I still don't know if it worth it. - Posted by Racine

Real Estate Investing Office
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Posted by Stew(NE) on August 05, 2003 at 17:42:41:

You are a VERY kind and understanding man. This almost sounds like someone playing a joke. None of these sentences go together.

"However, recently I came across a five story commercial office building in which the owner says he wants to sell and clear $2 million. "

“I have no experience, no money and bad credit(recent Chapter 7).”

“I would like to buy the building and turn it into a trade/vocational school at the end of the current tenants lease”

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I still don’t know if it worth it. - Posted by Racine

Posted by Racine on August 05, 2003 at 11:13:02:

I purchased Carlton Sheets program online yesterday and am womdering if I should cancel my order. I an trying to learn as much as possible in a hurry about purchasing property, specifically commercial property. I have no experience, no money and bad credit(recent Chapter 7). However, recently I came across a five story commercial office building in which the owner says he wants to sell and clear $2 million. The building currently has approximately 5 storefront tenants on hte botton level and 3 tenants on 3 different floors (with short leases) renting the entire floor at approximately $6,600 a piece. I would like to buy the building and turn it into a trade/vocational school at the end of the current tenants lease. The building is also in a great location and I don’t know where to begin in acquiring this property with no money down.

Any advice would be greatly appreciated.

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My view: Caution. - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on August 05, 2003 at 14:41:28:

Racine-----------

I’d suggest you step back and forgo this particular property. This is a property which is much better bought by an experienced person who will know how to value it, manage it, and make a profit from it.

My view is that it is much better to start with small projects, such as single family houses up to about four units. Then graduate up to bigger projects as you get more knowledge and have more resources.

Have you done a feasibility study for the use that you plan? Have you studied the demand for such an institution in your area? Have you ever run such a school before? If you answers are “no,” then I think you are not ready to do this. I’d recommend that you work as an administrator at such a school for a while, so you can earn as you learn.

Keep in mind your long-term big goal of having your own school in your own building(s), and learn what it takes to make this happen. Over time you can, if you are persistent, figure out how to get what you want.

However, I would judge, if your answers were “no,” that you are not ready to act now.

Having lofty goals is fine. But you have to have resources to reach those lofty goals. So far I see no sign of enough resources in your hands. No money. No experience. No credit. That is no recipe for success.

Yes, I’d suggest you immediately cancel your order. You can buy the program for less than 1/2 price if you shop on e-bay. I paid less than $10 for the 16 audio tapes only, including postage and handling.

Besides, he does not talk much about commercial properties. He is oriented much more toward residential properties.

Besides the way it works is you look for a situation where the no-money technique can work and then see if the owner will agree. It does NOT work this way: you find a property that you want to buy and then make it into a no-money down deal. Perhaps 2-4% of properties that are sold are suitable for non-money down buying. You find those few and try to make a deal. You do not aim for a particular property and try to force it into a no money down deal.

You can get what you want if you will take the steps necessary to get there. Those are learn all you can about it and then figure out the steps that will take you there. I seriously doubt that this building is the vehicle for you reaching your goal.

Good InvestingRon Starr***