All Forum Posts by: Ronnie Sparrow

No deals for me yet in 2014! But I did budget $1,600 / mos. for marketing starting in February. I hope to have my phone ringing soon. I am using Jerry Puckett for my Direct Mail Marketing.

Andrew,

I understand your concern. One of my rental homes has noticeable sagging on the roof as well. You can notice it if you look at the front of the house from the street. It has been like that since I've owned it, it was given to me by my mother in 2006. There is no issue with performance there are no leaks and that's the way they were built back then. The house was built in 1975 and that was the standard back then. The rafters are too far apart from each other and therefore this causes noticeable sagging from the outside. I am not sure of what the spacing is but I do know that newer homes are built with the rafters closely spaced. It's more of an appearance issue than a functional issue.

Kimberly, Find out who the attorneys are that are representing the lender. I am sure that the owner has a letter from the lender stating the the property is going to be sold at the auction. On that letter you will find the contact information from the attorney who is representing the bank or lender. Get the letter of authorization and start talking to the attorney.

Kimberly, I was in the same situation as you are now and here is what I did. I got an authorization consent from the owner which allowed to speak to the attorneys representing the lender. With this document I was able to get the payoff for the mortgage including all late fees and attorney fees. After reviewing the numbers we agreed on a price with the owner and faxed a signed contract with me as the buyer to the attorney. They postponed the auction date for another month and we were able to close 10 days later.

Thank you guys for all your replies. I am going to start with a Commercial broker or appraiser who can get me a ballpark value of the property. It is located on a very busy street and on a big lot. It is on a lease for 5 years, not on a triple net lease. It is a home which is tied into some large garages and used as an auto shop. I just want to get a general idea of what the market value is. Just looking for a quick free ballpark figure.

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Thank you Derek and Pat, I will start to gather on formation from the seller by email. Sounds like I need the following info:

1. Does the owner own the business as well as the building?

2. Is the building being leased and what are the terms of the lease?

3. Is it a triple net lease?

4. How old is the building?

5. How stable is the business?

6. Can I get an operating expense report front he owner?

The owner of the property is in a different state. As of now we are communicating by email only. What information should I request from the seller?

I have an owner of a auto shop who wants to sell the building. I have now experience in commercial property so I need help in doing my due diligence before a make an offer. I would want to wholesale this property. The owner gave me a number of 860K. I need help in evaluating this deal. Where do I start? What do I need to ask the seller?

Ok here is the deal. I have an out of state seller wanting to sell their property here I the state where I live. The property is in a very nice desirable nieghborhood. The property needs minor repairs say about 15k, it needs HVAC, inside paint and some siding repair. Not real sure about the repairs since I have not seen it. My question is this; Can I get this property under contract and do an assignment to another retail buyer without having a realtor involved from the buyer end. I am not a realtor but I have done assignments to other investors before. This would be from a retail seller to a retail buyer as an assignment. Please give me your thoughts!