All Forum Posts by: Account Closed

"This was an off market deal."

Congrats.

 That and/or getting approval from what ever board lords over it in your locality. I know people do crap like unpermitted construction all the time, but adaptive reuse is a whole different ballgame.

https://www.ladbs.org/services...

There's a link to the people involved in the fun process in Los Angeles.

Before even discussing the architects and engineers with the skills sets needed, I don't understand why making sure you have a clear path through all that legal red tape isn't consideration 1. 

Guess the legal red tape heavily varies from region to region, because no one is mentioning it as an issue. Los Angeles has over 4000 units underway right now, supposedly more than any other city, and my understanding is the red tape involved will make you puke. 

Actually, I gotta come back to this one. You have the resources to close on an 18 unit hotel, which I'm assuming means you lined up the financing and had the property under contract- but you did all that before asking about the feasibility of conversion?

Isn't the local zoning the biggest hurdle in those kind of deals?

Need to be more specific. For REI, I don't know.

Investing in general though, is a mindset and a habit you need to build. It's absurd to wait till you have X dollars, then think you are going to flip some switch and become an investor. You are likely to make greedy, horrible mistakes in the beginning, driving by fear of missing out and a desire to want it NOW. It will take a while to develop a temperament where you realize you are in a marathon, not a sprint. You are also going to have to develop your inner compass so you don't go for half *** gurus, financial planners, syndicators, ect. All of them will be happy to tell you what to do with that 100,000. Your best interests might be different. 

Start with your first dollar. Every dollar you get is a little soldier you need to put to work making you more dollars. 

See here's the thing though Will. You're a Real Estate Pro. I read and follow your posts. And they are still doing that crap to you at your level? Kinda figured they were just doing it with me cause they thought they could get away with it since I'm a non-connectded, private investor.

 Well I'm always up for the Pepsi challenge. Thing is though I'm looking in Los Angeles and SE Michigan.

First thing that will stick out like a sore thumb is if the Realtor doesn't update the taxes for the next owner and tries to slip the current tax rate into the NOI projections. If they do something that blatant, which is common, we're off to a real bad start. Next is if they try to position the property as a "future appreciation" play.

I wish you well, but the world is full of investors that would kill a family member to find what you are asking for in these market conditions these days.

Investor-friendly realtor is a unicorn. I know BP claims they are everywhere if you look. BP claims a lot of things.

Learn how to run numbers for yourself, contact them, let them show you what they have, and then watch them throw a smoke bomb and disappear when they find out you know how to underwrite a deal.

They've got 3 or more suckers in a bidding war with no inspection on any decent property they have listed. Only thing they are short on right now is inventory.

Might have 3-4 rate hikes coming next year. Maybe that will help take sellers and their agents of their cloud. 

Ya, she should bend over and grab her ankles harder than she is willing to. That's the problem.