All Forum Posts by: Champak Shah

Just have to learn the ropes and make cold calls

What type Investor do you have ? How much money he has to Invest ? What type rturn he is expecting ? What type proeprty is he interetsed in ? Is he going to give you a loan
or be the owner and you will manage for him ?

Commercial Proeprty Owenrship and Management --is lot differnet than SFR --

Risks are greater and rewards are greater
Need to ahev Long Term Busienss Plan and Strategy- State or City - area of twon, type of
property etc -- then do feasibility study -- population, income, age group, traffic counts etc-
In Atlanta --there are many retial Centers available -- some vacant and some occupied-

For example --have a Bank REO -- 80% occupied for $2.7 million -- 50% original
mortgage --

Give some more thoughts and decide which direction to go -- Retial, Office Buildings,
Office Condos, Warehosue - Distribution,
Hotels etc --

Yes- you should have checked them before paying deposit. Get a local attorney with RE
Lending experience and ask them to write them a letter for refund of underwriting fees.
May cost $500 --
Hard to trust many NY Lenders. I do Commercial Mortgages . Have had a bad
person in NY. One jewis Doctor - claimed to
be lender. One of my client sent $20,000
due deligence deposit ( against my advise
not to send) and he lost. However, after 12
months I received a letter from NY State Court
that they were investigating Frauds by this
so called Lender and eventually he is in Jail now. Yes- file a complaint to Better Business Bureau and Chamber of Commerce in NY as well as with the State of New York Licensing etc. Once they get enough Compaints --they
will investigate and shut him down.

What is the size of office building ? What will be current value ? What is loan balance ?
How many other tenants ?

How much are you willing to Invest ? 27 years old is not old- we have apartments in Atlanta, Georgia - the home of Summer Olympic 96 - some are 75 to 80 years old and stay fully rented all the times -

Investors have different nich - some investors buy old run down apartments for $10,000 to $20,000 per unit and renovate nicely and convert to Condominiums or rent at higher rate and then resell at $50,000 per unit -

You need to understand and plan your goals and objectives - in buying certain minimum units and minimum return before taxes-

I ama Commercail Mortgage Broekr -I cna help find financing - if you have enough down payment - will help free analysis

Why are you not Investing in India ? It is fast growing economy and realestate apparciating around Mumbai, Delhi, Banglore - even Pune -

I have email from foreign Investor - who has four hosues - in Atlanta , Georgia --all paid for cash and can not get financing .

What is your objective ? Why do you want to invest in Real Estate ? Why USA ?

You can invest in good stocks in India and get 15 % plus return.

You have no understanding of RE Investements--Its headache- many investors do not even recommend buying and managinga cross stateline --and you want to manage from India ?

You do not need agent or alwyer --just cash or partner-- hosue does not have to be enar university - any good location with employment abse and transporattion is good--

May be you should spend three - four days --going through all the posts here for last six months on investing

I sugegst --invest in India -so you can have control.

Hello-- Social Security is calculated Based on Last FIVE years income only and not life time income. So to plan --if you are 60 years old --then take more salaries-- if any one is young -say in 40's - do not take any salary -- and do not have to pay FICA or other contiributions to medicare - state income tax etc- - or take minimum salary for basic home expenses -
Not sure --if Social Security will be available 20 years from now --so start setting up ROTH IRA --or have four or five houses --free and clear for retirement income.

I see not much activities in six months or 3 years -- Cash Flow is monthly payments receievd against promise to pay or contract -This could be like an Owner Financed Mortgage Note when he / she sold the house and carried back a mortgage. Also some people buy Accounts Recievables- which is for businesses --mainly manufacturers or large ticket items dealer -they sell and finance over 36 to 48 months. Manufacturers send invoice- and sell the A/R at discount --this is also called Factoring. Also Car Notes and Time Share notes.

Note Buying is some times more riskier than
Whoesaling or Investing as Rental --IF you have money -- learn first about basic real estate investments - then get into Note Buying

You have to perform proper due deligence to buy notes.

Yes- elevation certififcate is great --but costs over $600 --or more if there is no bench mark nearby. Best way is to go to county ( or city) planning department where they get building permit. Look at plot map and ask them about topo survey -- that will have countors --then look at creeks and valleys - stay away at least 25 feet above creek water line - or flood lines - county also have flood maps-

Also- for everyone - Flood Insuracne is a ripoff- My house - in Stone Mountain ( Atlanta suburb ) Georgia -I lived for ten years and no insurance required- then I got a notice and had to buy flood insurance for $2600 per year premium-- Problem is they do not exclude land - Mortagge Company - Lender - wanted full appraisal value for insurance. even though mortagge is only 80% appraisal and land will not damage -- also eleveation certificate shows my house entrance is above flood level but crawl space is below --and i had to buy insurance. Also when I got the policy --they do not cover anything - $10,000 deductible- I am so mad-- and have no options. Never buy a house near creek.
Also --every one need to keep track on new shopping centers or apartments or other large subdivision developments below (downstream)your property. County does not pay attention -they just want more taxes- and that new development will change flood zones for your area.

P. S. You can also call county and pay some postage and they will send you flood maps and flood zones for your hosue- by mail.

Of Course--Florida or any one near ocean is lot differnet then in Georgia or Tennessee-- In low lying areas like Florida with high ground waters and no deep creeks or rivers - flood zones every where - Problem is
USGS / Army Corps and USGS have not upgraded flood info in 50 years - and there is lot more developments in last 30-50 years - which increases runoffs and chances of flooding goes up every where. There are no Flood Controls in Ohio, Michigan, Kentucky or Tennessee and it brings down problems to New Orleans and Alabama shores.

Insurance comes from Insurance Company. I had State Farm for two cars and three houses for over 15 years. They could not do Flood Insuracne - so I had to go to Travellers. If you do not buy-- Lender placed Flood Insuracne costs THREE times more. This is my personal experience.

First - do you live in India now ?
I have seen on other forum--some lenders do make loans to Foreign Nationals. Also I have seen - have an email from a Foerign National who owns several houses in Atlanta ( Georgia) area and paid cash - now worth over $400,000 and wants to refinance and is tough.
Also many foreign Corporations buy commercial properties here.
Besides --it is better Real Estate market in India right now --