All Forum Posts by: Justin Polston

Have several large buildings of architectural integrity needing an MAI's help for a municipality. Have to go through the due diligence process and starting here is where we are as a city. Any recommendations are appreciated!

@Joseph Cornwell yeah it'll all add up, I'm just thinking if multiple buyers get involved, that may be an easier route.

@Taylor L. Just trying to make a play. At some point, is it easier to to carve up into smaller chunks with staggered options that buyers can swallow a little bit at a time (if seller would wait).

@Allan Smith thanks! I'm trying to not reinvent a wheel thats already out there. Thanks for the suggestion!

Hey all!

So my 2020 goals have been to really take my brokering skills for a thrill ride, and phase out of doing normal consumer deals.

"Path of least resistance" has led me to network with 2 dozen folks that have 10-50k to invest (which you can't buy anything around me for 40 that doesnt need another 40).

That same path is also turning into package deals, whether 3-5 or 5-10 here and there.

Current problem that I'm trying to help with. We have an 88 unit package near Indianapolis but also maybe 45 minutes from Cincinnati, sitting on I74.

Without getting much into numbers, the deal is cashflowing well with 55k in monthly rents, 5% vacancy, and allotting for average $80k a year in maintenance and capex.

The seller wants XMillion

I have buyers ready who can pull off an 80% LTC loan. My brain starts hurting when we get to discussing the 20%. Roughly $500k-1m.

Is this a crowd funding answer? Should I reach out to my network of smaller (relatively speaking) amounts that would want to be partners debt or equity or both?

Interested in what others would suggest!

@Samuel Oltman research "tenant rights"

@Adam Godfrey good morning!

What an awesome thread this could turn into! There are so many pitfalls, nuances, etc, it's definitely worth using a buyer's agent. In the state of Indiana, the seller pays the broker fee (typically it would be x% to listing broker who would then share 1/2x% to the cooperating broker aka buyer's agent). With this said, it makes sense to use a buyer's agent because it's free, you have someone looking out for your best interests, and the seller is assuming they'll probably be paying a buyer's rep anyway.

It would be silly to not use one.

@Tricia O'Brien sorry, I reread the post!

@Tricia O'Brien my father was (was) a modular builder and mobile home installer all my life. Yes, you want someone licensed to install. You might seek out some manufacturers and see if they can recommend anyone.

I'm in Shelby County so i can imagine some of the places you're speaking of like Rush Co or Brookeville, Richmond, etc.

Footers are typically needed. Tie downs as well. If you ever go to sell, of it isn't cash, these are some guidelines some financiers go by.

Are you keeping the hitches and axles underneath?

@Evan Liu if you make it to Indy, definitely check out suburbs. Marion Co is getting pretty thick with competition. Almost every house we go after is going to highest and best. But in the suburbs, we're finding a lot of off market deals that our clients are benefiting from.