You admitted you installed a "black metal paper towel", your not allowed to modify properties as a tenant.

I've been involved in multi million dollar projects and while I'm not the smartest guy in finance in the country, there is no deal that I won't suggest, advise, change, modify or put the final touches on that any investor puts together, no borrower really has all the answers and it's always, to some extent a team effort.

The lender will cover acquisition costs (purchase and rehab).To date I have been unable to modify the mortgage on my primary residence (unable to refi and modify) due to being under water and negative DTI.  

You are allowed to modify your bid before the auction closes.

@Cody Krecicki Here is the strategy I employ,  1) Reinstate the loan 2) Modify the loan 3) REO 4) Rental ( I wrote an article on this but I cannot self promote)Each note has its own story to tell.  

I've modified due dates to accommodate tenant pay periods, slightly reduced rent on one place to keep a tenant in place another year.

The 10 year maturity date is where the HELOC will modify into a different product all together.

I may do a modified contract offer or throw something in there that will give me more flexibility if the seller allows.

I'm new here and i'd like to get some opinions on a deal i'm looking at. it's in the Chicagoland area.it's a commercial deal, mostly retail (3U) with one office unit on the second floor.the deal comes with an empty buildable lot, and about 30 parking spaces in the rear.building is reo, and has been bank managed for years. they were advertising it at a decent psf price, but they were promoting it as being almost twice the size it actually is.they were asking about 425k for 10,000 sq ftit is only 5200 sq ft of rentable space-3 storefronts and an officethe buildings are rented at 3600/mo modified gross with 2-5 year leases. taxes are 13,000all commercial spaces rented, office has been vacant for several years. from my analysis, at 260k it gives me 8.3% cap at 1.36 dcr, and if i can get a tenant upstairs, i can add additional income to increase these numbers.@ 260k, it is still more per foot then they were asking. @ 219k, i'd be at their asking price per foot. they seem to think upper 300's, low 400's are the magic number.295k with 20% down seems to be the top number to squeeze in 1.2 dcrI'd like to offer 210-235k my goal is income first, value add second- so if the numbers don't work on income-i'd rather not waste my time.what would you offer, and where would you start negotiating? 

Its a quick and dirty first pass that could easily be modified based on someone's specific needs.As it is, it allows users to play with variables to decide which comps to pull: i.e. +/- square footage, +/- bedroom count, +/- age of home.It also allows the user to change the adjustment prices for things like a bedroom, bathroom, garage, basement, etc.Here are the specs if you will of what you need to enter and what you can play with.