All Forum Posts by: Dan Bernstein

Very experienced condo conversion developers in DC looking for an equity partner for a project.  These guys are looking to expand their business and have their liquid tied up in on-going projects.  

Please PM me for more info.  

@Christopher Hauser, I'm interested in joining.

Happy to help, just Pm'd you.

SFH in Fairfax and Loudon County can be a good buy depending on the area. Specifically, there is opportunity in the Loudon 1 area with all of the tech companies coming in....Loudon 1 is already the largest data storage center in the country. There is a lot of multi-family in Arlington and Alexandria, however most of those deals are off market deals.

@Bronson Pilgrim Welcome to BP.  What property type are you after?

@Nadiya Lonkevych Where are you planning on flipping?  Depending on the location, I might have a few suggestions.

Good Luck!

@Alexis M. $450K is probably the most common price range in the DC metro area for a first time home buyer.  There are so many options in the range.  You can buy a very nice townhouse in Alexandria, Springfield etc.  Nice 1 bedroom condo in Arlington/DC near the metro.  Silver Spring/Gaithersburg MD, Alexandria/Springfield have great value for single family homes...What is most important to you, home sqft or location? 

We have an assignable contract for a 10 unit in DC.  We were on track to close in 2 weeks, but the buyer encountered unforeseen issues and will not be able to close.  The price is $1.3 Mil and all of the TOPA docs have been delivered.  Please contact me for more information.

@Aaron McCurdy

1) What are you buying?  The land or the business.  Generally, when we sell a commercial business, we sell the business and the land separate.  Many folks on bigger pockets speak towards buying land+improvements, buildings such a multi-family, where they are buying land + improvements.  When you buy a business, you have to determine what is the standard multiplier of the business.  For example, if a business makes $1 Mil and is listed for $1 Mil, you have a multiplier of "1".  Some businesses are worth more than "1" x gross.  

For Financing, you will want to talk to a commercial lender.  Other options include, assumption of the current owner's loan or owner financing.

2) You definitely need to start up a corporate structure.  Do not do this by yourself.  Consult a  CPA who can advise you on the tax benefits and loopholes through owning a business.  For instance, you can pay yourself from the CPA and contribute towards 401K and Roth and minimize tax liability.

3) Read "Rich Dad Poor Dad", owning a business is the best way to minimize your tax liabilities.  You need to find a great CPA to help advise you.  Do not try and do this by yourself.

4) Find a business broker in your area.  I would look at multiple deals.  Partner with someone who knows the business.  Most of my investors do not "go it alone".  They own their assets in groups.  There are many people that specialize in "Flipping" businesses.  Find someone in your area and pick their brain.  

@Matthew Shultis Why do you need a broker's license?  Are you planning on opening your own brokerage?  There is really little to no benefit in being a broker over an agent unless you are planning on moving up in a specific brokerage to manage agents or to open your own brokerage.  If you are worried about fees, there are several companies that are 100% commission and just charge a transaction fee.  In fact, for someone just starting out, it might be more of a liability than a benefit to becoming a broker.