All Forum Posts by: Steve Morris

Do NOT sign a buyer rep agreement.  Doesn't work well for 98% of the deals.

Think you just need to hustle and call a lot of brokers and tell them:

1) You're credible with a good resume

2) You have proof of funds

3) You're pretty clear/definitive on the spec you're looking for.  Saying you're looking for a "good" deal is almost worthless.  Everyone wants that.

Brokers get a good listing, it'll go to the short list first, which is where you want to be.

More brokers like you, better your odds

1) Putting the property in a CRT (Charitable Rem Trust) so I can pay taxes as I go or

2) Used to work with a syndicator, so may throw money in there

Directly to the billing place along with their rent.

You want to make sure that each 3rd party that they're paying shows you as an "interested" (name varies) party.  That means, that if they miss a pmt you get a call/notified right away.

NNN deals are nice, but you don't want a tenant putting you in default and then finding out a ways down the road if he doesn't pay.

If you're getting a loan from a bank that originates, services and keeps the loan, you may be able to get away with vacancies.

If you're getting agency loan (ie FNMA/FMAC) they're going to want a min vacancy rate shown by actual collections/rent rolls.

Well, you need someone in your jurisdiction since courts vary all over the place, so add a location.

Also, landlord rep attys are busier than h***, so be prepared.

Sorry, disagree, bellies are where all the supposedly "disposable" stuff collects, over and over.

If you're handy enough and want to avoid the cost of digging up the line now, go to the cleanout (assuming it's upstream of the belly) with a pressure washer and attachment and blow out the line on  a regular basis.  Since water sits in the belly, it's still going to be the weak point for corrosion of the line.

AND MAKE SURE THE TENANT UNDERSTANDS DISPOSABLE WIPES ARE NOT FLUSHABLE.  MAKE THEM SIGN SOMETHING ACK SAME.

I wonder where that machete was - Can you send it in a plain brown wrapper?

Asking for a friend.

If it's encapsulated (ie under a ton of paint like a popcorn ceiling) you can get away with doing nothing.  But be aware in case you get a burst pipe and the ceiling drops.  If it's in flooring material, I don't know.

Remediation by a certified expert is really expensive and you basically need to seal off the offending areas, gown up with masks and then put it a shielded drop box and pay a ton for disposal.

So removing it to be removing it is not my first choice.

these mushroom groups in reddit and webull forums are going to shake up the stock markets...

Dunno GME is about 15% of peak and Silver is coming back down.  I think it may move the market, but like any "story" stock, they fall back to earth.

Do apartments, but have a couple of clients that own strip malls.

First, any type of property can get overbuilt, however, both guys are happy because:

1) High traffic count and street egress and parking (kinda tough getting all of that in one place)

2) Site exposure - You want ALL the storefronts facing the street and NOT a mall that is perpendicular (ie the short end) facing the street

3) Get a good anchor (like major cell phone guys) that bring a lot of traffic to the mini-mart since they're there already

4) Try to avoid some businesses like small specialty groceries by first-timers that stop paying rent after 3 months since they have no clue on how to run a store.