All Forum Posts by: Steve Morris

Thanks for making 99E North impassable  :)

Call the insurance first and make sure they're OK with your daughter being named insured.

Just do a B&S deed (transfer for ZERO consideration) to get title moved (in OR).

At close, sign a assignment/assumption agreement on the leases to your daughter just in case a tenant atty tries to poke holes in an issue.

Usually residential doesn't like mortgage assumptions.  Depends if the bank has kept the loan or sold it to an agency.

Think I'd go to the current lender first and ask them, they already know the property, so that's half the qualification.

Otherwise, just write up a PSA and  buy it?

Well, assuming you have no issues, think the RE atty is best.  If you want to cheap out, I hear some title companies will give you a PSA blank, but I'd really want to know what I'm doing first.

In order:

1) Get a 1031 setup with a LOCAL QI so you get your timeline right for tax deferral

2) What type of properties do you know?  If it's residential, I'd stick with that, but gotta imagine office in in Austin is a good deal for growth

3) You know what you're doing and have time or do you need a manager?  If you need a manager, I might expand my search area.  If you self-manage, I wouldn't make your first deal out of town.

I guess I'd get a broker that specializes in those types of properties (ie not a apt broker) and knows the market.

Since sounds like you're buying a lease with a prop attached two things:

1) Read the lease AND UNDERSTAND IT (ask broker for help) and look for:

    a) Creditworthiness of the biz

    b) "Outs" for the lessee, like rent holidays or ways to leave

    c) Underlying strength of operation - If it's slow they want to downsize and if great they may want a bigger place / better location

2) Building - If they leave, can  you re-rent it easily?

How you raising money (as much as you can say)? I've got 1031 guys looking for an up-leg and this is hella better than 95% of the NNN deals they show me.

Because of that, I can't imagine it's real hard to raise money?

Are you the operator?  You have experience in the senior living business?  Most of the clients private insurance or Medicare?

I think IIPR (the REIT I own) has a credit line plus proceeds from stock sales. I guess take a look and see who's funding them, might be worth a lead? IIPR is the only connection I have to the MJ business (I'm pretty happy, so its more than good enough.)

In Oregon, as noted, MBank (now Riverview I think) was doing these deals. I think if it gets legal at Fed level, then you lose that RICO stigma and it'll be a lot easy.

However, since you're basically buying raw land (unless you can make a better case for income), RIOC and that are going to make banks nervous.

 I know one, but I'll ask if he's taking new clients.