All Forum Posts by: Jay Gill

Ok I am just curious I am only getting this format for paystubs.  So my question is this a standard format either by some widely used payment processing system or internally generated by zillow.  Asking out of general curiosity

Hi I'm having a online real estate website and I am getting a lot these types of paystubs from different tenants, a lot in a short span of time lately.  Are these legitimate?  (personal info blacked out)

I was looking to purchase a strip center. I was originally was looking for already constructed property. However I was approached by a Merchant Developer through an agent. He has a potential project of interest that he is planning on build out.  He has all the drawings and site already picked out.  He mentioned that he would be responsible for all construction and lining up tenants(he already lined up a major national tenant and he has relationships with a few regional ones).  Right now I have the flexibility of building it out to suit my needs(within reason).  

My main concern, after reading this site(thanks guys!) is negotiating the quality of construction and terms of leases he is planning to put in place.  I want to hold on to this property for awhile as I have my own business which I will take up in one of the units, so quality of construction is important to me as I do not want to deal with a leaky roof, low quality HVAC units etc.  Also in terms of tenant leases I want to put in ones that will make the property attractive which will give a favorable cap rate over the long run. I want to avoid being stuck with a tenant that is not keeping up with increasing lease rates.  

So right now I would like some advice on how to negotiate the quality of construction throughout the build process and what I should look for terms of retail leases that will be attached to property.  I understand there is some give and take in terms of leases and construction but I do not want to be stuck with a problem either.  So any tips or agreements that fellow members of this community could offer would be greatly appreciated. Thanks.

I am currently reviewing the process of studying property titles especially as it pertains to trustee foreclosure auctions.  I am hearing lots of people who are self described professionals in the business saying that current owner searches are enough. They claim, there is no need to go back to previous owners and to trace their encumbrances/liens. I guess they go back to the last title cleared by a title company and they trust in that.  So they just go forward and review all recordings from there. Not sure if this is the way to go.

@Thomas S. I hear you about the LTB in Ont, it was in another market.  Actually I got lucky here with an agent, I moved out of a Condo downtown it was furnished and had great pics, I priced pretty high(over martket) wasn't into too much hurry because was doing a short term rentals. However as you now the bylaw was coming.  My tenant was relocating from abroad and had more than enough income and is low maintenance single dude, I lucked out and I had to turn some people away.

@Michael Guzik Thanks for reaffirming my initial thoughts.  Using Craigslist and other sites(zillow, hotpads)  I found some of the applicants very sketchy and I had a good experience with before. I have an application form and will  run a credit check no matter what. But for the time being some agents have been pretty straight up and others have been tight lipped but your are right it's mostly about the commission. 

But it looks like I'm pretty much stuck with MLS considering the other option wasn't really that great. My thing is just right now is screening through the phone.

I posted my rental on the MLS. I was told that one could find a better quality tenants on there, I also had great success in another market as well. However I wanted advice on how to deal with agents representing their clients, a lot of them seem to very guarded in relaying any information on the client and get defensive when you ask them common questions. Where as when I ask tenants directly there are no issues and less resistance. How would you advise to proceed?

@Dion DePaoli  Appreciate that very thought-out and in-depth answer.  It is great to find individuals willing to give sincere and honest feedback.

From what I researched so far with regards to non-performing notes, there are two strategies get the note performing again(loan modfication) or take control of note(signing over deed or last resort foreclosure).  To me trying to get the note performing is the least hassle, however how easy is it to get the occupant to pay since they probably haven't been paying for awhile? Also I hear mixed answers on whether people make a return on the their investment if they have to foreclose. Some say they break-even at best, others say they make a healthy return. 

I know of a few people that are investing in real estate notes that are working with a third party individual. I noticed that the properties they are invested in are far away from any urban centers(tertiary markets), the comps for these home come out to 30-50k. The argument given is that these homes offer a better discount when purchasing the note.    However I feel these notes are risky in terms of the payor defaulting on the note when doing a loan mod. 

Also when it comes time to foreclosure, is it difficult to sell the property? Also what are your experiences in foreclosing on these types of homes and flipping them? Is there any type of ROI? What kind of %'s is to be expected?

I was looking at a few properties. I found that some of tenants(the major food chains) had early termination clauses with about 3/4 yearly buyout fee. Is this a standard practice for some tenants? How risky is this type of tenant?

I was curious what anyone's thoughts were in investing property that was car maintenance orientated.  This can be like oil and filter, tire shops etc... properties with 3-4 drive-in bays 

Is this a dying industry?  What are the typical uses after tenant vacates?  How difficult is it to change the use of this type of property?