All Forum Posts by: Benjamin Haberman

Hey Nick,

Sorry. I am not familiar with a "deal sponsor". How did you find out about this deal? Who structured the deal? I have some commercial property im interested where I want to bring in some investors. I just dont really know where to start. I did all the numbers for the NOI, just want to know best way to approach the investors. Any info would be much appreciated.

Thanks 

 Thanks @Mellisa Gittens

 @hunter groover 

Don't get a job working minimum wage. Wait tables at a higher end restaurant which will help you with people skills which will help you in future real estate deals. Strategize on everything you do from here on out. If you were 13 I would of told you that a minimum wage job is perfect. That is because you are 13 and everyone needs to experience a minimum waged job. I started washing dishes in a golf club when I was 13. You are 22 though and you need to start making some legit money. Waiters in upscale restaurants can make $3-500 a night. Do that for a semester and pay down most of the debt. Move on and conquer. Small mind thinking gets you small money.

Thanks so much Steve.

Go get a job. 

Go to school.

Pay off debt.

Keep moving forward.

Don't file. That would be stupid. Don't make two mistakes.

Good luck.

@j scott

All very good points. I appreciate it. I'm going to discuss again with my CPA. 

William,

Thanks. But im more worried about BEING able to back out if septic is totally shot or something. So could we request something to be repaired, knowing that they wont and then back out?

Also- thanks a lot for replying. Much appreciated.

 @bud ballard

1) Mixed use residential commercial- Professional services. Are they a good fit? Thats a tough question to answer. The town its in has 5,000 people year round. Our area is tourist driven.

2)I dont have current leases yet. Working on that

3) A tenant that was renting a majority of the business for years, moved out. Property needed updating to get it back up and running (marketable). They didnt. Could be financial issues, I dont really know. I will continue asking questions.

4)I've got the HO, tax info. Requested "financials" and they dont have any. They are family and I know that its not because they are being shady or anything. They just legit never really kept books on the property.

In terms of occupancy. Is there a demographic guide to study if it makes sense or not to pursue a commercial deal like this? Is there a science to find out if the demographic of people will work or not?

I found out today the guy right next door who did a huge renovation to his commercial office space has his second floor available at $20.50 per sq ft gross. Its 2300 sq ft. Its extremely high for my area i believe.  In my opinion I think he should be close to half that price to be marketable. However, its a nice active comp.

Thoughts?

Brent, there were 3 partners involve. We split the profits equally. I am in 35% + bracket but my CPA has found that I will be able to treat this as capital gains. Was going to 1031 but found out I couldnt take any money off the closing table. I had some major credit card debt because it was my first one.