All Forum Posts by: Tom J.

Don thanks! I feel like it is a great opportunity. I have a friend (commercial realtor) who is working the numbers on the value but we think he is right on the mark for his price. This building sits on 1 acre and a 2 acre lot 2 parcels over just closed for $995,000.00 just for the land.

I only have experience in residential real estate and need some thoughts on my situation. I have recently been looking for a warehouse style location to lease for a business that I am partnering with. I located a property today that the owner wants to sell and provide owner financing. It is one building that is divided into 3 separate store fronts. 2 of them are currently leased, but he was honest and said both business had already violated their leases and are now on month to month and he can give them 90 days to vacate if he chooses. I am not looking at the building to purchase to lease out but to purchase and to lease to the new business I am partnering on.

The property is worth what he wants and what I am willing to pay. ( actually prime location with 20 thousand+ vehicles pass daily) This is where I need help. I know you would need a lot more to put value on the property. I just want to know if this is a good deal on owner financing. To me it sounds great, but am I missing something on the finance terms?

Terms offered

$690,000 sale price
$40,000 down
will finance for 20 years
rate 5.45%

@Gerald L.- I agree with those who would recommend you pairing up with another investor who already has experience in flipping homes. I would look at someone who has at least 10 or more profitable deals under their belt. (that leaves me out I am on #7)
My brother does this all the time. He currently has a cash investor who fronts him up to $100,000 for projects and my brother locates, purchases, manages project, and sells them and they split 50/50. It’s a great deal for both of them, since it works for them.
$100,000 may not do much in CA, but in my area you can purchase and rehab for $100,000 and still make a nice return.
Good Luck

Finally got my SC Realtors license, so if anyone needs a buying agent in York/Lancaster area let me know. I won’t be listing properties due to my full time job, but I am definitely interested in helping friends and investors locate properties to purchase. If you do need a listing agent let me know and I can refer to some great listing agents.

I do investment real estate because it is something that I really enjoy and is helping my family continue to reach our financial goals. So if your interested in the investment side of real estate let me know and I would be glad to assist you. I would not recommended an investment property if the numbers did not make sense and that it was something I wouldn't buy myself.

I have successfully (all thanks given to GOD) been buying investment properties to rehab and sell since 2006. This year I branched out to buying rentals for long term holds that are currently providing a 24% cap return on the money I have tied up on these properties. So if you are interested in the investment side of real estate let me know I will be glad to share the good and bad I have learned and experienced first hand with rehabbing homes for profit.

I am about 3 weeks out from finishing my current rehab project, which is honestly about 1 month behind my original schedule, but I would be glad to let someone shadow my next deal from purchasing...rehabbing...to selling. I would love to be able to help others achieve their goals. (I promise you wont see me on an info commercial at 3am selling get “rich” dvds) :)

Due to my full time career my availability to show properties is limit to weekends, but I can research anything you need in the evenings. I will also rebate 1% of the purchase price back to you at closing to assist with your closing costs.

Well I only have done 6 properties but I have never had to "drastically"price reduce to unload a project. If you price it according to what it will bring in this market you wont have issues. Sure I may loose a little profit here and there, but I price them right and so far have not had anything on the market over 90 days.

My current property I have had for almost 4 months, which was longer than I wanted but issues happen. I pay cash so my holding costs are limited to utilities, taxes, etc. It will be ready to be listed by Sept 1.

@J Scott thats awesome on your expantion. If you every want to branch out to the Charlotte, NC area let me know. I just got my Real Estate license and currently have one flip under way (6 previous flips)and purchased two rentals with proceeds from a previous flip. I locate more deals than I have capital for. Also I am very conservative and have not purchased any properties that did not have a at least minium a $25,000 net profit (before taxes)

Sorry about the rant... do you need another contact number? I know they also have an office out of Columbia, SC.

Unfortunately I let O'Brien Law close one of my deals with HUD to save money and guess what they didn't catch back taxes due on property when I went to resell. I had to pay the taxes so my buyer could close and then had to request that O'Brien Law get HUD/ Hometele to reimburse me. I will give them credit I got the back taxes and a refund of their attorney fees charged to me. I learned a lesson to always use my normal attorney. Not worth saving a few bucks....

Also forgot to mention that you can reuse the 10% off card online. Once you use it it want work again in the store but as long as it is not expired i have been able to continue to reuse the same 10%off coupon.

I always use the 10% coupons that are in the change of address packet from the post office. I usually just buy them in bulk on Ebay. If you buy in the store, the store computer will not allow you to double dip and take another 5% off using your Lowes CC, so the trick is to buy online. Type in the code off the 10% card and then when you choose to use you Lowes card it takes off another 5%.

For example I often buy Lowes stock cabinets (only when they are on sale 20% off) for my lower end rehabs. Stop by the store they enter my measurements and help me design the kitchen and I then go home and order online and save an additional 15%.

I use to buy in the store when they earned commissions on their sales but they no longer receive this, so I don't feel bad buying online to save 15% instead of 10%. I do the same for my appliances.