All Forum Posts by: Robert Jenkins

i feel it's being played out correctly by everyone. the UN is standing up and getting angry, the americans are just shaking our head but not getting involved and the people of iran or fighting. If the people of Iran get fed up enough and they call for our help (like they are) it will HOPEFULLY lead to involvement, better relationships all around and be beneficial for everyone (if we plan it out unlike iraq)

I personally don't feel ahmadinajad (sp) will be in office much longer, but i feel the real revolt will have to be against the isotallah and not who the president is.

Get into a firm and network?

Commercial guys are kind of touchy if you don't have personal relationships with them.

OH ya definately agree. I think minimal would have been better wording.

But more to the point. How do you approach these sellers?

I plan on getting involved in commercial real estate....in the future.

Right now what i do and why i do it. I originally planned on just commercial and figured homes were to small. Then i realized hey i have no money and smaller might be better. So i started getting out and about. I've started at a REIA and got some ideas flowing. I jumped in my car the last couple days and drove around areas i know are lower income but not "war zones" (i believe we poured one out for the homies in earlier posts about war zones.)

I drive around and find "cosmetically challenged" properties. I have a voice recorder that i take notes on, and then i use Realquest.com (which is a cool title program. Is allows a map of the area and you can individually click homes and pull up title) to pull up title. I then use Merlin to locate the owner if it's not Owner oc.

This is where i'm at right now. i have 2 great properties non owner occupied (maybe even vacant) and in dire needs of rehab. I wanted peoples feed back from this point on talking to the owners. My plan is to flip these properties. Should i just write up offers and get them to the owner or should i try and sit down with them and tell them what i plan to do? I plan on pretty much stealing these so i don't want to get confrontational in person with an 80yr old man.

How do you vets go about it? Do you listen more then talk and try to find win win or do you try and show them why you're the best to buy it or what not. (keep in mind i'd like to have them carry the note so i don't have to get a partner involved)

Details:
My dads a general contractor with his own door and window shop, a painter, a drywall guy, carpenter, and plumber. So the labor will be pretty much free, the materials will cost a little less then home depot and what not. The quality will be professional. (only landscaping would need to be "found")

What i concider a steal is these properties ARV is about 300k the owners own them free and clear bought in the 60's and they are in their 80's. Properties look vacant so i wanted to start off around 100k offer and see what that leads to. Chances are they are going to be offended and so how do ideal with that, should i try and not offend them?

BASICALLY what is my game plan once i found these properties i want to buy?

i think apartments are always going to be in high demand so any time is a good time for apartments. Especially now since they are the leading asset class to go into foreclosure.

This may just be my bias, but i think retail and office may be the best items to buy in the next few years (for those able to) That sector is getting hit so hard across the nation right now and the downturn has been so hard and fast that when the cycle turn comes in the next 3-5 years and jobs are created and economy is improved people will get more adventurous and they will raise in price faster then apartments, self storage (is dependant on moves down It seems and when the economy is improving people don't usually move down), mobil homes i don't know.

Of course anything can be a good buy especially if you get it at fire sale prices like today.

I will admit though there are less and less brick and mortar business and a lot more home businesses or internet places which could be trouble.

This is one of my main things i've been dealing with lately.

Setting a group up where you tell investors that you need their money and won't have any of your own skin in the game you really have to sell yourself and other abilities you have. Luckily i'm able to leverage where i work.

So do they pay a portion of their cap gains tax per payment they recieve or is it a yearly thing?

kind of feel the same way, but i'm willing to give anything a shot to meet more/new people.

There is a few Meet Up groups here in LA but they seem like it's just a bunch of "wannabees." Not that that's bad, but i want people who are or will take action.

Anyone have experience with good commercial real estate groups off Meet UP or know of anything through word of mouth?

I was wondering if anyone is familiar with the Differed Sales Trust (DST) which is a "legal" substitute for the like kind 1031 exchange.

Where you can exchange from real estate into some sort of "annuity" but you can't exchange back, and you don't have to pay your cap gains.