All Forum Posts by: Michael Ryan

I almost didn't reply to this because I'm just trying to get started with commercial REI and perhaps not qualified to comment, but felt I had to share. I am one of those who paid for coaching (put some skin in the game) and I feel like such a fool for doing so. I know I'll get blow back for this from those who sell coaching or mentoring but... Here's my story. Thus far, I have say I'm real disappointed. I spent $700.00 to learn the ropes of commercial bird dogging. I willingly, even eagerly, agreed to send deals to my coach to partner with on as part of the training and I would have got to keep a 1/2 point. That would have been great, glad to do it. I would have sent him the first couple of deals for nothing out of sheer gratitude (actually did send him a few, didn't work out tho) . Long story but suffice to say that's not going to happen, not with his attitude. I'll be pushing up daisies before I ever send him anything else again. Redundant and unfair question here but are all coaches arrogant and impatient by nature? Upon reading some of these posts I begin to wonder, but I digress. The guy is a player in commercial REI (I guess) and a former a big time note buyer, with a pretty good reputation, but IMO not much of a mentor/coach. I'm not out to trash this guy so I'm keeping his name to myself, besides it was my mistake to pay for some idiotic coaching course in the first place, I knew better. A coach (to me anyway) never refuses to answer a question claiming "you're wasting his time" or because he could offer another course on that subject alone, especially when you've already paid him. There's more, and I could go on but 'nough said. To those who would hire a coach or pay for 'Mentoring', think again very carefuly. Don't fall for the lame excuse that they want you to have "skin in the game" or that "they don't work for free". Most likely they're not truely interested in your sucess and doing what it may take to see to it. They first want to get paid and maybe get a good testimonial if you happen to make it. You're better off building relationships, making some friends, and finding a true mentor, not some paid you know what. My 2 cents .

I found a small commercial property located in Dacono that's up for sale. The owner is facing forclosure (they haven't filed the paper work yet) in the next month or two. The property is a 3 unit 6000sqft single story building built in 2007. I spoke with the listing agent and he informed me that the owner is very motivated and needs a quick sale and agrees that the current listed price (395k) is high but would deffinately be willing to take offers. The building currently has only 1 tennant who would like to purchase the entire building within a year and is willing to guarantee a 20% ROI (will sign a 1 year L.O. for 20% over investors purchase price) if someone wil buy the property and lease option it back. No, the tennant isn't the owner, I checked. You see the thing is, the current tennant is operating a medical marijuana dispensary and he needs to expand. He told me that he has spoken to his bank about buying the place and that while his business generates plenty of cash flow, (suprise, suprise) since he hasn't been in business for at least a year he cann't get financing. He currently pays 1600.00 per month rent for the unit he has and wants/needs to expand into another unit within 90 days. I have more info on this place but no decent comps available. What should I do here ? Does anyone think this has potential, Motivated seller, eager buyer....let me know what you think.

Mike R.
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