All Forum Posts by: Pat G.

@Account Closed First you need a website and a company name so when you give that card out they can read more about you and your company. 

I would put on your card: " I am involved in Real Estate and make and use real estate to make people a lot of money" it is a conversation starter to say the least.

Good luck 

@John-David Hails Here are some resources to assist you with your journey. 

Michael Blank

- www.themicahaelblank.com

- Podcast: Apartment Building investing with Michael Blank

- I have taken his course -good

David Lindahl

- https://rementor.com/

- I have taken his course and attended his boot camps, several years ago

Rod Khleif

- https://rodkhleif.com/

- Facebook group - http://www.multifamilycommunity.com this link will redirect to facebook where you will have to as to be in the group.

- Podcast: Lifetime cashflow through Real Estate Investing. Good Pod cast

Lance Edwards - Small Apartment Buildings

- https://www.apartmentwealthinfo.com/

Brad Sumrok

- https://www.bradsumrok.com/

Ron Legrand

- http://www.ronlegrand.com

Podcasts:

The Commercial Real Estate Show with Michael Bull

Target Market Insights with John Casmon

Best Ever Real Estate investing Advice with Joe Fairless

The Real Estate Guys Radio Show

The Wealth Formula Podcast with Buck Joffrey

Wheelbarrow Profits with Jake and Gino

Good Luck

The building can appraise for whatever. In the end the building has to cash flow for your sister for the deal to work. I would start with a price that gives your sister close to what she is getting in cash flow currently and see what that price is. And then raise or lower the price as needed. 

Try maybe a Re-finance and take a portion out to buy your house. Or better yet hold on the house and buy another cash flowing asset with Re-finance money and stay where your at?  Now you have 2 cash flowing assets paying for your new house, in time. ???

@Jonathan Johnson I would first ask the Seller what they are going to do with the money after they sell during your normal course of talking with them. If they don't know what they are going to do then Seller Financing is an option. If the seller says they are taking the money to buy another property, then seller financing is out. 

Once the seller states that they don't have a plan for the money, what I do in my LOI I give them 3 different options, 1 All Cash, 2. Seller Financing, and 3. Bank Financing. I also include a chart of the Tax benefits of using seller financing. I show them that they wouldn't lose 35%-40% in taxes on the gain on the sale.

Hope that helps.

@Eddie Pfeifer In self-storage you probably want to purchase a facility from 18,000 Sq. Ft. and up in order to have at least a part time manager. I agree with others here you can use technology to some extent to run and watch your facility, but having a human there at least some of the time is better. 

@Parris Edwards Are you looking to purchase a self-storage facility, is that your question? If so, first you need to target an area or MSA with over 40,000 people with in 3-5 miles of a target property and one that doesn't have a lot of other competition in the area - over supply. How you find supply of an area - divide the population in a 5 mile radius around the property by the Square foot per person, you can use 7 Sq. Ft. as a starting point. They are businesses unlike other commercial investments. Actual they are retail businesses. 

I have been in the RE business for over 25 years and have transferred 100s of SFR -Single Family Residential into a trust or LLC and never have had the bank call the note due. One thing to watch out for is that now the City Assessor will change that property from Owner Occupied to a Rental which in most states will affect your taxes, and they are not going to go down!! Here in Michigan taking it out of Owner occupied status doubles that taxes. So be where and plan for it. You lawyer is correct on liability.

@Trevor Smith Are these properties residential or commercial in nature? If they are residential you will have less time from offer acceptance to close usually that in a commercial purchase. If it is residential when you submit your PA Purchase Agreement you could put in a financing clause, again it is not going to let that be 60-90 days?? I would do both, look for money/partners/investors and put in the offer. If they are truly "Deals" finding the money won't be an issue. 

@Jacob Phillips CASH FLOW IS KING!!  It is the reason we are in this business. I am assuming you are buying over 5 units which would be commercial. The bank is not going to let you purchase a property that doesn't cash flow. Second when you run you numbers Expenses should be at 50% of Gross Potential Income, Cash on Cash should be at 11% or greater, Debt coverage ratio at 1.25 or higher. With those basic, lets say Rules of Thumb (ROT) if it has a negative cash flow - run away. 

Good Luck

I agree with @Adam Johnson on this one. Ask better questions to get better answers. In a BK everything is up to the Trustee assigned to the case. Is there a home in the BK, commercial property? What are you trying to buy or sell.