All Forum Posts by: Brant Richardson

@Ashley Gish  Take massive action!  I love it. 

Where did you get that rate?  I think @Brianne Leichliter would be very interested.

Got it.  If your happy with your occupancy keep doing what you are doing.  Not surprised at the hate mail with those tenants.

I'm thinking that if you rework the wording in your ad you might get an even higher level of tenant.  You may be screening out the worst but I think it is very likely that you are screening out the best too.  There's no way I would reply to that ad, no offense but it makes you sound like a maniac.  

I was just thinking about this from the perspective of being your landlord.   If I figured out a way to have a tenant improve my building and then sold the building for a 120% profit just 3 years later I would be feeling like a very savvy investor.

You need to know why the insurance company shut down the residential units.  Can you contact the jeweler and get his side of the story?  It doesn't make sense, the residential units should have brought in more rent than the $650 I presume the jeweler was paying.  Once the jewelers lease was up it should have been converted back to residential unless there was a barrier.

I love the title of your post.

"the insurance company forced them to remove the tenants, staircase, eletrcial, etc,"...Why?  What is the whole story here.

Other than that, I like it.  One way to look at it is that you have already paid $100k, own 0% and have no control over what happens.  At the end of your lease the rent could double or the building could be sold to somebody who wants you out, bye bye $100k.  For another 92k you have complete control, your 100k investment is safer, your business/livelihood is safer, there is a huge profitability potential upstairs.

Definitely find out more about the up stairs and what can or can not be done.

If you can get a loan from the bank no problem and don't intend to finance numerous other assets then seller financing is not important for you.

Multiple exit strategy- Rent the upstairs as retail space, convert the upstairs to residential units, quit your business and rent the down stairs, sell the whole building.

What an awesome partner.  A fourplex only has one roof to build, that sounds like the way to go.  I framed houses in the distant past but have no investing experience with building.  I would never try it with out a partner like yours.

This forum sees A LOT of posts along the lines of "I'm 22 and just got out of college with massive debt but want to get into real estate.  What do I do?"  Unfortunately you got lumped into this category though it is not your story at all.  Bigger Pockets is the best learning resource for real estate I have ever come across.  Stick around, check out some of the podcasts and don't be afraid to post more questions.  

Yes, like Wayne Brooks said.  For the most part, the way they soften up is by dropping the price.  Then they will only accept a certain percentage less than the new price.  If it sits for a certain number of months they will drop the price more and only take a certain percentage less than that and so on.

You are right, they definitely mind holding on to properties, the longer it sits on the market the softer they will get.  There's nothing wrong with making an offer that works for you.  Get the negotiations started and show them why it should to be less.  

I was knocked off my feet when that short sale went through. I think the original offer was 6 months or more prior and I kind of just wanted my earnest money back.  That was 2015 I think, the market has changed quite a bit since then.

Haha, William Robison is my man in Kansas City that made investing out there possible!