All Forum Posts by: Orlando Centeno

Hello Jason. I myself invest in Milwaukee and would also like to obtain SF homes for rentals. I also wouldnt mind being a sublease landlord that I am currently working on.

Hope all works well for everyone.

Hello Karen. Your in good hands here on BP. Ive learned lots, and in fact, started investing because of what I learned here.

I originally came to BP to learn more about tax liens and deeds. Which I have learned Wi does not sell liens only deeds. Not only that, but Milwaukee does not sell deeds at the price that is owed, they sell the deeds at fair market value, unlike most of the country.

Anyhow, I started in wholesaling and am still doing it. I am also currently doing Cooperative Lease Options, helping sellers sell and buyers buy on rent to own type situations.

I would also suggest going to the local REIA that the rest have been talking about. I dont go all the time, but I try to get there at least once a month. Besides the info Ramon J has inputted about the times, they also have a 4th meeting for women only. I believe its called Wings, which you may already know about since this is an old post.

I hope you all the best in your real estate journey and much success.

The seller owns the business and the building. Its a non-chain restaurant that the seller is hands on only for a day or two a week.

I have to put money down on option, 75K, but I would no to pay until i find a suitable sublease tenant/buyer and assign sublease to the seller for a 25K assignment fee. That why the option fee stated above is 100k

I have yet to sit down with seller to look at the numbers myself. Going off of what he says; supposedly the restaurant makes 1.7m a year but only he only shows 1m.(guessing he pockets the rest), when I asked what his NOI was he said 900k approx.

@Joel Owens what do I need exactly from him to figure out the approx value? He also pays 17k in taxes/yr, 4k in ins. / yr. and 8k/mo on existing loan.

I thought the NOI of 900k was pretty high myself. He told me he only shows on paper the gross of 1mil. Supposedly it makes 1.7mil per year

I am not personly investing anything. I negotiated a master lease option that i will assign for 25k or ill sandwhich it and sublease suboption it to another investor. But Not sure yet, depends on how good this deal is and if theres room to make more.

Theres got to be a better answer than this out there.

I am looking a restaurant deal that the seller would like to lease option.

He has told me that his NOI is approx 900K and he also says the restaurant grosses approx 1mil. With a sale price of 1.4mil.

What do i do with these numbers to get an estimate of the value of this deal?

We came to some terms, but nothing on paper yet;

Sale price- 1.4mil

Rent/lease- 15k/mo

Option price- 100k

Term- 2yr with a possible 2yr extension.

Would you consider this a good deal?

I would also love to hear any input in this, as I have something very similar with a restaurant and building in the works.

Thanks. And yes plenty more to come. Working my list now and got a cpl good propects. 'Gettin er dun'

You dont have to set up an llc. And Dont let that stop you from making action happen.
Its good for tax benefits and in case anything stupid happens. Its more of a "Cover your ***" thing to do. In case a buyer says you didnt tell them of something then they cant sue and take personal property away. But as long as you state in your contract when selling "seller grants no warrenties or promises, sold as is, where is, and seller has never lived in property"
My first successful wholesale was done doing a double/simultaneous close. So i put that in my selling contract to my end buyer.
Just get things done. Use the proceeds of you first wholesale to start the llc.

Brian Feltz I know it wasnt a total failure, I failed at selling but i gained alot of knowledge. Personally i feel that i jumped on that deal too fast. I kinda just wanted to get one to work on i guess. I learn best from doing, even if its not a a winner, so it did help me.
I will let you know when the next meetup is. Have you talked to Robert K., he is looking for 3-4 wholesalers to bring on to his team and willing to train. Let me know if interested, i can give you his info if you dont have it already.

Gary Mariencheck i had analysis paralysis too for quite some time. i feel it was because i didnt know exactly what i wanted to do in real estate. But i found it and its wholesaling. I actually came to BP to learn more about tax liens and deeds, found wholesaling and went all in. That happened in Dec 2012, March 2013 started the llc and just started doing it. If you dont do it, it wont just happen by itself. I encourage you to do it, NOW! Tim G. is 1000% correct, MASSIVE ACTION shows results.