All Forum Posts by: Charlie MacPherson

I'm not a lawyer - and you need one - but I believe that either partner can file a "petition to partition" in the court.

I wouldn't trust that offer.  The other partner has way too much to gain by inflating the value.

How can I miss you when you won't go away?

This is a once in a lifetime opportunity.  The seller is retiring due to health issues and is offering his store at a fire sale price.

Asking Price: $250,000 - and it is SBA Pre-Qualified
Gross Sales: $ 1,100,000
Cash Flow: $280,000
Inventory: $250,000 (not included - subject to final count)
Real Estate: Leased at $1,600/month

This 4-year-old store has been experiencing explosive growth, averaging over 40% per year! In 2021, sales increased 65% over 2020 sales.

The store is conveniently located just off a major interstate highway with lots of free parking. Their product lines include both men’s and women’s athletic, casual, dress and work shoes from 25 nationally known brands, but more importantly, they also sell custom orthotics, custom shoe modifications, and many over the counter arch supports that help or eliminate pain caused by plantar fasciitis, achilles tendonosis, and many other foot problems. They send orthotics out to a central fabrication lab elsewhere in the state.

Customers drive to them from many hours away and many are referred to them by their physicians.

Other products include steel-toed work boots (with special widths up to 6E), which are required by many area employers.

The seller will stay on to train the new owner.

Interested? 
Contact me - Charlie MacPherson, Business Broker
Inbar Group, Inc.
207-352-1000
[email protected]

Before you think about taxes, you'll want to know that anything above 4 units is considered commercial property, not residential.  That means that you'll need a commercial loan.

Quote from @Elijah Dominguez:

Quote from @Charlie MacPherson:

Don't overlook the fact that wholesaling is known as "unlicensed real estate brokering" and is illegal in most (if not all) jurisdictions.

It is commonly promoted by gurus who want to sell you a wildly expensive course on how to get rich doing it.  Of course, most, if not all, of what they teach is available FREE here on BP.

The REAL fact is that wholesalers strip equity from property owners who are either so uneducated as to the true value of a property, or so desperate to get out of a bad situation that they'll take a wholesaler's bad deal to get out from whatever jam they're in.

In other words, by and large, unlicensed wholesalers make their money bu screwing sellers.  And sure, you'll hear stories of how wholesalers "came to the rescue" of sellers who were in a jam. (Those are mostly baloney)

The truth is that a licensed real estate agent could have got them the same deal - and probably better - by listing the property on the open market.  Exposing a deal to tens of thousands of buyers should get the seller a better deal than exposing it to the wholesaler's list of 6 "buyers".

Bottom line - maybe rethink wholesaling.  Maybe get licensed and earn a living in real estate the right way.  In the two states where I was licensed, the test were astonishingly easy.

Wouldn't that be the same thing as resellers? I'm sure you fully understand what a reseller does and how he/she does it. Aren't there good Wholesalers? the ones that want to find you a good deal and want to help out the seller as well? or is there no such thing as a good Wholesaler?

What would you recommend for me to get into real estate? What books should I read? What companies should I reach out to? How should I take action in planning for real estate? If I managed to get a mentor how could I bring in value? how could I show them I'm not wasting their time and I want to be taught by the best

If you actually read the state laws, what you'll find that in most (if not all) states is that essentially anything you do to cause a property **that you do not already own** to change - or even attempt to change ownership, requires a real estate license.  That even includes marketing a property.

If by "resellers" you mean someone who actually buys and then resells a property, that's entirely different.  With few exceptions, there are no restrictions on selling a property that you own. 

As far as how to get into real estate, there are a LOT of avenues and the "best" depends on your interests and skills.  Keep reading here on BP and see what makes the most sense to you.

Above all, be aware of the "hardly waits" - and expensive disease that makes you want to rush headlong into a new venture. 

On the other hand, paralysis by analysis is a risk too.  Read up, study, assess the risks and profit potential and maybe even talk to your local SCORE office. https://www.score.org/

Good luck!

Don't overlook the fact that wholesaling is known as "unlicensed real estate brokering" and is illegal in most (if not all) jurisdictions.

It is commonly promoted by gurus who want to sell you a wildly expensive course on how to get rich doing it.  Of course, most, if not all, of what they teach is available FREE here on BP.

The REAL fact is that wholesalers strip equity from property owners who are either so uneducated as to the true value of a property, or so desperate to get out of a bad situation that they'll take a wholesaler's bad deal to get out from whatever jam they're in.

In other words, by and large, unlicensed wholesalers make their money bu screwing sellers.  And sure, you'll hear stories of how wholesalers "came to the rescue" of sellers who were in a jam. (Those are mostly baloney)

The truth is that a licensed real estate agent could have got them the same deal - and probably better - by listing the property on the open market.  Exposing a deal to tens of thousands of buyers should get the seller a better deal than exposing it to the wholesaler's list of 6 "buyers".

Bottom line - maybe rethink wholesaling.  Maybe get licensed and earn a living in real estate the right way.  In the two states where I was licensed, the test were astonishingly easy.

SMS and cold-calling?  You might want to study up on the Telephone Consumer Protection Act.

Read this first: https://en.wikipedia.org/wiki/...

Willful violation of the TCPA can result in fines of $1,500 PER CALL - and there's a long line of lawyers lined up, waiting to sue you, like:
https://www.schmidtandclark.co...
https://www.classlawgroup.com/...
https://www.classaction.com/tc...
And lots more.

Maybe re-think the cold calling and SMS approach.

As others have said, it always comes down to price.  At $1.00 it will sell in seconds.  At $5M it will sit there for centuries.  Somewhere in the middle is the price that will cause it to sell.

Using an agent from outside the area is a mistake.  I lived in a town where properties on the east side of a road sold for dramatically higher prices than on the west side, even though the lot sizes were smaller.  An agent from outside the area isn't going to know things like that.

When it comes to comps, I always tried for sales of similar properties within 1/4 mile and 6 months.  If there were none available, I'd slowly push those two boundaries out a little at a time.  With the current market, I'd push out the radius more than the time limit because things seem to be changing fast.

IOW, I'd rather take a comp a mile away that from a year ago.

I'd ask you agent to re-run comps given those constraints.  The comps should be newly renovated, same sq ft (+/- 10%), same beds, baths, garage, basements, etc.

One other comment.  The photos looked good.  I don't see any evidence of the poor craftsmanship you mentioned.  The finishes look very good - with the exception of the basement.

After looking through the beautiful upstairs, the photo of the basement was jarring.  It's bare, completely unattractive and shows what looks like a big crack that has been patched over.  That's not a good look. 

You might consider doing something to dress that up, even if it's some indoor-outdoor carpet and paint.

Good luck - and rework those comps!

Principal, interest, taxes and insurance.  The 4 components of many mortgage payments.

Don't forget to scrub your call list against the Do Not Call list.  You can get sued for violations.

https://www.dmnews.com/ftc-tel...
Here's a law firm that anxious to sue you: https://www.stop-telemarketers...
Here's another one: https://robocalllawsuit.com/pe...

You might want to try a different approach.  Social media, PPC, direct mail, etc.