All Forum Posts by: Stephen Dominick

Loopnet has been sending me lots of multi family properties with cap rates listed. Do they pre vett these properties to come to these cap rates. I know to do my own due diligence I was just wondering if any of it could be considered a starting point. Thanks.

Different things happen in different buildings all over the country, its not like a meth lab was previously in there which could cause health issues, as long as the unit is cleaned up and in rentable condition I really don't see any problem, unless of course your nephew is afraid of ghosts.

@Adam Johnson Trueism. This was more of a blog topic type deal not for forum venue. Numbers do drive the deal. No doubt about it. Thanks.

I went to do a drive by of a property and check out the neighborhood.  The building is a side by side duplex 3/1 on both sides. All utilities are separate.  Located in a solid blue collar town in northeast Pa. The building has been reduced monthly from 134,000 to 100,000 in the last 6 months.  While looking at the building, a elderly woman appeared out of the basement door.  She told me she was the owner and was cleaning the snow from the steps as her husband can no longer do it due to medical issues. (They live down the street in what used to be her mothers house).  We began to talk, I ask a couple of questions and just listened to her tell me all that was done to the house and all that was wrong with it. Nutshell- New vinyl siding, replacement windows, gutters, large 4 car detached garage.  Asked what was the problems. Foundation, slanting floors on one side was the major issue. They hired an engineer who told them the place is solid just needs to be jacked and leveled. (home was built in the 1900) also high radon levels in basement for todays standards. She was very nice, sweet, and totally at the end of her rope with this building. Its been vacant for 6 months since the last tenant moved. Has great wood work but needs bath room and kitchen upgrades also. SO when is distressed to distressed?  

Illinois has some pretty severe weather situations, correct?  Curling edges to me means end of life for the roof in your climate.  Its considered a "Kitty litter tear off". Not pleasant for the roof contractor and may add extra expense in the end for the customer. How many roofs are on there, in my area in Pa they actually allow 3 roof overs by code. I think its crazy but that what they allow. It all depends on the final product that you want to provide and the brand name you are trying to build for yourself. Good luck and best wishes.

It seems to me that that the biggest use of bandit signs are the one that that end up passing laws against them, lets say it all together "Politicians".  They get elected thru the use of bandit signs and then legislate against them. (and they hang there forever reminding you of your bad choices).  I myself as a new BP apprentice came in guns blazing, only to get schooled by the folks in the know.  Don't be emotional about it, just stop talking and listen, its important to be successful. These people criticize because they care and they ARE actually invested in your success, but it is a two way street grasshopper. Listen don't talk. All the best. 

I thought "Hey I have some time before the football games start, I'll go out and check on this foreclosure lead right up the street, You know do lots of looking and learn my market", I got up, went on the road. I arrived at the development and made the left, BAM I was committed. I have never seen such poorly treated roads, I mean a sheet of ice 4 inches thick and the entry road was down hill, nothing I could do but hold on for the ride. About 2 blocks latter I was sideways In a ditch, 3.5 hours later waiting for the tow truck that is now stuck right along side of me. Its one of those times when you wonder is this REI business really for me but then I realized I learned something about my market, be it the hard way but none the less. If I looked at this unit in the spring and bought and invested time and money thru the summer just to find out the roads are not treated by township or development all thru the winter, I would have been really POd. Just one more place in my market I will not be investing. Buy the way my truck is still there.

@Roy Oliphant That is a concern of mine also when thinking about purchasing in parks. Most that I have contacted do not allow renting of the unit (does seller financing fall under this also).  Don't want to put in the investment to fix differed maintenance and then not be able to rent or sell with financing. Also do not want DF issues.  Even if the park does allow renting what if they change the rules mid stream? Will you have to comply when the unit becomes vacant. MH on land, at least you have control of home and land. 

Read the BiggerPockets Ultimate Beginners Guide found here on this site, follow the path. Baby steps, Dr. Leo Marvin. Baby steps. education first.

I would say your mailing campaign did exactly what it is supposed to do, make the phone ring.  That is the only purpose of Yellow Letters, the rest is up to you.  Work your scripts, answer objections.  Perhaps not in this case but many other PO people that call you can be talked down with empathy for their situation and an explanation that you are offering a service that can truly take that weight off their shoulders.  Keep up the good work, and remember you are helping people solve problems, even if they do not realize it at first.