All Forum Posts by: Ryan York

We've discovered what we feel is a solid commercial deal via a motivated seller. 

Building is 4000 sq ft

Gross revenue of $4500/mo

Taxes are 12k annually

She's asking 185k but is negotiable. 

It's a c- area. 

Can anyone in the commercial space offer some advice on what to look for on your commercial deal? 

Any tips or cautions would be awesome. Thanks!!

Hello!

I'm hoping for some help on our situation. We are in Michigan. We have a lead on a property that owes a total of 35k (15k on a HELOC against the property, 14k on a loan to the city for repairs, and 6k in taxes).

The owner can't afford to pay back the loans and the house needs pretty significant work, so he's going to let it go. He's already received an extension on the taxes, so he's going to lose it within the next month if nothing happens.

My questions are:

1. Can we negotiate with the lender and the city on a reduced payoff amount for each loan and the taxes?

2. Can you offer some tips on doing this if it is possible?

3. Is there anything tricky/disastrous that could happen to us as investors?

Thanks in advance!

Thanks for the advice guys

@Richard Dunlop Thanks for response!

With that said, is it worthwhile to send direct mail to a property that's still showing delinquent taxes more than 2 years old? 

@Seth Williams Whatcha think??

Hello all,

To start, I live in Michigan where your property is forfeited to the county after 2 years of delinquency. I've been analyzing some tax delinquency lists and I've found several properties that have delinquencies longer than two years with the owner still listed as the owner. 

My question is, would the city assessor's online database not change the owner of the property even if it is forfeited, or is it more likely the person still owns the property for some reason?

@Thelonious Jones Thanks for the tips!! 

@Manolo D. You aren't worried about buying a property with a bad foundation? I'm sure you can get it cheaper, but does it ever backfire on you?

Anymore tips??

Hello all,

I've been trying to get some lists of houses with code violations in my city. I was able to get a response from the city asking which type of code violations I was looking for so they can generate a report.

Any suggestions on what to ask for? I've looked around the forums and couldn't find much about different kinds of violations. I know some will be more costly to fix others. Any help would be appreciated!

@Brent Coombs That was bad wording on my part. By "buyer" I meant partner in this scenario. the couple deals I think are worth pursuing further are deals I definitely want to be a part owner of.

The more I type, the more I keep thinking I should stop wasting time typing and just go ask for the money. 

@Steve Vaughan That's a good point, Steve. I know they have more than enough fund available but how much they may or may not want to fork over is another question. 

I guess I just need to get over my first timer cold feet and just start asking!

Hello all!

I have access to the MLS via a friend who is a realtor, so I'm able to scope out some deals and I've gone and looked at a few properties already. However, I have no money! Obviously this is a problem. I have a few people who I think would be interested in partnering up in a deal, and I've found a couple that I think are worth while possibilities. My question is, should I make offers without the funds lined up? I've read plenty of things that say if you find a good deal, it won't be hard to find a buyer.

@Barbara G. @Brent Coombs Thanks for replies.