All Forum Posts by: Mark Bradford

You both are so right. I have been sitting on this for months now. The owners (Estate) are almost begging me to make them an offer. Another red flag right!  The price is going to get silly cheap in the next few weeks. I do see a larger development at some point going in there (and I want to be the one who profits off of it) but I'm unsure how long that might be. A strip mall and a gas station have been interested in it the last few years but the only land for sell was the half by the two highways or half the size I told you about. I just happen to be able to close the deal on more land by knowing a long history back story with the Estate. I asked and they said yes you can buy it all. Please bring an offer!  So how do I get large franchises to look at this land / location? Any thoughts on that last part? 

Let me lay this out for you. Small town in the Midwest as two highways (2 lane medium traffic flow) that intersect at the corner of its town. One corner has a car wash, one has a well est. church and the other has an abandoned house.  Sitting on the last corner is a large grouping of lots. Along the more major highway we have 4 lots (2 are just a gravel lot. They were a gas station at one time.) 2- have a old house and garage that have to be torn down.  Now along the back of these lots runs one more lot that has a building (one story 30x60) in need of major repair but it can be saved.  Along the back of that lot is 4 more lots!  3 have one house with a possible rent rate of $650/ month, the other lot has a house that rents for $300/ month but it looks very poor (but it is lived in).  So if you are still following this make a section of land with two sides on major highways and one side on a regular side road of small town USA. About 225' x 300' lot size as one.  

Now the real question is: If it has been for sale and empty for 5 or more years how do you put a price on it? Is it valued at the price of the livable homes? Is it valued at the price of the livable homes minus the cost of demo of the other buildings?  Any help is very much welcomed!   Thanks 

Wow maybe this is a sign. No one even wants to comment?

I'm wondering if anyone has been involved in buying a property that has been "cleaned up" by a state department of environmental management. I'm in the state of Indiana. So IDEM has spent time removing tanks and top soil for a clean bill of health. If I ask the state this question I get different answers. But I'm wondering if I purchase the property then do I take all liability in the future. Example if the state says it's clean and you can do x,y but not z on the property and I do that (only x and y). But the state or someone tests the soil years later (while I own it or while I'm selling it) and they find to high of contaminants left from the gas station clean up am I liable? Any dialog on this topic would be great. Thanks in advance

So far it is great. I love the look and easier to navigate!!

Lots of great deals gong in Indiana. Welcome to BP!!! Read up!! Then share with others.

Welcome to the Hoosier state!!!!

Robert that is the first I've heard of the brick and mortar to meet banks desires. How do you plan to over come that hurdle? I will assume you have PM in place. Can you use their location? I'm think "rent" square footage out of thier office?

Looking good I would say. We have used a local bank for the past 4 yrs. 5. 10, 15, 20 or 30 yr options. They always make us do 20% down. I be been trying to get out of that but they just won't listen to me! Also our rates have been 4.25%-6.25% over that 4 yr term. Some loans have been fixed and most are adjustable. So it seems to me you are looking good. Now go buy several!!!! Good luck to you.

Do any of you (maybe @David Kelly) have details of how management works up there for weekly rentals? I only deal in monthly in my area. Extra costs like higher taxes due to me living out side the state, base % of gross rents or is it a lower % of gross rents plus cleaning and.........? I need some facts so I can start looking at properties with all my figures in mind. Thanks again to all of the replies!!