All Forum Posts by: Justin Bird

Yes Uwe, Master Lease Option. Actually Uwe I don't have a working area in Multi's this property just fell into my lap. In the future I will be looking for more though, it's funny how situations take you down a different road than originally planned.

Uwe,

Exactly, when I went to look at the property in person I realized how extremely bad off the property was. The assumable loan is way to high of a price to even begin to purchase this property outright. I did find a JV partner on this property and what we proposed was to do a ML/O for 5 months with the option to purchase for 1.7M with nothing down. But the seller said that it was ridiculous to turn over operations on a 1.7M dollar property for 5 months without any down. To bad though, I think that is going to be one of the best offers that he will get. The inside is pretty old in all aspects. I just don't see this property selling for 1.7M even if the NOI is accurate at 175k/yr. Plus the seller only has records from June for the building because previous management didn't keep any records at all. We were only proposing a 5 month lease so that we could verify operations and correct any issues there might have still been with the building. Other than the obvious cosmetic ones.

Okay, the twist I was talking about was that the guy I was talking to isn't even on the deed. I have no idea if he is a consultant or not. It doesn't matter because he has this property way overpriced. It is an 80 year old building that looks 80 years old. Either way I am moving on at this point. If he becomes more motivated in the future than I will have a buyer for him. Thanks everyone for your helpful posts.

OK, I agree that you must arm yourself and be prepared to DEFEND yourself at all times.

I will make a suggestion to all that are pro gun, as I am.

Please, please use careful judgment in choosing your words. The reason I state that is that if you were to ever have to defend yourself in such a manner that the perpetrator was indeed terminated, some of your words could be used against you to build a case of premeditated murder.

Please, please do not use any words such as "If i'm ever in that situation I will kill them." or "They better not cross me because they will be DTR."

Or as no name has already posted "The criminal had a choice to avoid the encounter. My only choice is to be a victim and put my fate in their hands or drop them and make sure they are DRT. I made my choice long before they ever made their fatal mistake in their choice of victim."

What is essentially being said here is that you have thought about this scenario before and if it ever happened that you would kill. From my understanding, that is what premeditated murder is, you think about it before and then you kill. (Simplified of course)

If these are your opinions ,than that is fine, just please do not voice them or put them in print because these could possibly, in the end, cause harm to your case.

Disclaimer I am not a Lawyer so do not take these comments as legal advice. If what I have said causes the wheels to turn in your head than be all means please contact a lawyer and ask him the questions.

I would rather be safe than sorry though. As I am sure that in sometime in my life or during my career of REI I will inevitably be put in a situation similar to this.

Thanks Steve for directing me to Rich's blog.

I love the idea Will. I would pay the $59. Diddo the no upsells.

Ok... so this deal has just taken a weird twist. I can't post it right now but I will definitely update you as soon as I can.

Too positive to be doubtful, too optimistic to be fearful, and too determined to be defeated!

OH, another thing that is a typo is I said that I was wholesaling this property when really I do not have it under contract yet. So technically at this point I am a birddog.

Any suggestions on how I can make sure that I get paid a birddog fee if the buyer closes?

I know all of you are honest and would pay me :wink: without a contract but I need to make sure. Thanks for all the input it has been great help.

From what I understand about the taxes is the building was built in the 1920's and so it gets tax "credits" for being a historical building. I just found out that the rents are subsidized, whether that makes a difference or not I really don't know.

Good points though Chris thanks for sharing them with me. This is the first commercial I've done so I am learning it as we speak.

I will need to find out how they can guarantee 95% for 3 months.