All Forum Posts by: William Tong

I want to thank everyone on BP ... a year ago I was drooling at the 15-18% returns but was warned off by several members.  The devil (greed) on my left shoulder was overruled by the angel (BP) on my right.  Thanks again.

Does anyone know what is happening with EquityBuild?  It is in Receivership by the SEC.  What does this mean for investors?

Thanks Christopher.  Our initial offer was written. But we were not ready to jump ... you are right.  And you are also right that if done correctly, the agent should only help the process.  You are an agent:  would you walk away from a possible all cash buyer just because you had an offer in hand?  Do you always say one serious buyer is enough?  Isn't competition good?  Or must the selling agent present the offer without contacting other previously interested buyers, of course without discussing price?  Is that, in your opinion, unethical?    In the end Christopher, it is clear we did not communicate our position clearly and will be more diligent in the future.    

Thanks Nathan, Charlie. It is water under the bridge but I just wanted to whine and figured there might be constructive criticism available @ BP.   Not sure how I got to be an "agent" perhaps some mistake between myself and BP software.    

I like the idea of requesting an in-person presentation however some agents are very protective of their clients.  In what form would you have provided the proof of funds since I don't have an entire $650,000 in cash but rather in mutual funds, etc ... all available within a week or so.  I don't like to give out actual statements.  Charlie, I wouldn't press charges or sue anyone over something like this however I will look into it for my own edification.  

Thanks again.  There is another "deal" around the corner and maybe I will be a little smarter.  

More a rhetorical question. But a story to remember ... for me at least. We had been following a house in a very nice part of Mt Pleasant for 4-5 months as the price declined from $800,000 to $695,000. Nice dock, funky house, needed $40-50,000 rehab ... suited us well: a buy, rehab, live in project. Well, we had planned to go up to $650,000 so started with an offer of $640,000 but the agent told us it was way too low ... and did not want to present it. We reminded her it was her duty to present written offers. She did and the seller came back with a counter of $690,000, I suspect he was influenced by the agent. We interpreted the counteroffer meant the owner was not anxious to sell at our price, so we told the agent to contact us IF the owner decided to lower the price ..., and that we had an all cash offer funds verifiable now. I have owned 8-9 SFH rentals, have 2 strip malls and am partners in 3 apartments so I have some, though not extensive experience. As expected, 2 weeks later they lowered the price to $675,000. We gathered our cash together to again offer the $640,000 all cash when we realized it had gone under contract immediately. We called the agent and she said she didn't "think" we were serious so didn't call us. I slowly realized she was a real estate agent moron. What agent doesn't want 2 buyers bidding on their listing? OMG. We found out 6 weeks later it sold for $605,000. The moral of the story is the "offer-counteroffer" format with the selling agent sitting in the middle is flawed. This agent lost her client $45,000 and herself around $1,300 ... or maybe more if we got into a bidding situation. We learned that if you put that much time following a property you must stay on top of the seller's agent. She/he may be totally incompetent.

Thanks again.  What a great resource this BP is.  I have been asking local commercial realtors and getting blank stares.  I may still go with demising and leasing with smaller mom and pops but finding a larger franchise or national company is something I will try first.  

Thanks so much for your input.  It sounds like I need a broker.  Where does one start?  Does any commercial realtor in the area deal with this or are there specific types? Unfortunately in the area of the strip there are no local brokers ... although a medium sized city is about 50 miles away in Rock Hill, SC.  Are there brokers who specialize in this sort of leasing?

I own a single tenant commercial building ... in front of a large but aging strip mall with a BiLo and Babcock across the street from a Subway, DQ and a new Verizon.  Also about 2 blocks from a Home Depot and Walmart.  My lease with tenants is ending in 18 months and I wanted to start looking for a new tenant.  It is an old Good Year building with 7500 sf.  How does one even start to find a new single tenant?  I have another small multi-tenant building that small businesses lease but this is something different I think.  What should my strategy be?  Thanks for your help and opinions.  

Thanks for your reply.  Have you invested with EquityBuild directly?  We love it here in Charleston, moved here from the Monterey,CA area and the investment environment is so much more affordable here.  However, I was looking for more interest income within my 401K.   I would be interested in any opportunities you know of in Charleston and also anyone you think would be a good contact.  Thanks again for your help.  

I have never invested with EquityBuild but the reviews here on BP are somewhat positive over the recent past.  Their new offering is an apartment building on Dorchester.  Has anyone here invested in this?