All Forum Posts by: Jason Mak

thanks all for the replies

@david C

This is for a refinance on a building. I asked all the lenders to put their best foot forward and now one of the lenders is getting upset because they didn't win the business. He keeps asking me to show him the LOI from the other lender so he can beat it. While this may save me a few bucks in the short run, I'd rather build the relationship the lender that operates without such desperation and with a bit more integrity. At least that is my gut feeling.

Hey Brandon,

You'll get a lot of knowledge just clicking through the forums and reading what everyone has to say on BP. You have something working for you which is your age! Here is a thought: why don't you find a local investor or property manager who can act as your mentor? Offer to intern for him for free in return for teaching you the ropes. In due time, maybe start looking for deals in your area and pitching it to him. For example, if you find a great little investment, ask if he can put all the money down and let you manage the renovation or development of the property. Overtime, maybe you can start charging a fee or % for your work. Most importantly, start building your reputation soon! Show local investors and your community that you are smart, hungry, diligent, but also operate with high integrity.

I think you are off to a good start by being on BP! Everyone has given you solid advice. Joel's advice on going to commercial is good but ultimately, no matter what you choose, residential, commercial, hospitality, etc etc, just don't give up, keep on learning, keep on meeting and talking to mentors, and most importantly, keep on building your reputation. Even working for free or at a discount to get good experience would be recommended and keep your eye out for operations and situations in your local geographic area where you have an edge.

I bet a lot of BPers would agree that the first few years are tough but once you build your reputation and client base, the momentum and pipeline will follow.

Finally, why settle at 5k per month? The sky is the limit!

Just curious if anyone has any thoughts on pitting lenders against each other. I have a lender who keeps on asking me to give them the other lender's term sheet so they can "beat it". And I keep on telling him that he should have put his best foot forward in the very beginning.

While, I may be able to save a little bit of money by letting this lender undercut the other lender, it seems like a "jerkmove" and I don't want to extend the loan shopping process any longer.

Anyone have any thoughts?

many thanks for all your replies. I bought the building, not the LLC so I feel quite comfortable. In the end of the day, it's not a "end of the world" debt but out of principle, I just don't want to pay it. As K. Marie Poe commented, I'm not sure why I called them in the first place.

Thanks Michael,

The Debt collection agency said that I was "stepping into the shoes" of the old owner and taking on their debt but I assume that they were trying just to say that to scare me.

What matters to me more is that I don't want this to escalate and have a lien place on my property eventually.

Hello BP,

Would like your advice here.

I recently purchased a building and I just received a debt collection notice from the prior owner's AT&T cell phone bill.

The owner ordered the cell phone under the property's name and address. However, the debt collector still has the old owner's tax ID, not the tax ID of the new holding entity (mine) that holds the property.

Should I even be concerned of this debt? The credit companies only have the old owner's tax ID. Would this ever get to the stage that a lien is placed on this property?

I talked to the debt collection agency and they offered a settlement of 50% the debt which is still a pretty large sum so I'm wondering what the ramifications of skipping out on this would be.

Anyways thanks for your help,

Jason

Your background is very interesting Joel. I'm going to email you in the next few days to take this convo "offline"

Thanks

Jason

Thanks again Joel. This is great insight and much appreciated.

Does anyone have any general guidelines used to underwrite replacement reserves or capex need for a strip mall or commercial property? I've done some searching online and found a source that said 9% of NOI.

Just curious if there are any BPers with a better answer in the form of a % NOI, or $/PSF