All Forum Posts by: Anthony Clayton

Rich,
I will keep you updated. Thank you for the wisdom

I will let you know :-)

Crosswind,
I was not offended. Sorry if it seemed that way.

Jeff and Rich,
I know that investing is a numbers game thats why I am good at it. What I am saying is "Why are you investing if it is all about the dollars then you won't last long". A investor gives. Gives to family, friends, communtiny, etc...

So to me investing is much more than numbers but more importantly how am I remembered.

I dont want to be remembered as

1. a person that had money but it got taken
2. a follower of the market
3. a investor that has money but no time for his family
4. a investor that didn't have mind, body and soul because he worked to much
5. I don't want my family to struggle once I'm gone
6. a investor that burned his relationship with other people because he was ex...cheap, mean, greedy, etc....

Every investor invest in something but my investments are about a balanced life!

57,600k Gross Rent ($800 rents)
53,300 Gross Income (10% vacancy)
14,400 Expenses
38,900 NOI
39% Cap (purchased at 100k not 300k)

Me and the seller have a 10 year term and they will get 30% of gross up to 300k. Anything after that I keep 100% profits.

Rich,

Thanks for the suggestings

1. It looks like it has a bad history because the owner and the management is bad
2. I have a couple of management companies I will interview on Friday
3. There will be no loan
4. 50k is a educated guess with 10% inflation
5. I want my type of quality of tenents instead of section 8
6. My property management will handle day to day functions but I will go out there at least once a month. Vegas is a 2.5 hour drive from me.

This is my first commercial property but it fit my criteria

P.S. it is N of the Airport. And sure you can

These are things that I consider for me. I don't read a book to tell me what a investor is. It is something that I believe for me

Wealth
Love
Health
Education

Not just how many properties you flip or rehab

I ask myself these questions last year when I wholesaled my first property. And I didn't answer yes to all of them, now I ask myself and they are all yes.

This is a true investor:

1. Are you protecting your assets
2. Do you know the market before everyone else
3. Do your family and love ones admire you
4. Do you take care of your health
5. Does your money work for you

This is a big one:
6. If you had a celebration and had one week to plan, would alot of BUSINESS friends come?

Put the property in a land trust

Contact Citizen Bank they do 90% financing

80% Commercial Loan
10% SBA

Or you can just do the 80%. But you have to have alot of reserves plus money for rehab.

Or you can go to a private lender and they will do the deal because if you have a great deal money will come easily.

The owner wanted to do a seller carry for 200k with a 8.5% interest rate and Sale it for 300k.

After a month of the seller bluffing about all the buyers they had we finally got it done. Here are the details of final terms:

Sold for 100k Cash
Seller has 30% interest up to 300k (100% vacancy will be a 450k value)
No Monthly payments

Things I will do in the next month to get 100% full

I am going to evicting all tenents
Put about 50k of repairs and upgrades
Interview for a property management company