All Forum Posts by: Paul DeBoer

@Caleb Reits I would assume if you have a 100K lots of lenders would talked to you.

I have a development that is being held up by a unmotivated seller. We have a contract to purchase his condemned house but there is a large Tax IRS lean. I am ready to get approvals from the municipality and the seller is now holding up the process and delayed it so much that we are having to postpone the development until spring of 2024.  The tax lien is for about $190,000 and the purchase of the property is for $85,000. He also owns other properties that would cover that lien amount.  Keep in mind that we have had identified these clouds on title in October and heard from agents that seller was clear to close. The due diligence wrapped up and we were ready to close in January 2023.  But, seller has not done his work needed to close and the title company has not been able to help close either. I have two questions, first is there the possibility of unethical behavior going on in the back ground not actively closing the title so that I walk and another developer comes in or is that my paranoia? Second, does anyone have experience with releasing tax liens and know exactly what forms I need to submit to the IRS to get this seller to close on the property?  I am trying to avoid legal action.

I feel like you answered your own question. I have not had the privilege of dealing with bed bugs yet but, the last thing I would want is for a quality tenant to leave because of bugs. This could be a great opportunity to rehab, refi, and  reinvest. 

@Isaac Nikoro

Hey Isaac,

I started out a year ago as well. I started with Buy and Hold Multi families and have had success. I would love to connect as I am in GR.

@Michael Oliver, I would love to help you in any way I can. I have looked into Guesty but never pulled the trigger. I am in Grand Rapids would love to help any way  I can. 

I just read this on another post thought it might help.

"Wyoming or Nevada do not reveal owners of LLC, so a lot of investors like to establish their LLC there"

Hey Jessica,

I have a faint memory of thinking about this as well. I remember that it wasn't worth it for the benefits I would receive and that much different in MI but I cannot exactly remember the reasons. Please post an update I would like to know what you decide.

Thank you that is exactly what I did. 

I am new to the commercial real estate investing. There is a commercial property for sale in my home town in the downtown Zeeland MI. It is been burning in my brain to try and put together a JV to purchase it and hold it for a the course of the terms to build equity in the property. The property is for sale for $4.15 million. Upside is there is a strong tenant leasing the entire property. The downside is the lease is below market rate and the JV would be locked in at $19,500 on a triple net lease until 2030. The renewals are every 5 year with rent increase at 10%, and then 5% following next renewals. My goal would be to create a sellers financing on the deal that puts lets say $ 1 million in his pocket and a continued payment of like 80% and scale it back as we are paying him off. I am thinking something like 80% of rent, then 75%, 70% decreasing by 5% every rate renewal until we hit the price agreed upon. Here is a link to the offering memorandum. I am looking for some advice and someone to coach me up in the commercial sector. 

Mini Splits are being used quite a bit here in West Michigan. I have a 27 unit development I am developing. We at one point were looking into ephoca. Sounds like you are worries about the aesthetics.  Check out this site. It was kind of expensive but worth checking into. https://ephoca.com/