actual businesses (which look to be WAY under market for the area), how do I go about making an offer to the owner?  

Do I have to come to the table with an offer? Without knowing the NOI, can I use the price per sqft for other commercial property in the area?

Supposed to meet with a commercial RE realtor next week, but want to know what questions I need to ask when I meet so I don't look like a total idiot.

-Ian

So I'm working on a business plan to revamp a local business.  It's one I had walked into with a relatively specific need that the store SHOULD have been able to easily meet.  Alas, the store was a disaster and truly one of those places that one person walks into and fears for their life... whereas I walked in and immediately thought: "I want to buy and revamp this!"  

Granted that's a pretty new feeling for me so this may sound absolutely ridiculous here... please bear with me.

I've talked to some colleagues who are in that particular business (let's call in convenience store) and they said that there's probably some merit to looking into it.  It's a business that currently sits in the middle of a 3-unit commercial 'strip mall.'  I've found the owner of the business, but I also found the owner of the building itself.  

This led to me trying to figure out what a building like that is worth because it's obviously much more interesting to me to own the building and let one of my colleagues run the business.  

Does anyone have a good way here in the Dallas area to get an idea of what a building is worth?  can you back calculate based on the county taxes?  I'd like to have an idea what I'm going into before I approach the owner to at least have something in the ballpark.

Thanks,

Ian

@Bruce Lynn

Thanks Bruce, I’ll give them a call.

Hey all, who are y'all using for setting up seller financing in Dallas.  I have a great opportunity to buy here, but last year's 1099's were low (Covid) so conventional bank are telling me 'no.'  Seller has agreed to do seller financing for a few months until my next tax return gets done and I will be eligible for a regular mortgage again.

Anyone have a contact they would suggest for setting this up?  Also what kind of rates are we seeing for seller financing these days?

Thanks Dmitriy!  Good info!

I'm curious if it's possible to update the home equity position that a bank uses for its determination of PMI and home equity loan positioning without doing a full refinance. I've made some significant updates to the home and could get a new appraisal done showing the current actual equity in the home being beyond the 80% point where I'm paying PMI.

But it’s still a relatively new loan with good rates so I don’t want to actually go through a refi.  Would a bank take a new appraisal and update the value without going through a whole refi?