All Forum Posts by: Scott Mac

The stronger the breeze, the stronger the trees.

What are your thoughts on this?

Have things always been easy for you?

No because housing stock ages and gets torn down, so we may see some empty fields similar to Detroit in some areas, but in larger cities those areas tend to be very desirable so they may get built back on again as the suburbs age.

Just my 2 cents!

Builders build - Owners own.

Just my 2 Cents.

You might want to get a second opinion.

Back before PowerPoint became ubiquitous in this business I watched an owner do a rehab on 100 units plus, in a completely ridiculous manner.

Nothing I said, and nothing the property manager said would stop this Bull in a china shop from acting like this.

The bank foreclosed upon him quickly and he and his investors lost everything.

He damaged the asset so badly that the guy who came in to buy it swept it up for pennies.

What I'm saying is it's not just the written material you need to be on lookout for, It's the actual personalities of the people.

And when someone pledges their home in the deal, that's a rough cookie to swallow.

Boy did he lament!

 We -------

My prayers to you my Brother, and to her....

Here's something to take your mind off of it for a while

https://www.tonylama.com/en/men/

https://www.youtube.com/watch?v=ArT-tyFpxWY

Best Wishs!

I wonder if they will tear down the stadium and return that plot to nature or allow it to be rebuilt upon.

Waterfront might be a nice place for a major casino or something fun like that.

And wouldn't it be extra fun if it were served by ocean liner type ships like the love boat that would come from all over the Great Lakes.

So for instance you could get on in Chicago, go up around to Michigan and come down to the casino in Ohio.

I'm just thinking outside the box about the availability of the real estate and what to do with that, not that I am looking to champion such a thing- just putting It out for discussion.

I'm guessing a stadium has tons of electric and tons of plumbing buried under it.

Just my 2 cents.

You might want to start talking to a couple of local banks, credit unions, or savings and loan type businesses.

There may be other options also, but you can get a feel for the water so to speak from some locals.

Plus you can ask about your own personal financial requirements If you were to borrow the money from them.

Such as are they going to require a business plan, personal financial statements, personal guarantees on the loan, approximation of an interest rate, fees associated with this, personal net worth requirements that may required to be maintained for the life of the loan or for a particular number of years of the loan, and any experience requirements to self manage if that's your intention.

As well as a lot of other things.

Also sometimes to make the loan the lender requires certain additional investment work to be done on the property such as a roof replacement or grinding off heaved concrete edges as well as other things that would have to come out of pocket most likely or possibly could be rolled into the loan. It never hurts to ask about that.

Also ask about any personal net worth requirements as well as cash reserves required.

Good Luck!

It seems like it might be not enough money to be safe.

So I would probably put it into an FDIC savings in a big brick and mortar bank, then read (Rich Dad poor Dad), and work on increasing the amount.

I would increase it a lot more than that.