All Forum Posts by: Joseph Zimlich

Good day BP community!  As I'm starting to get my contact info out in the world, getting myself on wholesaler lists etc, it's not surprising to get some tangentially related solicitation emails.  Many of these claim to be private money lenders (usually offering around 6%).  Statistically speaking, some are likely to be low quality services, some are likely to be unscrupulous types trying to steal my identity, but I'm hopeful at least a couple are legit people just trying to make money like you and me.  And since I don't have any existing relationships, I have to start fresh with someone. How do you go about vetting these solicitors without exposing yourself to undo risk?

A phrase in my industry is "If you've seen one airport, you've seen one airport". I bring that up just to note that I'm not intimately familiar with your particular airport.  It sounds like you'll be improving on top of a ground lease issued by the municipality.  In my experience, ground leases can last a long time, but it's quite common for the improvements (the hangars themselves, etc) to revert to airport ownership when the lease ends.   Are you essentially acting like a contractor, but just within an airport environment and selling the renovation while your client holds the lease or is there another process I'm missing?

It probably isn't an issue for a company who is already operating at an airfield, but I'd check with airport management to confirm your improvements don't violate the lease if you branch out to just standard private hangars.  I experience this pretty regularly with airport owned hangars, so the rules may be different on a ground lease, but airports tend to be touchy about what's in a hangar and have very clear cut rules about using hangars for airplanes.  Hangar space has a relatively low cost per square ft and it's not uncommon for tenants to shove cars, RVs, boats, etc into the empty space around an airplane but this will violate airport rules and regulations.

PS I have on about a half dozen occasions seen private airports for sale on craigslist.  I won't lie, I do get some delusions of grandeur about owning/operating my own small airport.

As an airport professional, I'm curious about how you intend to provide storage for aircraft.  Are you looking at buying/building a private strip and expanding the hangar capacity or would this be an off airport storage requiring wing removal and towing?

@Account Closed I hear what you're saying about the "value" of junk. I, too, know people unwilling to part with things and if that is the reason it's all there (as opposed to just lacking the strength/ability to do anything about it), I agree it's probably not a selling point.

I also thought about perhaps dealing with a new owner but I have no clue how I would find out when that occurred or to whom it might go.

Not sure I'll be able to "wander by" too often but it's worth thinking about.  I'll probably still try and come up with a letter of some sort, as practice if nothing else.

Good evening BP!  I took a circuitous route home the other day and identified a few distressed properties.  One in particular interested me.  The house is barely visible from the street (the corner of the triangular property touches the elbow of a right turn), but what's visible is piles and piles of stuff.  Like hoarder level.  After marking down the address, my public record searching hasn't turned up much.  The tax address matches the physical address, so it's probably still owner occupied.  Taxes all seem up to date.  I'm not sure, but I believe I saw something to suggest an older couple.  I'm surprised that I can't find any record of a code violation, but maybe that's not public record?

Despite the long shot, I'm drafting a letter. My question is what can I offer them to be considered?  I would definitely offer to purchase as is, junk and all (with a corresponding price).  I have traditional financing lined up, but this is the north Bay of California, so cash isn't an option for me.  In the event they do just want to leave all this stuff behind and start fresh, I don't know that I can offer them enough to be able to live anywhere nearby.  Any other suggestions on how I can sweeten the pot?

Sorry, I'm new to this game so my questions are more curiosity than perhaps the critical analysis you're looking for.  If I'm reading the report correct, you're paying all cash (no loan) for the purchase AND renovation, essentially locking up the $237K for 6 months (til refinance).  Why go this route instead of a purchase and renovate loan since you intend to occupy? I'm not criticizing, just hoping to hear your decision making process.

@JM Payne, @Jonathan Greene thanks for confirming my basic thoughts! I'm looking at an income property down the street from a college and was thinking faculty renters would be ideal.  Besides the internal college housing programs, is there something physical you do with the properties to cater to the faculty over students (different price, trim, etc.?

In Napa, CA, $1MM is not enough to get a quad, but can get you a duplex.  I have no idea what class neighborhood it's considered, but I'd guess B or higher.

@Dmitriy Fomichenko Yeah the wife and I have been studying hard. The UBG, webinars, podcasts; we're doing our best to consume it all.

Thank you @Marlen Weber! And Happy Holidays to you as well