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All Forum Posts by: Benjamin Timmins

Benjamin Timmins has started 10 posts and replied 137 times.

Post: Can anyone tell me what is up with this?

Benjamin TimminsPosted
  • Real Estate Investor
  • Troy, MI
  • Posts 139
  • Votes 23

Just curious, did anyone look at the link?  Its a freakin mansion.

Post: Can anyone tell me what is up with this?

Benjamin TimminsPosted
  • Real Estate Investor
  • Troy, MI
  • Posts 139
  • Votes 23

Yeah, thats kinda what I was thinking... Flipping that would of changed my whole life. Depressed :( lol

Although, those taxes are a damn good reason to pass but if you can show that that obnoxious tax isnt ok....

Post: Can anyone tell me what is up with this?

Benjamin TimminsPosted
  • Real Estate Investor
  • Troy, MI
  • Posts 139
  • Votes 23

I get all that, but even disregarding all the assessments, how can a huge house like that, on an inter-coastal waterway, with a 2 boat dock, go for 200k?

Post: Can anyone tell me what is up with this?

Benjamin TimminsPosted
  • Real Estate Investor
  • Troy, MI
  • Posts 139
  • Votes 23

The house is appraised at 1.5 mill. Its listed at 199,000. It's not a forclosure nor auction from everything Ive been able to find out. Anyone seen anything like this? (Taxes are over 14k).

http://www.trulia.com/property/3011344661-211-Summer-Rest-Rd-Wilmington-NC-28405#photo-2

Post: Apartment buildings with commercial store fronts

Benjamin TimminsPosted
  • Real Estate Investor
  • Troy, MI
  • Posts 139
  • Votes 23

Downtown Development Authority. They set rules of what types of business can go in, what you can do with the looks of the outside of your buildings and what have you. They are usally a group of business owners from the area. Can be really cliquy and if you aren't part of the "cool people" can cause you all kinds of problems. They tend to do what they think is best for their own businesses and not whats good for the area.

1 example. They can rule that grass in front of property between sidewalk and street is to be maintained by city, not property owner. Which sounds great, but can be a real nightmare when the city does a half arse job of doing it, cutting irregularly, getting rid of any flowers or plants you might have put in, not allowing bike racks in front of business. All kinds of nonsense that you don't want to have to put up with but if your within the area the DDA is in charge of, you have no say. You can go to the DDA meetings, voice your concerns, but its like talking to a brick wall. Of course, you can go to court and sue to have the right to do what you want to do, but thats time consuming, expensive, and a pita that you'd rather not have to deal with.

My father, brother, and me bought some commercial property back in the 80s. It was an old garage/gas station and a pool hall next door. We converted the gas station into a 3 unit building and totally redid the pool hall. We put a ton into the property, and for over 15 years our properties were really the only properties that were well maintained, not just for profit, but to make the city look better.

City started picking up and moving from a low end working class neighborhood, to more of a urban yuppie type of scene if you know what I mean. DDA was formed, which we didnt join for a few years, so they had no say what we did (Once you join, theres no leaving). Eventually we gave in, and joined. Big mistake. They don't maintain it worth talking about. They stole the bike wrack we had out there (yep, you read that right, the city stole it), they removed all the bushes and flowers, and they constantly try and move the decorative garbage containers we have out so that people dont have to throw crap on the side walk and street.

The DDA just turned down a million dollar business that wanted to move into the area because he wanted to have automatic doors like you see at some CVS drug stores. Not the big sliding kind, but the type that open the same way normal doors do.

@Carl Randal Yeah, I know what one is, and like I said, your business could be totally legit, but it still screams pyramid scheme, even if it isnt one.

Post: Apartment buildings with commercial store fronts

Benjamin TimminsPosted
  • Real Estate Investor
  • Troy, MI
  • Posts 139
  • Votes 23

If the store fronts are/were restaurants, check to see if they still have the hoods and air flow evac systems and fire suppressant systems. Check to make sure the stores have separate gas /water / electricity (would be hard to lease out of they dont). Check to make sure theres enough  car parking to support both store fronts, plus the tenants of the apartments (city can limit the types of businesses depending on parking, for instance if theres not a lot of parking they can not permit restaurants).

Also find out if the building is in a DDA controlled area. Those can be a real pain to deal with.

@Carl Randal While it might be totally legit, it just screams pyramid scheme to me, and maybe it does to others and thats why everyones saying no.

Post: Fake reviews: Is this mortgage broker legit?

Benjamin TimminsPosted
  • Real Estate Investor
  • Troy, MI
  • Posts 139
  • Votes 23

@Account Closed They are asking for prepaid, which means they want money before they do anything. Tell them you aren't interested, and you owe them nothing.

Post: The riskiest housing markets in the U.S.

Benjamin TimminsPosted
  • Real Estate Investor
  • Troy, MI
  • Posts 139
  • Votes 23

@Beau Blinder Agreed. Very deceptive reporting.