Well, since the Seller sent me his reply to my original offer and "accepted" it by signing in the right spot for me, wrong spot for him, he has not replied to any of the efforts of his broker he hired to sell the property for him. Tells me he is not really motivated. And, I may want to just move on to the next deal.
Lots happening this week: Partner and I closed on one of our Subject To houses on in North Salem - Repairs there ended up being about $1000 vs. the $4000 we had budgeted for and had bids for. That's ALWAYS a nice surprise. The net on that property, if the seller's cash out in the next year, will be close to $19,000. Tom estimated he has about 9 hours. I have about that as well. That's about a grand an hour. OK, not bad.
I will be going over this deal IN DETAIL at the upcoming event in November. Can't WAIT!
We have two properties we should have under contract here in Salem and about a 30-min drive out of town in a quaint little town called Mt Angel. More to come on that. They replied to our marketing efforts - letters.
Here's some killer advice: REVIEW craigslist.com and see what's for sale in your area. I found SEVERAL properties last night in about a half hour of searching, where I have started dialogs with 3 sellers and 1 seller of a multi-lot subdivision (17 lots) which I am meeting next week.
The economic shift with the mortgage industry/lending problems has begun to shake things up. We've not seen the last and I am sure, there's more fun ahead!
Tomorrow morning, at 9AM PST, I am interviewing Ron LeGrand(R) and Ted Thomass(TM) on a preview Teleseminar. You're welcome to join.
Here's the call-in info:
Phone: (212) 786-7191
Passcode: 3628712#
Time: 9AM PST, NOON EST
Date: August 29th, 2007
Have a killer week and great Labor Day Weekend! Enjoy the summer - it's getting away quickly!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Tuesday, August 28, 2007
Monday, August 20, 2007
Finally...
Some of you have asked me about an intermediate-type newsletter - a step below the LOS Program - to help get your real estate investing business started, particularly in the residential marketplace. I am happy to report I have FINALLY finished the draft of the very first issue!!
If you'd like more information on the brand-new THE REAL ESTATE INVESTING LETTER(tm), drop me an email at jerry@jerryjonesdirect.com. I will send you a brief intro and ordering information.
If my Look-Over-the-Shoulder program is of interest, contact Melody in my office @ 503-339-6000. She would be happy to supply additional info!
Watch the BLOG this week. Good chance I will have an update on the 60 acre deal I reported on earlier, where the Seller screwed up in giving me a completed sales agmt.
Until then...Have a great week, Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
If you'd like more information on the brand-new THE REAL ESTATE INVESTING LETTER(tm), drop me an email at jerry@jerryjonesdirect.com. I will send you a brief intro and ordering information.
If my Look-Over-the-Shoulder program is of interest, contact Melody in my office @ 503-339-6000. She would be happy to supply additional info!
Watch the BLOG this week. Good chance I will have an update on the 60 acre deal I reported on earlier, where the Seller screwed up in giving me a completed sales agmt.
Until then...Have a great week, Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Friday, August 17, 2007
A Jet, Dentists & Better-than-Trump
Those of you getting the BLOG notifications via email will have already gotten this, or, perhaps the filters picked it up? If they did, here it is again. I'd like to invite my casual BLOG readers, too.
You don't get a chance like this very often so when you do, common sense would tell you: BE AVAILABLE!
Anyway...read below and you'll see what I am talking about!!
Enjoy your weekend...More to come, next week. It's heating up EVERYWHERE.
~Jerry
==============================================
From: jerry@jerryjonesdirect.com
Subject: Trump, a Jet and Dentists…What?
Date: August 17, 2007 11:15:08 AM PDT
To: jerry@jerryjonesdirect.com
Hi Jerry here.
Can you do me a favor? Pull out your calendar for August 29th and
look to see if you have 9AM PST (noon EST) available for about 60
minutes.
Why? Glad you asked.
This 60 minutes could (if you choose) affect your 2008 so
dramatically, you'll barely recognize 2007 and it could very well
be the last year of your life you are *forced* or have to practice
as a Dentist and earn a Dentist's income (nothing wrong with it,
but, hey, we can all use and invest more, right?)
Don't get me wrong. Dentistry has been and is good to me (I know, I
have a dental office my SofTouch Dental operates that I am lookin'
at right out the window). BUT, I'm not the fella that has to
practice it for a living. I just heard from a client and his direct
quote was, "...after 20+ years of doing dentistry my neck and back
have had enough!"
Look, it's not often you get to ask ANY question you want of a guy
that has a Gulfstream Jet, does what Trump does (only in my humble
opinion, BETTER than Trump) and has a monthly income in a month
(and sometimes in a day) most of us "high income Americans in the
top 1%" make in a year.
You've heard the saying, "If you want to be wealthy, do what
wealthy people do and get involved with them." You're not going to
get to the next level hangin' with the people that are below are at
the level you're at. PERIOD.
That said, I've asked my friend Ron LeGrand® (the guy with the Jet)
to spend SIXTY minutes (I can't tell you how much that'd cost if I
wanted it all for myself!) with YOU, ME and ANYONE else that wants
to join me for this once-in-a-lifetime call.
I'll send more details later, as in a day or two, but I wanted you
to quickly clear your schedule NOW so you could be sure to be
available .
This is a no-cost, no-charge call. A gift from me to you. More to
come. But, do clear out that hour, now. It'll be the best hour
you'll spend on the phone...ALL YEAR. I guarantee it. (If it's not,
you just let me know and I'll send you a $100 Starbucks Card for
your trouble...SERIOUSLY).
OK...talk to you soon. Have a good weekend, Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
You don't get a chance like this very often so when you do, common sense would tell you: BE AVAILABLE!
Anyway...read below and you'll see what I am talking about!!
Enjoy your weekend...More to come, next week. It's heating up EVERYWHERE.
~Jerry
==============================================
From: jerry@jerryjonesdirect.com
Subject: Trump, a Jet and Dentists…What?
Date: August 17, 2007 11:15:08 AM PDT
To: jerry@jerryjonesdirect.com
Hi Jerry here.
Can you do me a favor? Pull out your calendar for August 29th and
look to see if you have 9AM PST (noon EST) available for about 60
minutes.
Why? Glad you asked.
This 60 minutes could (if you choose) affect your 2008 so
dramatically, you'll barely recognize 2007 and it could very well
be the last year of your life you are *forced* or have to practice
as a Dentist and earn a Dentist's income (nothing wrong with it,
but, hey, we can all use and invest more, right?)
Don't get me wrong. Dentistry has been and is good to me (I know, I
have a dental office my SofTouch Dental operates that I am lookin'
at right out the window). BUT, I'm not the fella that has to
practice it for a living. I just heard from a client and his direct
quote was, "...after 20+ years of doing dentistry my neck and back
have had enough!"
Look, it's not often you get to ask ANY question you want of a guy
that has a Gulfstream Jet, does what Trump does (only in my humble
opinion, BETTER than Trump) and has a monthly income in a month
(and sometimes in a day) most of us "high income Americans in the
top 1%" make in a year.
You've heard the saying, "If you want to be wealthy, do what
wealthy people do and get involved with them." You're not going to
get to the next level hangin' with the people that are below are at
the level you're at. PERIOD.
That said, I've asked my friend Ron LeGrand® (the guy with the Jet)
to spend SIXTY minutes (I can't tell you how much that'd cost if I
wanted it all for myself!) with YOU, ME and ANYONE else that wants
to join me for this once-in-a-lifetime call.
I'll send more details later, as in a day or two, but I wanted you
to quickly clear your schedule NOW so you could be sure to be
available .
This is a no-cost, no-charge call. A gift from me to you. More to
come. But, do clear out that hour, now. It'll be the best hour
you'll spend on the phone...ALL YEAR. I guarantee it. (If it's not,
you just let me know and I'll send you a $100 Starbucks Card for
your trouble...SERIOUSLY).
OK...talk to you soon. Have a good weekend, Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Wednesday, August 15, 2007
A Pro's Mistake? What Would YOU Do?
Depending on how you answer the question I am about to pose, will tell me what kind of person you are.
Just yesterday, I reviewed a P&S (purchase and sales) agmt. It was a counter-offer I rec'd back from a Seller.
On the 2nd to the last page, this Seller made a grave error. One that could really have cost him dearly.
He made it. It could've been HIS hard-learned lesson (and I am sure his broker would have been named in a lawsuit by him, so she is on the hook for potentially screwing up, too). But, I don't do business that way.
I made an offer on 65 acres. My offer was essentially half down and half in two yrs with an owner carry 2nd, essentially allowing me to get into the property for no money. [If you don't get what I just said, do yourself a favor and register for the upcoming boot camp in Orlando - Info at the site listed below.]
He initialed all pages which is req'd on Oregon RE forms used by brokers.
Then, on the last page, he also signed in the area stating that he accepted my offer. THEN, his broker, submitted a signed page to my broker, Kevin, with a counter.
See the issue?
He ACCEPTED my offer.
Legally, he's on the hook to sell it to me for what I offered. All I needed to do was send my EM (earnest money) in to Kevin and it's a done deal.
Now, he or his atty (trust me, it would have gotten to that point) would have argued INTENT - his INTENT was to counter. He made an honest mistake.
MY atty would have said, "Too bad. He's a seasoned investor familiar with contracts and so on. TOUGH."
What would you have done?
You get an idea of what I am doing, right?
I do unto others...you know.
More to come when I get the latest, which should be later today or this week before Friday.
Best, Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Just yesterday, I reviewed a P&S (purchase and sales) agmt. It was a counter-offer I rec'd back from a Seller.
On the 2nd to the last page, this Seller made a grave error. One that could really have cost him dearly.
He made it. It could've been HIS hard-learned lesson (and I am sure his broker would have been named in a lawsuit by him, so she is on the hook for potentially screwing up, too). But, I don't do business that way.
I made an offer on 65 acres. My offer was essentially half down and half in two yrs with an owner carry 2nd, essentially allowing me to get into the property for no money. [If you don't get what I just said, do yourself a favor and register for the upcoming boot camp in Orlando - Info at the site listed below.]
He initialed all pages which is req'd on Oregon RE forms used by brokers.
Then, on the last page, he also signed in the area stating that he accepted my offer. THEN, his broker, submitted a signed page to my broker, Kevin, with a counter.
See the issue?
He ACCEPTED my offer.
Legally, he's on the hook to sell it to me for what I offered. All I needed to do was send my EM (earnest money) in to Kevin and it's a done deal.
Now, he or his atty (trust me, it would have gotten to that point) would have argued INTENT - his INTENT was to counter. He made an honest mistake.
MY atty would have said, "Too bad. He's a seasoned investor familiar with contracts and so on. TOUGH."
What would you have done?
You get an idea of what I am doing, right?
I do unto others...you know.
More to come when I get the latest, which should be later today or this week before Friday.
Best, Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Monday, July 30, 2007
Dr. Larry Litman Unplugged!
Dr. Larry Litman's a “classic” success story. Not just him, but his entire family! Sons David, Michael and wonderful wife Gail all share in the glory of their family real estate investing business.
In fact, I see the day in the not-so-distant future when Larry will sell his Champaign, IL dental practice and do real estate full-time. I mean, why not?
It all started back in December 2005 (sounds like a long time ago, but in reality, just 19 months back!), Larry and Gail attended my first Real Estate Boot Camp for Busy Dentists. I remember them well. They sat in the back of the room which, for 3-days, held about 200 people.
I have to admit: 3-days in a chair CAN give you a numb butt. But, what Larry and Gail walked away with changed the course of their lives forever. So much so, that BOTH sons, both highly educated off-spring, are now working with them to build an incredible real estate empire.
David – Has his MBA. QUIT a $200+ grand a year J.O.B. to get involved.
Michael – Ph.D. in Computer Science. Teacher at an IL university. Hasn’t quit his job, but what he did do was create the most incredible deal tracking system I’ve seen for operating a business in the foreclosure niche. Learn more here: www.trackyourdreams.com.
OK, so now on to Larry & David’s trip that wraps up today in Juneau, AK courtesy of my company (for winning the 2006 Deal Contest) and my brother’s, www.ThunderMountainAnglers.com.
Here’s the email I picked up just a day or so ago…
Jerry,
Dave and I got into Juneau last night. We meet Brian, Andy, and Jason at the Travelodge. Yes, Brian is better looking than you! We plan on meeting Brian later today. Fishing early tomorrow and just maybe we will see whales. We went to Mendenhall Glacier today and had a blast. The weather was great and we had a free private tour with a young lady named Amy who works for the national park. We saw bears, salmon, and all sorts of plants while we did our private hike. On the way to the Glacier we stopped at your brother’s house to see the boat. We did notice your boat was for sale. If we paid all cash and could close quickly what would you be willing to sell your boat for? Jerry, if you want to sell that boat quickly you might consider a real ugly sign with every other word misspelled or something. Just a thought. We will keep you posted on our great adventure. Larry
Just to clarify, Larry, I think I am better looking than MY brother… But hey, that’s my opinion.
It’s crazy where Real Estate can take you!!
And to prove just how much fun Larry and David are having:
Jerry,
Today is my last full day in Juneau. The weather was beautiful the last 3 days but a little rainy today. Dave plans to walk the old man (me) until I drop. I think he wants me to hike up Mt. Roberts because there is no way Dave is paying $25 for the tram ride. Also, we are going to visit all the sites downtown as well. Brian was great and the experience is something that I will remember forever. We caught a load of fish, saw Whales, Eagles, Bears, and even a [famous, local] shipwreck! Brian put on a show when he bit the head off a live herring (I have pictures). Brian's knowledge of the area is unbelievable and the dinner he prepared for us last night was awesome. Of course I needed to pick up mass quantities of Beef to go along with the fish. Surf and Turf! Brian is preparing all the fish for us to take back home and I'm bringing over a wet box tonight for him to pack This adventure was the best, so thanks again for everything. Larry
I have to give you some background on why Brian, MY brother is biting the heads off fish. No, he’s not Ozzy Osbourne.
Brian’s hard-core. Everything he does and goes after well, is done full-tilt. He’s passionate, enjoys entertaining and if he can be on a boat fishing, there’s nothing better. So his charter and eco-tour business is a perfect fit for everything that is BRIAN.
Back when we were kids – he was probably 15 and I was 11 or 12 – we’d just returned from a trip to the Columbia River where we dipped (netted) a couple of 5-gallon buckets of a small, migratory bait fish called smelt.
Brian’s friend Mark bet him: “I bet you too scared to bite the head off that fish.”
Brian’s not afraid of anything the last time I checked…So, guess what? Yeah, he bit the head off the smelt (it was long since expired).
So I am sure one of his friends in Juneau was telling that story and Larry or David…well, bet him he wouldn’t do it.
So there’s the background.
Now, on to business – I’d like YOU to be the next guy I sent to Juneau fishing on board Thunder Mountain Anglers. But you can’t go on my dime unless you submit a real estate deal and meet the other various contest qualifications. If you’d like info, send me an email (jerry@jerryjonesdirect.com) and I’ll post the rules for ya.
Meanwhile…The MALL DEAL may just very well be coming back alive. I will update you soon, likely in the next 7 days.
Now…Go Make an Offer™! ~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
In fact, I see the day in the not-so-distant future when Larry will sell his Champaign, IL dental practice and do real estate full-time. I mean, why not?
It all started back in December 2005 (sounds like a long time ago, but in reality, just 19 months back!), Larry and Gail attended my first Real Estate Boot Camp for Busy Dentists. I remember them well. They sat in the back of the room which, for 3-days, held about 200 people.
I have to admit: 3-days in a chair CAN give you a numb butt. But, what Larry and Gail walked away with changed the course of their lives forever. So much so, that BOTH sons, both highly educated off-spring, are now working with them to build an incredible real estate empire.
David – Has his MBA. QUIT a $200+ grand a year J.O.B. to get involved.
Michael – Ph.D. in Computer Science. Teacher at an IL university. Hasn’t quit his job, but what he did do was create the most incredible deal tracking system I’ve seen for operating a business in the foreclosure niche. Learn more here: www.trackyourdreams.com.
OK, so now on to Larry & David’s trip that wraps up today in Juneau, AK courtesy of my company (for winning the 2006 Deal Contest) and my brother’s, www.ThunderMountainAnglers.com.
Here’s the email I picked up just a day or so ago…
Jerry,
Dave and I got into Juneau last night. We meet Brian, Andy, and Jason at the Travelodge. Yes, Brian is better looking than you! We plan on meeting Brian later today. Fishing early tomorrow and just maybe we will see whales. We went to Mendenhall Glacier today and had a blast. The weather was great and we had a free private tour with a young lady named Amy who works for the national park. We saw bears, salmon, and all sorts of plants while we did our private hike. On the way to the Glacier we stopped at your brother’s house to see the boat. We did notice your boat was for sale. If we paid all cash and could close quickly what would you be willing to sell your boat for? Jerry, if you want to sell that boat quickly you might consider a real ugly sign with every other word misspelled or something. Just a thought. We will keep you posted on our great adventure. Larry
Just to clarify, Larry, I think I am better looking than MY brother… But hey, that’s my opinion.
It’s crazy where Real Estate can take you!!
And to prove just how much fun Larry and David are having:
Jerry,
Today is my last full day in Juneau. The weather was beautiful the last 3 days but a little rainy today. Dave plans to walk the old man (me) until I drop. I think he wants me to hike up Mt. Roberts because there is no way Dave is paying $25 for the tram ride. Also, we are going to visit all the sites downtown as well. Brian was great and the experience is something that I will remember forever. We caught a load of fish, saw Whales, Eagles, Bears, and even a [famous, local] shipwreck! Brian put on a show when he bit the head off a live herring (I have pictures). Brian's knowledge of the area is unbelievable and the dinner he prepared for us last night was awesome. Of course I needed to pick up mass quantities of Beef to go along with the fish. Surf and Turf! Brian is preparing all the fish for us to take back home and I'm bringing over a wet box tonight for him to pack This adventure was the best, so thanks again for everything. Larry
I have to give you some background on why Brian, MY brother is biting the heads off fish. No, he’s not Ozzy Osbourne.
Brian’s hard-core. Everything he does and goes after well, is done full-tilt. He’s passionate, enjoys entertaining and if he can be on a boat fishing, there’s nothing better. So his charter and eco-tour business is a perfect fit for everything that is BRIAN.
Back when we were kids – he was probably 15 and I was 11 or 12 – we’d just returned from a trip to the Columbia River where we dipped (netted) a couple of 5-gallon buckets of a small, migratory bait fish called smelt.
Brian’s friend Mark bet him: “I bet you too scared to bite the head off that fish.”
Brian’s not afraid of anything the last time I checked…So, guess what? Yeah, he bit the head off the smelt (it was long since expired).
So I am sure one of his friends in Juneau was telling that story and Larry or David…well, bet him he wouldn’t do it.
So there’s the background.
Now, on to business – I’d like YOU to be the next guy I sent to Juneau fishing on board Thunder Mountain Anglers. But you can’t go on my dime unless you submit a real estate deal and meet the other various contest qualifications. If you’d like info, send me an email (jerry@jerryjonesdirect.com) and I’ll post the rules for ya.
Meanwhile…The MALL DEAL may just very well be coming back alive. I will update you soon, likely in the next 7 days.
Now…Go Make an Offer™! ~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Wednesday, July 25, 2007
Watch those JV/LLC-type Agreements!
At some point in time you will enter into an agreement via Joint Venture or perhaps and LLC. What you need to know your lawyer will tell you, but, there is no better teacher than experience. I ignored my wife (she's not an atty, but there's not one that could ever win an argument with her!) and it's cost me dearly.
I can't share many details, in fact, none, but for now, I have 2 suggestions, and at some later point, perhaps I'll go into more detail on what to avoid.
#1: When you enter into business with someone, whether through a Joint Venture or perhaps an LLC, make DARN sure you understand WHO you are dealing with in every way - in short, you're going to be legally married without the benefits and with all the hardships that can come with marriage. Again, I will give examples some day, but not here, now. Suffice it to say that this lesson, in 2007, will cost me close to $80,000 on one deal and I don't know, we'll see, but perhaps close to $1,250,000 on another. Ok, Ok, I got it!
#2: When you HIRE a broker or real estate agent, make sure you are comfortable with them, their abilities and make sure you keep and stick to deadlines and they do the same. A contract is a contract for a reason. They are not meant to be broken by either side. If it is, it's null/void. Period.
OK...Like any business, real estate has its warts. I've said that once and I'll say it many more times - BUT, you get paid very well to handle them and deal with them.
That part I like. More to come in a few days.
Now, Go Make an Offer(TM)!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
I can't share many details, in fact, none, but for now, I have 2 suggestions, and at some later point, perhaps I'll go into more detail on what to avoid.
#1: When you enter into business with someone, whether through a Joint Venture or perhaps an LLC, make DARN sure you understand WHO you are dealing with in every way - in short, you're going to be legally married without the benefits and with all the hardships that can come with marriage. Again, I will give examples some day, but not here, now. Suffice it to say that this lesson, in 2007, will cost me close to $80,000 on one deal and I don't know, we'll see, but perhaps close to $1,250,000 on another. Ok, Ok, I got it!
#2: When you HIRE a broker or real estate agent, make sure you are comfortable with them, their abilities and make sure you keep and stick to deadlines and they do the same. A contract is a contract for a reason. They are not meant to be broken by either side. If it is, it's null/void. Period.
OK...Like any business, real estate has its warts. I've said that once and I'll say it many more times - BUT, you get paid very well to handle them and deal with them.
That part I like. More to come in a few days.
Now, Go Make an Offer(TM)!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Sunday, July 8, 2007
Contracts...and what to watch out for!
I was reviewing a contract earlier this evening for a purchase on a 6-unit apartment building.
As I was plugging through each single sentence carefully weighing each word, I was reminded how the very definition of words really come into play in contracts. What I mean by that is simply this: You have to understand not just the definition of each word IN a legal contract, you also have to understand the complexities of context and the inter-relationships each paragraph and sentence can have to subsequent or previous paragraphs.
Sometimes you can find yourself weaving through a real tough mess.
This is precisely why it is valuable and worth the few hundred bucks you'll pay an expert real estate attorney to review a contract and give suggestions for changes in your better interest prior to signing.
Some cheap advice I learned via the ol' school of hard knocks: Hire an atty to review your contracts. Hire an atty to prepare contracts specifically for YOUR use if and when you are the seller. Typically, you won't get a seller to agree to use your contract. And, if that is the case, use a standard form real estate agency contract specifically for the type of transaction you are doing.
In Oregon for instance, they have a standard form for Raw/Bare Land and it differs greatly from a Commercial Property Sales contract.
If you're a subscriber/member of my Look-Over-The-Shoulder Program, you'll be getting copies this month of this 6-unit apartment contract with my notes and cautions to look out for when reviewing contracts.
Anyway, time to hit the sack...Long day tomorrow and still recovering from the hot sunshine, cold water and over indulgence in rib-eye steaks and a real nice beer from Mexico - perhaps you've heard of it? Pacifico with a slice of lime? It's ALMOST as good as my all-time fav Alaskan IPA from the Alaskan Brewery in Juneau...
I digress.
Have a good one..Now, GO make an OFFER!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
As I was plugging through each single sentence carefully weighing each word, I was reminded how the very definition of words really come into play in contracts. What I mean by that is simply this: You have to understand not just the definition of each word IN a legal contract, you also have to understand the complexities of context and the inter-relationships each paragraph and sentence can have to subsequent or previous paragraphs.
Sometimes you can find yourself weaving through a real tough mess.
This is precisely why it is valuable and worth the few hundred bucks you'll pay an expert real estate attorney to review a contract and give suggestions for changes in your better interest prior to signing.
Some cheap advice I learned via the ol' school of hard knocks: Hire an atty to review your contracts. Hire an atty to prepare contracts specifically for YOUR use if and when you are the seller. Typically, you won't get a seller to agree to use your contract. And, if that is the case, use a standard form real estate agency contract specifically for the type of transaction you are doing.
In Oregon for instance, they have a standard form for Raw/Bare Land and it differs greatly from a Commercial Property Sales contract.
If you're a subscriber/member of my Look-Over-The-Shoulder Program, you'll be getting copies this month of this 6-unit apartment contract with my notes and cautions to look out for when reviewing contracts.
Anyway, time to hit the sack...Long day tomorrow and still recovering from the hot sunshine, cold water and over indulgence in rib-eye steaks and a real nice beer from Mexico - perhaps you've heard of it? Pacifico with a slice of lime? It's ALMOST as good as my all-time fav Alaskan IPA from the Alaskan Brewery in Juneau...
I digress.
Have a good one..Now, GO make an OFFER!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Thursday, July 5, 2007
The Mall Part II
Hope your 4th ROCKED! Had a great time with the wife and kids in the h20 and 90 degree sunshine (yes, we get some damn hot days here in Salem).
My last post was about a potential "mall" purchase. Things are already getting interesting. Here's the latest I sent out to those interested in the property and the call coming up next week:
"...Just got off the phone with my Broker. Essentially, there's a potential buyer making a move on this property THIS week. And, that's OK. So, we're going to re-schedule this call for a later time. They've done this before and they screwed it up b/c their offer was a mess from what I heard via the grapevine, and you wouldn't believe how twisted this vine is!! I don't anticipate it being too different this time, and if there's one thing I learned, DO NOT act in haste b/c you perceive another potential Buyer is going to take your prize!! It is NOT worth it!!! SO...We're going to sit back and see how things materialize for the next 2 weeks. You'll hear from me when the time's right and I'll do my best to give everyone at least a 7 day notice for the re-scheduling of this Mall Call."
So, for now, we're holding and we'll wait and see what happens. It's a gut instinct thing I guess. I asked my broker if I should hang tight or get involved, with my gut telling me to wait. He agreed.
I'll keep you posted. Meanwhile, I've re-directed my efforts to a 6-unit apartment building. It got my attention with a No-Money Down headline. There's value there - from the Buyer's perspective and from the Seller's. They got my attention by offering clever terms (oh, and a 1-year tax abatement which I figure is worth close to $5,000 based on other properties I have in the area) and of course, upside on rents.
Hope you have a great weekend - I'm headed to the lake with the kids, wife, dog and the travel trailer. Yup, even I love to camp! Nothing like the smell of a campfire, burnt marshmellows, Hershey's chocolate and of course, Honey Maid Graham Crackers...Oh, and an ice cold adult beverage to boot (or multiples).
Adios, Stay Cool. Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
My last post was about a potential "mall" purchase. Things are already getting interesting. Here's the latest I sent out to those interested in the property and the call coming up next week:
"...Just got off the phone with my Broker. Essentially, there's a potential buyer making a move on this property THIS week. And, that's OK. So, we're going to re-schedule this call for a later time. They've done this before and they screwed it up b/c their offer was a mess from what I heard via the grapevine, and you wouldn't believe how twisted this vine is!! I don't anticipate it being too different this time, and if there's one thing I learned, DO NOT act in haste b/c you perceive another potential Buyer is going to take your prize!! It is NOT worth it!!! SO...We're going to sit back and see how things materialize for the next 2 weeks. You'll hear from me when the time's right and I'll do my best to give everyone at least a 7 day notice for the re-scheduling of this Mall Call."
So, for now, we're holding and we'll wait and see what happens. It's a gut instinct thing I guess. I asked my broker if I should hang tight or get involved, with my gut telling me to wait. He agreed.
I'll keep you posted. Meanwhile, I've re-directed my efforts to a 6-unit apartment building. It got my attention with a No-Money Down headline. There's value there - from the Buyer's perspective and from the Seller's. They got my attention by offering clever terms (oh, and a 1-year tax abatement which I figure is worth close to $5,000 based on other properties I have in the area) and of course, upside on rents.
Hope you have a great weekend - I'm headed to the lake with the kids, wife, dog and the travel trailer. Yup, even I love to camp! Nothing like the smell of a campfire, burnt marshmellows, Hershey's chocolate and of course, Honey Maid Graham Crackers...Oh, and an ice cold adult beverage to boot (or multiples).
Adios, Stay Cool. Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Sunday, June 24, 2007
Back in the saddle...
It's embarrassing that it's been almost 4 months since a fresh post has hit this Blog. Well, that's changin, and it's changin' today.
So, let's get started by taking a look at a property right here in my hometown, Salem, Oregon.
It's a multi-tenant mini strip mall. The owners are liquidating their assets and this is one of their last. As long as I can remember, it's attracted problem tenants. None have stayed long, and one, in particular had some real potential, but the business owner screwed it up.
At any rate, it's a 5 unit complex. I wrote about it recently to my LOS Members (if you are not familiar with my LOS Program, you should be. Shoot me an email: Jerry@JerryJonesDirect.com to learn more). Here's what I wrote:
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
So, let's get started by taking a look at a property right here in my hometown, Salem, Oregon.
It's a multi-tenant mini strip mall. The owners are liquidating their assets and this is one of their last. As long as I can remember, it's attracted problem tenants. None have stayed long, and one, in particular had some real potential, but the business owner screwed it up.
At any rate, it's a 5 unit complex. I wrote about it recently to my LOS Members (if you are not familiar with my LOS Program, you should be. Shoot me an email: Jerry@JerryJonesDirect.com to learn more). Here's what I wrote:
Hey Everyone,
For about two or three years now I have been watching a deal unfold before me. It's now, I believe, time to act. Sometimes these commercial deals take a lot of time to wind-up, and create a "ripe-for-the-pickin'" opportunity.
One of my long-time trusted commercial brokers, Dave Shuford, whose handled everything from leases to sales for me, has been managing a small "mall" (I use the terms loosely) with 5 or 6 tenants that certainly has had its struggles. For one, the parking is very limited and that has been an issue. The owner's are an older couple living on the Oregon coast, and it's time for them to cash out and enjoy life.
Oddly, two weeks ago, one of my yellow letters to out-of-town owners generated a call from the guy. His name is Lee Clemens. We talked for a bit and he let me know about his mall. Before we finished the conversation we found we had a mutual friend in Dave, my commercial broker. Dave incidentally, he says, has the property listed (I knew this to be the case.).
Before I go further, let me tell you the DOWN side of this property investment:
1) Minimal Parking
2) No giant anchor tenant (It's really not conducive to one anyway due to parking)
3) Deferred Maintenance. There's a good chunk that COULD be done, but not necessarily right away.
Now, here's the positive:
1) Mgmt in place (Dave)
2) Tenants in place (all spaces are currently rented, however, 2 SMALL spaces with minimal rents will become vacant soon)
3) LOCATION, LOCATION, LOCATION. This property is absolutely in the path of progress and is located on South Commercial Street, just past the City Offices, Town Hall, Library and...a HUGE re-development project that has broken ground and is under construction with roughly 60 units of commercial and residential condominiums.
4) Sales price is LESS than the tax assessed value which means one of the first things I would do is file a property tax appeal. If you were on last week's call you know this means there is an opportunity to reduce yearly expenses and increase the profits.
5) There is a rent increase upside to increase revenues. However, this will come with tackling some of the deferred maintenance.
The strategy here is buy, hold and let the rents cover a chunk of the expenses, and as time passes (5 yrs or so?????), we'll be gobbled up in the re-development process, which is literally just down the street a few blocks and cashed out.
There will be some feeding of this building. BUT, it's the long-term gain that is enormous.
So, all this said, I am looking for a group of folks that want to go in on this deal and purchase it via an LLC.
Based on interest levels, I plan on having a conference call for this property mid-next week.
if you are interested, please email, fax or call Melody. Her email is melody@jerryjonesdirect.com. Phone: 503-339-6000 and fax is below.
I have a guess that the interest level will be high.
Also, the minimum investment into the LLC that holds the property will RANGE from $20,000 to $30,000 or more. I just don't know yet. Purchase price will be in the $400,000 to $450,000 range. Again, I have not even started the negotiations, so this is just a prelim email to gauge interest.
Let me know if you are interested and we'll get you the call-in information and times for next week. Thanks, Jerry
If you'd like to follow along and gauge the success/failure of this coming together, stay tuned. We'll see what happens.
I'm also reviewing a small property over in Depoe Bay on the Oregon coast. It's a .41 acre lot. More to follow later on.
Now, go make an offer(tm)!
~Jerry
For about two or three years now I have been watching a deal unfold before me. It's now, I believe, time to act. Sometimes these commercial deals take a lot of time to wind-up, and create a "ripe-for-the-pickin'" opportunity.
One of my long-time trusted commercial brokers, Dave Shuford, whose handled everything from leases to sales for me, has been managing a small "mall" (I use the terms loosely) with 5 or 6 tenants that certainly has had its struggles. For one, the parking is very limited and that has been an issue. The owner's are an older couple living on the Oregon coast, and it's time for them to cash out and enjoy life.
Oddly, two weeks ago, one of my yellow letters to out-of-town owners generated a call from the guy. His name is Lee Clemens. We talked for a bit and he let me know about his mall. Before we finished the conversation we found we had a mutual friend in Dave, my commercial broker. Dave incidentally, he says, has the property listed (I knew this to be the case.).
Before I go further, let me tell you the DOWN side of this property investment:
1) Minimal Parking
2) No giant anchor tenant (It's really not conducive to one anyway due to parking)
3) Deferred Maintenance. There's a good chunk that COULD be done, but not necessarily right away.
Now, here's the positive:
1) Mgmt in place (Dave)
2) Tenants in place (all spaces are currently rented, however, 2 SMALL spaces with minimal rents will become vacant soon)
3) LOCATION, LOCATION, LOCATION. This property is absolutely in the path of progress and is located on South Commercial Street, just past the City Offices, Town Hall, Library and...a HUGE re-development project that has broken ground and is under construction with roughly 60 units of commercial and residential condominiums.
4) Sales price is LESS than the tax assessed value which means one of the first things I would do is file a property tax appeal. If you were on last week's call you know this means there is an opportunity to reduce yearly expenses and increase the profits.
5) There is a rent increase upside to increase revenues. However, this will come with tackling some of the deferred maintenance.
The strategy here is buy, hold and let the rents cover a chunk of the expenses, and as time passes (5 yrs or so?????), we'll be gobbled up in the re-development process, which is literally just down the street a few blocks and cashed out.
There will be some feeding of this building. BUT, it's the long-term gain that is enormous.
So, all this said, I am looking for a group of folks that want to go in on this deal and purchase it via an LLC.
Based on interest levels, I plan on having a conference call for this property mid-next week.
if you are interested, please email, fax or call Melody. Her email is melody@jerryjonesdirect.com. Phone: 503-339-6000 and fax is below.
I have a guess that the interest level will be high.
Also, the minimum investment into the LLC that holds the property will RANGE from $20,000 to $30,000 or more. I just don't know yet. Purchase price will be in the $400,000 to $450,000 range. Again, I have not even started the negotiations, so this is just a prelim email to gauge interest.
Let me know if you are interested and we'll get you the call-in information and times for next week. Thanks, Jerry
If you'd like to follow along and gauge the success/failure of this coming together, stay tuned. We'll see what happens.
I'm also reviewing a small property over in Depoe Bay on the Oregon coast. It's a .41 acre lot. More to follow later on.
Now, go make an offer(tm)!
~Jerry
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Wednesday, February 28, 2007
Updates Forthcoming!!
I have to apologize for the “lack” of activity on my BLOG! I just finished up the Real Estate Boot Camp last week, took a few days off and now am back in it. I have several properties I am working right now – including a couple condos, raw land, etc. (and yes, even a couple foreclosures). So…watch your email and visit the BLOG. More to come soon!
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
Real Estate Education & FREE Information for Busy Dentists - For more information visit http://www.RealEstateForBusyDentists.com
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