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All Forum Posts by: Jeffrey K.

Jeffrey K. has started 25 posts and replied 1190 times.

Post: Acquire Fee Simple NNN with no skin in the game?

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

I am just buying my first real commercial buildings and am interested in learning more. I hope someone answers this questions and that we get more comments on the commercial side.

Post: Where do I go to get contracts?

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

You need to hire a lawyer who does this for a living. You should not trust the advice to random people on the internet. You can get in a ton of trouble with these type of deals and it is best to have a lawyer before this happens not after (cheaper).

Post: kwickset smartkeys

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

Joel,
You let the tenants do electrical work?

You should never buy a cheap lock. You will have a call to fix it. When that call comes it would have been less expensive to do it right the first time with an inexpensive Quickset. They are $5 more and will save you a ton of trouble in the long run. You should also talk to your local locksmith and get a master system started right away. Stay away from #1 pins!

Post: Value of using an real estate agent in the deal?

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

craigslist.org is the best you are going to get. I do not think there is money to be made here. Realtors have a very strong lobby and make it hard to break in.

Post: Finding A Title Company

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

All title compaies will handle deals from investors if they are on the up and up. If you are doing something that a title company will not do then you should not be doing it.

You should ask about their rates. They will pretty much all be the same so it is not worth wasting your time trying to find a title company before you find a property to buy.

Post: Value of using an real estate agent in the deal?

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

As a seller, I would always use an agent becasue they have the MLS and a good one will have a website and a good network of buyers and brokers to get the deal done quickly.

Most of them do not know what they are talking about. You will also need a lawyer.

When you are buying they are next to worthless. I do all of the work. They come in handy because they get the deals from time to time. You always want to go with the seller's agent. Their value comes from greed. They want both sides and will often have a way of telling their cleint that your offer is the best even though they are not representing you.

Post: Ideas how to fund repairs on a undervalued properties

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

What do the numbers look like? I would do all of the exterior and needed mechanical stuff first. If you only have 2 vacant units then you need to work on those and keep the other tenants there any paying. Lets say you need to redo the whole unit. Is this right? We can usually do an average unit all new for around 8k. You should try to do some of it yourself. You can paint and you should be able to figure out tile. Please post pictures and I can tell you about what it will cost and what to do.

Post: kwickset smartkeys

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

Just go to your local locksmith and they will have a price for one mastered. I think I pay $18 for a deadbolt. It is not worth it to do it yourself unless you have a huge company or too much time on your hands.

Post: Flip Men on Spike TV

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

Will,

There are several situations when real estate has 0 value to someone who owns or could own it.

We deal with a larger bank that offered us several multi family properties because they had such bad problems that it was not worth taking them back and owning them. When people like me pass the banks let them go back to the city for taxes. This is quite common. The bank will always to a BPO and a Phase I and with that info they will decide what they want to do.

The second is land in the hood where the house has been taken down for code violation or for fire. These lots sell for $1 all of the time for recording reasons. I would pay someone to take it off my hands if I could not give it back for taxes.

There could also be a lien worth more than the property.

The last one I can think of is a situation where the improvements on the property need to be razed and the cost to do it exceeds the cost of the land. This would make the property worth 0 in my book.

Post: Investing in Cincinnati / Dayton, OHIO?

Jeffrey K.Posted
  • Real Estate Investor
  • Milwaukee, WI
  • Posts 1,312
  • Votes 671

I went to school in Oxford, OH, and there is always a demand for units there. I do not know what prices are like these days. That might be a place to look. There are two or three PM companies and the units always rent.