All Forum Posts by: Michael K.

Originally posted by Paul Kestenbaum:

If you are looking to add in Demographic information, which would help your Potential investors to look seriously at your Project, you may want to go to: www.loopnet.com or www.zillow.com & look at the numbers for the area.
They are especially going to also want to see where & how you will be filling-up the Property, to get the maximum occupancy, with reasonable rents, & thereby generating Positive cash flow...then, maybe after 6 months to a year, you will then have a Stabilized Property, & it should also have at least a 90%+ occupancy level, & you can do a Refinance to pull-out some cash, or put-up for sale & at least leave a decent CAP Rate for the Investor/Purchaser.

Thank you very much for that suggestion! These sorts of suggestions are VERY helpful to me in "picking apart" the different sections that belong in my business plan.

Mike

So I have a duplex that had two Section 8 tenants, one upstairs and one downstairs.

The upstairs lady gave 60 days notice that she was leaving. Toward the end of the 60 days, she asked if she could stay for an extra month. Since I had no potential tenants, I was more than pleased to keep her for an extra month. She left at the end of her extra month.

The downstairs lady gave 60 days notice that she was leaving. Toward the end of the 60 days, she asked if she could stay for an extra month. Since I already have interested parties (lower duplex units are FAR more popular than upper units) and she is a management headache (FILTHY living conditions, police called due to an argument with a neighbor, etc.), I declined her request.

She started crying in hopes that I would feel bad for her. When that didn't work, she stormed downstairs (I was cleaning upstairs in preparation for the new tenant) and took it out on her children. A few days later, she formally accused me of discrimination with the government housing people.

The upstairs lady was black and a single mother with three children.

The downstairs lady (complaint filer) is white and a single mother with three children.

For the record, I'm a white guy.

Uhm, huh..?

Mike

Check to see if you have any area "list brokers." These are people whose business is creating lists based upon the criteria that you provide.

Mike

Let's see...

1. As much as gambling and wealth acquisition DON'T go together, I'd like to relax in Vegas for a week. Get a nice suite, sleep in, eat, drink, and be merry. It'd be a celebration versus merely sitting at the tables and pissing it all away. Frankly, gambling all of those so-called "unearned income" away makes me feel sick. I'd rather live it up versus toss it out.

2. After that week off, I want to call my alma mater and offer to create a scholarship for working students or folks returning to school with family responsibilities.

3. I'm a fan of the local art museum. They'd get a call and some money issues would go away.

4. Many of my family members and friends are in financial trouble. I'd help them out of some of their bills.

5. I'm a firearms (Class III) dealer on the side. You don't get into this business unless you love firearms. I'm no exception; there'd be a buying spree for various items to complete my collection.

All of this said, stopping once you're successful never seems to go well. I'd continue being in the business and making deals. Stagnation usually leads to ugly financial losses in the end.

Mike

Originally posted by Craig Grella:

You may want to read a recent post on the biggerpockets blog, written by yours truly.
http://www.biggerpockets.com/renewsblog/2009/09/25/difference-sam-zell/.

It speaks to investment proposals for soliciting money for real estate ventures.

Hope you find it helpful.

-Craig

Craig, that blog post was especially helpful. Thank you VERY much!

Mike

I've done all sorts of odd things over time. Currently I am a Class III firearms (machine guns, sound suppressors, short barrel rifles/shotguns, etc.) dealer in addition to a property manager and investor.

Mike

Jon, that was very self-explanatory. Thank you!

Christopher, you said "In addition to what Jon said above..." Since Jon already brought up the rate of return and how he is going to make money by investing, what are you speaking about? I understand the overall concept of "what's in it for them," but what is beyond the profit for the investor?

Thanks,

Mike

One of my goals is to purchase a commercial level apartment building (50+ units) in the next 12 months. However, to pull this off, investor participation is a must.

Even though I understand the concept of a general business plan, I don't know what (or how) to present my idea and the potential building to investors. While I do have three investment properties of my own (two duplexes and a single family) plus manage the leasing and maintenance of 80 of my cousins' properties, this will be my first investment property of this size.

What's the best way to go about this? What do you want to see when somebody comes to you to pitch a commercial apartment building investment opportunity?

Thanks,

Mike

Originally posted by Donny Random:

Try to find a used appliance place. One those places that gets in broken w/d and refurbishes. I can get a set for $300 and if it breaks get it fixed for $50 including pickup and delivery.

Used stores, Craigslist, or outlet stores are good places to find quality appliances at decent prices.

Any scratch 'n dent stores or sales coming up? Head over to department stores and ask if they have any scratch and dent stuff in the back, too. Floor models may also work.

Also, if you can find a top loader for x and they want a front loader for y, I'd ask them to cover 100% of the difference. You may want to negotiate depending upon the cost to 75% or even 50% if you pay water. Front loaders are more efficient; you may see a cost savings over time!

Mike

Originally posted by Scott Przybyla:

I run Costar for the Midwest Region. You can contact me directly at my email address- [EMAIL REMOVED]

I will get you the pricing you need.

Thank you very much; email sent!

Mike