All Forum Posts by: Victor Patel

Kendall,

Since you asked, here’s my story.

Thirty years ago, in my mid-20s, I made a life-changing move from the San Francisco Bay Area to Ohio. It all started when my wife's college friend offered me an opportunity to invest in a commercial property. The catch? I had to relocate to Ohio to manage it. At the time, I had just graduated with a physics degree, landed a great job in the Bay Area, and was newly married. It was a tough decision, especially since I had no experience managing commercial properties and knew no one in Ohio.

Despite the uncertainties, my wife and I decided to make the leap to escape the hustle and bustle of the Bay Area. We packed up and drove cross-country, arriving in Ohio on Christmas Eve in 1991. The culture shock hit us immediately, and we struggled at first—it wasn’t easy, but we were committed.

Unfortunately, that initial investment didn’t pan out. We lost about $100,000, which we had borrowed from family. It was a tough blow. However, my partners recognized my dedication and work ethic, and they offered me another investment opportunity. Once again, I had to ask my family for financial support—a daunting task after the first loss. Thankfully, I come from a close-knit family who believed in me.

That second investment turned out to be a game-changer. Within a few years, I was able to pay back every penny I owed my family. The success of that venture set the foundation for my career in real estate. While I eventually parted ways with my original partners, we remain close friends to this day.

Now, 30 years later, I’m still in Ohio and loving it. The people are friendly, the business environment is welcoming, and my real estate investments have provided me with financial freedom. I retired in my mid-50s and live a comfortable life, grateful every day for the path I chose.

Looking back, I’m forever thankful to my partner who encouraged me to take that leap of faith and move to Ohio. It turned out to be the best decision of my life.

Golan,

There are typically two reasons why a property listed on the MLS hasn't sold: either it's overpriced or there's an issue with it. In either case, the longer a property remains on the market, the more motivated the seller often becomes to offload it.

Savvy buyers understand this and often target properties that have been listed for three months or more. These homes can present excellent opportunities. By negotiating a significant discount, buyers can secure great deals while meeting the seller's urgent need to close the sale. It’s a win-win situation for both parties.

4o

I have been a real estate broker in Ohio, specializing in rental properties, for the past 25 years. Most of my clients are based in Los Angeles or San Francisco.

Initially, they would fly out to personally view the properties before making a decision. However, after their first few purchases, they began trusting the process enough to make offers without visiting in person.

So far, this approach has worked well. In the beginning, I would personally shortlist properties and visit them to assess the property itself, the tenants, and the surrounding area.

Always conduct your own due diligence. Be skeptical of the developer's claims, as your property's value likely won't see substantial growth until the entire development is completed and sold, which could take several years. Proceed with caution—Buyer Beware!

 Hello Jorge,

In my 25+ years as a real estate broker specializing in multi-family sales, I've only had to challenge an appraisal once. I had listed a 10-unit property in Cincinnati, OH, and found a buyer through an agent from a different office. Everything was progressing smoothly until I met the appraiser to provide access to the property.

Right away, I sensed something was off. The appraiser didn’t seem knowledgeable about multi-family properties. It turned out this was his first time appraising one. The buyer's agent, though excellent, was new and unsure how to handle the situation. Despite my concerns, I allowed the appraisal to proceed. About two weeks later, the appraisal came back with a value that was off by approximately 35%, leading the lender to reject the loan.

I contacted the lender to explain why I believed the appraisal was flawed. While they agreed with my assessment, they couldn’t reverse it as the appraisal was already "in the system."

I then spoke with the buyer and his agent, suggesting we use a commercial lender I had worked with for over a decade, who could provide an answer within 24 hours, contingent on a new appraisal. The buyer agreed to cover the cost of the new appraisal, which came in significantly above the purchase price. We closed the deal about 30 days later, and the buyer still owns the property today, 10 years later. Fortunately, the seller was cooperative and patient, and we only lost about two weeks in the process.

Great job!  One thing you might think of doing is having and promoting your own website to avoid the exhorbitant fees charged by the third party sites such as Expedia, Booking.com and Air BnB.  

I agree with @Jonathan Greene. Whether you need or want five listings this month, it's unlikely to happen unless you've been in the market for a long time. If you have that experience, you probably don't need much marketing, as sellers will be reaching out to you directly.

Focus on securing one listing at a time and building momentum. Start with small goals, and soon enough, you'll find yourself turning away business. With over 25 years in the field, I'm still learning. I once made the mistake of chasing multiple listings at once, which turned into a disaster.

When I shifted my focus to serving one client at a time with honesty, integrity, and accountability, referrals started coming in without any marketing. My biggest client today is a seller I didn’t even represent during his sale of a 24-unit building—he had another agent. After that deal closed, he called me to handle the sale of his other properties. It was a humbling experience, knowing he chose me over his previous agent.

Success in this business takes time, but as I tell my kids, honesty, integrity, and accountability will take you far and help you sleep well at night.

Best of luck!

Agree with everyone above.  The cop is lazy and certainly not an attorney.  

Have you considered investing in notes?  It worth looking at!

Yes, you can proceed. This type of transaction occurs frequently. It's not a personal sale between you and your son, but rather a sale from one LLC to another. Whether it's considered an arm's length transaction is debatable, but it's not illegal.

Move forward with the sale and ensure full transparency with all involved parties, including your CPA. As long as your intentions are clear and honest, you should be fine.