Other Forums - Posted by john

Posted by Jimmy on April 11, 2006 at 08:22:51:

I love newspapers. I can read the real estate sections of 20 newspapers each morning in about 30 minutes. In Texas, there is a website which lists all of them (texasnewspapers.com) I do it almost every day, and I have a number od deals under my belt that came to me that way. and its free.

I also have people on the ground poking around and searching for opportunities. These are my managers and contractors and tradespeople. They get to do the work, so they have a vested interesed in keeping my and my capital busy. and once again, their birddog services are free.

sometimes I just drive by interesting things, and stumble onto deals. last November, I saw an older dude hauling drywall into a small apartment bldg. I stopped and asked him about the place, and …

oh yeah, one more thing. once is a blue moon I will find a listed opportunity worth pursuing. so watch those as well.

finally, my favorite and most rewarding approach. If you can identify a property or cluster of properties you would love to own someday, find out who owns them and start sweet-talking them. it might be 4-5-6-7 years, or never, but you may be laying the pipe for a big deal down the road. I learned about a rich older dude who allegedly owned 250 SFR’s in my area, with monthly rents of 150K, and owned them free and clear… I called him about 5 years ago, just to let him know who I was, and to express my admiration. we spoke for an hour about the biz, the crazy stuff tenants do to us, dealing with crooked housing people, politics, ungrateful children, a beef stew recipe, some estate planning issues…I talk to him every 8-9 months. it costs me nothing, but keeps my name in his mind.

gonna see him next week to talk about buying the whole enchilada. the 250 property claim was greatly exaggerated, as was the 150K monthly rent. but its still a huge portfolio, and he does own them free and clear.

Other Forums - Posted by john

Posted by john on March 28, 2006 at 18:00:37:

Does anyone know of any other forums about commercial real estate? This forum isn’t bad, but I don’t think it’s active enough!! Not enough traffic/responses to these questions.

Re: Other Forums - Posted by Jimmy

Posted by Jimmy on March 29, 2006 at 09:37:35:

If you find a more active one, post info here. Maybe call a commercial real estate broker in your area and see if therre are any industry-sponsored boards open to the unwashed masses.

There are 4 or 5 other boards on this website, and some of them get a lot of acticity. But if your sole interest is commercial stuff, you have just eliminated 98% of the REI world. For every investor seriously interested in commercial projects, there are 100 whose experience/interest is limited to residential.

I suppose you have discovered loopnet.com. tons of bad deals available there (and an occasional good one).

Re: Other Forums - Posted by Prashant

Posted by Prashant on April 11, 2006 at 24:52:09:

I’m new to the RE world. I look at the deals posted on Loopnet.com sometimes and for many properties the cap rates do seem very low. But I don’t know of any other source. Can you please tell me what are the sources to search for good deals? Thanks.