All Forum Posts by: Mark Creason

Roc,

How big is the space?  Where is it located?  Usually if the property is existing, then it will need to be in good shape.  No asbestos, etc.  I do loans all the time on government leased properties and they can be great tenants.

Mark

Joel,

Well put.

Mark

Some commercial lenders may have seasoning requirements to take out cash.  Check with your lender to see if your strategy will work.

Mark

Joel,

Don't you have some retail centers to sell?  I have time to kill in that I am waiting on due diligence docs today.

Done.

Mark

Christian,

I agree with your post.  Dealing with landlord issues corrupts the process of doing other work.  It always amazed me how many times I would get a call saying they have a leaky pipe on a Saturday.  When you get there, they tell you they noticed it on Wednesday, but didnt think you would come out until the weekend.

Mark

Sharon,

It is possible to put a list together but very time consuming.  What are you looking for specifically?  Do you have a value range?  Are you buying or renting?  What areas are you looking in?

Your broker could do this if he wanted to spend the time.  I work as a commercial lender and my niche is typically loans over 5 million.  I spent significant time putting together a list of about 3500 different owners through out California.  It did take a lot of time and effort.

Mark

Mike Hurney,

I think you have a good idea.  It is important to have good mentors to bounce ideas and share experiences with.  Reading a good Zig Zigler book always helps, but a good mentor is more important.  I always thought that KW seems more about recruiting additional agents than selling property.

Mark

Joel makes a good point about the financing, but if the property would qualify off of 4 units, you might be able to get a lender to consider using FNMA financing.  I have seen that happen before.

Mark

Liam,

I had a similar situation in Chicago.  Had a property in an up and coming neighborhood.  Property was a three flat and during a storm, part of the roof blew off.  Before I was notified, the City of Chicago bulldozed the entire house.  The bulldozing happened within hours of the storm damage and the city used a program called fast track to justify it.  Fortunately, the insurance company more than covered the damage and we sold the lot to a builder.  

I would check in with the insurance company to see what they will settle with you for the building as it may be easier to take a settlement and walk away.

Mark