All Forum Posts by: Ash Patel

@Lucas Bennett - Good point.  Kind of like talking about a presidential candidate before the election.  

What do cannibas dispensaries have in common?  Do they get their RFID's from the same place?  Same insurance?  Same armored car company?  Same security service?  Same soil additives?  Contact all of those vendors and offer a lucrative finders fee if their lead closes on the property. 

Don't underestimate social media.  For the first time ever, I gave a property to a commercial broker to market for sale/lease.  I have always done this myself but I've been reading 4-Hour Work Week.  In the nine months that they had it, not a single offer to buy or tenant showing, and these guys were supposed to be the best in the city.

After my contract with them expired, I offered $10,000 cash to anyone who brought me a referral for a tenant or buyer.  In three weeks I accomplished what my commercial brokers couldn't in nine months.  You may be surprised at how vast your circle of colleagues/friends is.  The exposure was way beyond what I imagined.  

@Dan Toomey - I don't.  Come to think of it, even my commercial brokers pull up current listings instead of recent sales.  Whenever I see a commercial building for sale that catches my interest, I save it then follow up on the auditors site to find out what it sold for.  That gives me a pulse of the local market.  Let us know if you find a good resource.

This sounds reasonable for a local investor if the area is hot.  Older buildings tend to have higher cap rates for obvious reasons.  Are there any other sales of similar buildings in the area?

@Kate Johnson, I would imagine Joel Owens will give his valuable input shortly.  In the meantime, I was recently told by a commercial broker that, "residential realtors starve for one year and commercial brokers starve for three years".  In my market, brokers fail to use social media to do any sort of marketing and are completely missing the boat.  They only utilize email lists and open houses.   As an added bonus brokers often receive cool perks at open houses.  I held one with catered lunch and each broker received a $100 amex gift card.  In addition, I was offering a full 6% commission and a $6000 vacation of their choice, this was in addition to the 3% commission to my listing broker.  

These brokers had my property for nine months, charged me a few thousand in expenses and failed to deliver.  I had the property for four weeks after their contract expired and I had multiple offers to buy/lease!  All through social media. 

@Joseph Cornwell, you are correct!  It is amazing to see the same exact house built in the same era (50's) have a spread over $100k+.  That makes it very difficult for out of state investors.

@Steve Johnson - nailed it.  It seems like a lot of people have it in for you.  Reputation and Integrity are so fragile.  It pays to go out of your way to always do the right thing in business.

@Wendell De Guzman

I am assuming you are the same person mentioned in this scam?

https://www.biggerpockets.com/forums/732/topics/40...

I know opinions are like @#%@ and everyone has one.  So here is mine:

Madisonville - people know it can be the next hot spot.  That has already been factored into the prices so you are buying at top dollar.  There was a great police officer who was killed here in 2015.  Madisonville close to I-71 is being developed bigly, but how far in will it go and how fast?

Price Hill - I owned a strip mall there until last Summer.  The walmart down the road was the MOST SHOPLIFTED WALLMART IN THE ENTIRE COUNTRY.  I didn't believe it when a bank president told me that so I researched it and its true, even though they have police stationed inside the store.  Our strip mall had break ins and hypodermics found near the dumpster quite often.  There are pockets of areas where people are trying to revitalize but that has been going on for years.  It may not ever pop!  The incline district has some high end living but very small area and borders some pretty shady areas.

I own a 3 story office building in Maineville.  That area has good traffic count and is in between some nice neighborhoods.  

Neighborhoods in and around Cincinnati are quite difficult to gauge.  School levies have reaked havoc on home prices in certain areas.  The recession didn't hit us as hard as other metro areas and right now there is a ton of competition in the residential arena.

MHP's are a niche market where a lot of the players know each other.  It sounds like you have the makings of a potential wholesale deal.  I would reach out to Kevin Bupp who is big in this space.  If you aren't putting any money/sweat equity into the deal, I don't see many investors giving you equity.  You should get a finders fee if this turns out to be a good deal.