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All Forum Posts by: Jameson Sullivan

Jameson Sullivan has started 81 posts and replied 530 times.

Post: Found out a lead has property listed on the MLS

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

This isn't really a wholesale "lead." Someone has their property listed and received your mailer saying "I BUY CASH IN DAYS" and figured, "That sounds good and I already have it listed, why not?"

This person has already been told what their house is worth and likely isn't going to dump it to you for 60 cents on the dollar. Move on to another property.

Post: Salon/Retail store owner

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

Cut and run. You're going to have to litigate for your security deposit and prove it was him and not you that broke the terms of the Lease. Chalk it up to a good learning experience and get out of there.

Post: Real People, Real Beer, Real Estate

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

Looking forward to seeing everyone tonight!

Post: NNNN - triple net Networking

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

@Joe Villeneuve I think what he's getting at is he wants higher than a 4-7% return on a tenanted asset which is understandable.

@Paolo Ruggieri I would suggest you find an active CRE broker in your market - one who specializes in retail. Generally these guys are already running around with a handful of developers to whom they bring deals but if you can squeeze your way in you may have an opportunity to develop a site for a credit tenant but don't think for a second that a broker that's worth anything isn't going to know 10x more than you and likely has already developed properties themselves. Buying a house you might be able to force your way into a deal by way of CASH but in CRE it's all about relationships. We represent over 140 National and Regional tenants in my office as well as a handful of preferred developers for each Tenant. You're not going to be able to walk into a CRE office one day and ask for a piece of dirt and a Starbucks deal.

Post: Anyone know of commercial hard money lender

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

@Erik Bunch why cant you refinance with a traditional lender?

Post: Good Deal or Bad Deal

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

@Mike Mullins why is there so much vacancy? 40% of your residential AND the retail is vacant. In a small town that's not great news. I'd say if you buy it make sure you hedge your downside. On current income back of the napkin math puts you at under a 5%cap which is trash. Dont pay for proforma rent that the seller hasnt implemented yet

Post: Looking for other retail cre investors

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

@Beth Azor                              I will definitely go pick it up. I'll have to get a handful for my office to read as well! I sent you a direct message to continue speaking!

Post: Looking for other retail cre investors

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

Hi @Beth Azor ! Welcome to the site! I am a broker and have not developed yet but am passionate about the whole process and I know your book very well. We still utilize the worksheets here in my office daily! Thank you for creating that! I would love to connect some day over the phone or at ICSC.

We literally just discussed your story the other week about the Blockbuster sign call. What a lesson learned! Thanks again for your hard work and sharing your story!

Post: Calling any investor that are partnered with Walgreens

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

There are lots of STNL assets out there that provide the same type of income for retirement. What you're describing is fairly common. Pharmacies are decent but a few of the downfalls have already been noted here... One not mentioned is that a pharmacy deal can easily price most ma and pa investors out. A pharmacy with substantial term could be anywhere from 6 to 17 million dollars. You can very easily find other investment grade STNL assets with 7 Eleven (4.25 - 4.5 CAP), McDonald's (4.5-5 CAP), Starbucks (5-5.25 CAP) and something like AutoZone (6 CAP) with substantial term (15-20 years plus options) for less than 5 million dollars.

I would be happy to jump on the phone with anyone to discuss their possible investment in these types of assets. We represent 3 out of 4 of the above Tenants (not AutoZone) and lots of their preferred developers here in WA state and have a few NNN and Absolute Net investments coming down the pike!

Post: Bright MLS New Off Market Property

Jameson SullivanPosted
  • Real Estate Broker
  • Tacoma, WA
  • Posts 545
  • Votes 251

First, I HATE the MLS companies and frequently think to myself "Who do you think you are? We pay YOU to provide a service to US!"

That said, a marketed property isn't really "off market" in my opinion. $5,000 is certainly punitive but an off market deal for me happens with phone calls and relationships, not blasting it over the internet.