All Forum Posts by: Dan Cumberland

Thanks for the feedback @Alexander Felice

Hi BPers!

I'm curious how you're finding and getting the most value out of the BP forums?

There's tons of great material, case studies, and success stories to read.  I can search for most topics and find a good conversation about it.

But I'm struggling with forum interaction.

I see a lot of questions that never get answered and a lot of answers that never get responded to.  I've struggled to get responses to my questions.  Obviously, some topics are more interesting and engaging than others, but it seems like 90% of engagement happens on a few posts that trend.

I've had some great conversations through making connections and messaging back and forth.  But I struggle with forum posts.

I hear people share their experience on older podcasts about how they know all of these other users on BP.  It seems challenging to do that now as there are so many posts every day and so many users.

Some things I've wondered:

I have keyword alerts, but maybe they're not specific enough?  I can hardly keep up.

Would I have more success in the Pro area?  I'm not a pro member (yet), but Pro membership weeds out those who aren't engaged.

I feel like an awkward Jr. Higher lacking in social skills asking the cool kids how fit in 😂

I know I've only scratched the surface and would love to know how you're finding the forums most helpful.

Thanks a bunch,

-Dan

Hi everyone!  

I'm looking for recommendations for an attorney for a contract for a seller-financed commercial property in central IL.  I tried over on the Legal and Contracts forum but didn't get any replies (https://www.biggerpockets.com/forums/51/topics/611...).

So I'm trying here.

Would love to know if you know any good people.  Thanks!

-Dan

*crickets*

Hi BP'ers!

I'm looking for an attorney to help put together a contract for seller financing on 12 unit deal in central Illinois.  Any recommendations?

@Sam Choi - I'm not an agent, but I am an investor based in the Seattle area.  I've been focusing my investing efforts out of state in order to get a lower cost of entry and better cash flow (not that the latter is not possible here, but deals are easier to come by out of state).

It looks like @Dan Leaman might be a better connection, as he's making it work in the area you're targeting.  (Great work Dan!)

All of that said, even out of state I've never found 10%+ cap rates on the MLS. I've had to find them by finding motivated sellers and making offers that work for my numbers (below asking price).

@Sam Choi it all depends on your goals. It sounds like a pretty good deal for the area at surface level if those are your cap rate goals. But if not, then you should pass. Personally, the cap rate needs to be 10% or above to 10% or above. But my goals might be different then yours. 🤷‍♂️

Thanks for the reply Dylan.  I'm aware of the differences and how to run the numbers.  This article gives a nice overview though.

I'm asking about comps because that is one of the methods used for commercial multi-family appraisals— at least in this area.  From what I've seen, they typically consider both the income of the property as well as the property value compared to other recent commercial multi-family sales.  While I know what my numbers tell me about the investment, I'm looking to validate them against what bank's appraiser is going to do— as well as build a case for my offer to the seller.

Does that clarify?

I've been working on this most of the day.  Here's what I've found: I can search for completed multi-family listings on Crexi.  While they don't show any information about the property, you can usually find the property address.  This allows me to then search for it in the county tax records and find the sale price.

There may be other ways, but that's what I've discovered.  Let me know if you have a better method :-D

Well shoot.  That sounds amazing.  I've been watching Memphis.  I would have loved to hear from her.

I'll catch the next one.  Thanks for putting it together.