Hal Cranmer
Not recently activeForum Replies Created
-
Posts
-
What about being different in terms of investments? Seems like we’re back to the times where everyone wants to rehab/flip/rent a house. Or wholesale it. I’m getting more and more into the assisted living niche and having success with it. I also talk to mobile home park owners and finding a lot less competition there.
Just a thought to zig when everyone else zags. Jackie is absolutely right. It’s important to stand out when marketing. But it’s also good to stand out because you are one of the few players in an overlooked market.
Here’s a thought. I’m just south of the Minneapolis/St. Paul area. I am about to close on a package of 4 assisted living facilities, pack up my family and move to Arizona to manage them. I already own one and it is going great. I need to sell my house to do it. Would it make sense to do a HBS on it? I would rather pay some of the people on this forum instead of a realtor to help sell it. The comps are around $400-$420 maybe. We are working on fixing all the little things, and it should be ready to go in May.
Would be interested in everyone’s opinions.
Dee,
I am wholly in agreement with everything you said. I have been reading people like Ludwig Von Mises, Murray Rothbard and other Austrian economists for about 16 years now. I completely understand the destruction the Federal Reserve has wrought.
I listened to a podcast several weeks ago. The person being interviewed was a successful business person. His philosophy on deals is ‘Heck Yeah or No’. Either you have done your due diligence, completely feel good about the deal and understand it, or it’s a ‘No’. No halfway measures. I think it is a good policy to adopt.
I emailed the person who brought me the deal last night and told them ‘No’. Thanks for all the help with this.
Hal
Mr. Graber (Dee),
I don’t take any offense at all. When it comes to money (and most other stuff), I am much more interested in the truth than I am in my feelings. You obviously spent a lot of time composing your responses, and for that I am very grateful.
The more I look into it, the less interested I am. I will pull the plug. But I hope all these words of wisdom are helpful to keep others out of bad deals. Thanks again!
Fantastic information Jackie. Thanks so much. I will meet with the people this week and will definitely bring up your terms. I’m a little confused by what you mean by “for every $1 you invest, you receive $4 back if he doesn’t perform.”
Do you mean if he doesn’t perform, and I finish it, I get 4x my investment before the developer receives any money?
Thanks again. I’m not really interested in this project unless I feel very secure in the outcome. But I thought it would be good practice negotiating and learning more about commercial RE. I thought it might be a good topic for discussion for others to learn from.
Sorry Jackie. Just saw this. I can ask him and let you know. Thanks. Here is a YouTube of him:
Sounds great. Thanks everyone. I’m actually in the process of unwinding all my rental properties to turn them into Assisted Living Facilities, so I’m not sure I want to take on a bunch of extra rentals. But I could probably find a long-term tenant that I could sell the place to on owner financing as well. I may be moving once I have everything set up. I would like to do some HBS’ or wholesaling to raise some cash for the transition.
,
, I will draft some language for the ads and see what you guys think. Thanks.
,
, Oh and MERRY CHRISTMAS EVERYONE! Happy Holidays and Happy New Year!I’m back on this house. The realtor’s contract actually runs out at the end of the year. I can also have a friend make the sale in his name so there is no concerns about the realtor finding out I sold it.
,
, I will be talking to the seller on Monday. They are willing to put some money into fixing it up. It doesn’t need much – mostly new tile on the kitchen floor and some paint.
,
, I will update this thread as we go.I have to wait until the Realtor’s contract runs out at the end of November. Then I am thinking we will run this in January after the holidays. Believe it or not January is a good month to sell – even in Minneapolis (or that’s what I hear from a lot of realtors around here)! I will update this as I get closer to the time.
I think she bought it for above market value in 2005 when the market was really hot. I will have to get the loan information. Will let you know.
As for the realtor at the open house, she heard my first name but nothing else. But I am not planning to purchase the house? I would just have an option to purchase and then sell the option? I also have a buddy who is a mortgage broker and wants to do these with me. I’m thinking worst case we can put the option agreement in his name.
Two other questions. They are really looking to get market rate on their house because I don’t think there is much equity there. The seller is a friend of mine and I am not looking for a huge score on this first one. So I want to help her out. The house needs updating – mostly to get rid of some ugly tile in the kitchen/dining room area. Should I have her change out the tile, or sell ‘as is’?
I finally had some time to knock on the door of the house but did not get an answer. I did talk to a neighbor however. They told me that it is an old lady and her son living there. They hardly ever see them come out. They think they have a lot of social anxiety. They also told me a family of raccoons live in the attic of the house and play out on the roof
. The neighbors have only seen them a couple of times in the last ten years or so. I am writing them a letter on a piece of notebook paper saying my wife and I are interested in buying a house in the area. Let’s see how that goes.
