All Forum Posts by: Jeremy Collins

What are some ways besides traditional financing for someone to get into a Commercial Property?  Would some ways in the Little to No Money Down book By Brandon Turner work for commercial properties as well?  I only ask to have a better idea of what I can do if I am unable to get traditional financing, I am currently working on my credit score and it is coming up, just slowly.  So with that it could be awhile before I could do anything traditional.  Any help would be greatly appreciated.

Thank you everyone for your help and understanding in my situation. I will contact a local Commercial Broker and see what I can work out, will also be looking at possible investors to do a JV with. Hopefully I can find one, I have found numerous properties in the area that I think could be managed better and get some good people in them as long as they are updated. A lot goes for saying the way these buildings look and the reason they are vacant. I hope to be able to do something soon, but since I do not have experience it may be hard, I will keep everyone updated here. Again thank you for your help on both issues with selling and renting commercial properties.

How can I talk to the owner when he has a realtor? Is it taboo to talk to an owner of a building while going behind the realtors back?  I do not want to rock the boat on this deal, it is a really good property that just needs better management, and an update.

I personally have looked into becoming a notary.  Mainly so I can do the work for myself and not have to go to a bank or anything, however my job has notaries that work for me for free.  The cost is around $500 to get started depending on what company you look at. I would look at this a little deeper before diving head first into it.  You can charge around $20.00 per transaction, but then you have to record everything.  I'm not trying to steer you away from this, but the income for it unless you have a line out of your door isn't really worth it.

Hello,

    I am currently working with a friend of mine to open our own retail business.  I have also found that the building we are looking at renting through is up for sale.  I have been thinking of buying it because I feel it is not being managed all that well, first off the owner has yet to answer our letter of intent that we filled out a week ago and our agent gave him until the following Monday 3 days later to answer.  So obviously he is out of town, and is hard to get in touch with.  My problem is, I do not know how to go about doing this deal because it is currently listed with an agent here in town.  I have read the NO to Low money down book By Brandon Turner and I have thought about the MLO, but I have also thought about just a Lease with the Option aspect.  What are your thoughts and can anyone give me any help with this idea.

I am looking at buying a couple of rental properties. I have questions though.  This would be my first one or two properties I have owned, do I manage them on my own or do I have a property management company take care of them for me.  I work full time and am a full time student I am looking at doing this to supplement my income while I am in school.  I am looking at 3 bedroom homes as I have been told those are easier to rent out than 2 bedrooms.  I have talked with a couple of people and have gotten a lot of good information from them on subjects.  Also, I am looking for a realtor, what should I be looking for in an agent that will help me be more productive in my endeavor?  Any information would be greatly appreciated.

My partner and I are looking at buying a couple of houses to rent out, we have been told about Notes, however we do not know how they work or if they really do work.  We would write the note and pay the owner kind of like a contract deal, but we have been told that it is nothing like a contract. Can someone elaborate this concept for me. And maybe if Notes do not work how else to do this.

@Bill Gulley The complexes we are looking at have about 12-20 units. I have worked in the hotel industry for 4 years and worked in finance for 1 year, I worked with Accounts Receivable (Collections), the house I live in we are renting out one of the bedrooms so as far as payments and bills go we are fairly good with that. I wouldn't say novice, but we will get there. This is something that we are looking at to get us into the realm of investing, and learning more about it as we go along. I don't read about the gurus because if you ask me they are just copy and pasting pictures from the internet and it isn't hard to crop yourself into a picture. I am okay with people being honest with me, the only way to learn and get a second pair of eyes to look at something is to be honest with someone.

@Bill Gulley I am currently just starting out this would be my first acquisition. I have been mulling this over for quite awhile now. The only way I can get into a property right now is to do seller financing, however I have done my own due diligence with a friend of mine who is interested as well, and we both think it would be a great idea to do. We have found numbers that were over exagerated by the realtor, but even with that the numbers look good. If we manage it ourselves for a couple of years, that would save us the 5-8% that management companies want around here. Any advice would be greatly appreciated. You can also reach me at [email protected]

@Amy A. I haven't purchased anything on there yet, I just started looking at it today from your post on here. I am seriously thinking about it though. Great website for someone starting out as well.