How To Gain Commercial Real Estate Knowledge? Please Advice.
Hello all,
I’m a novice real estate investor. I’ve owned two small multi-family buildings (3 flat) in Chicago for couple years. I’m considering switching from multi-family to small mixed use: one retail unit on the first floor with one or two apartment units on the second floor or something like that. However I only have residential related experience: leasing, financing, market analysis, etc. I would like to educate myself a bit before jumping into the commercial real estate arena. I would like to know about commercial financing, leasing, law, etc. Could you please recommend me where to get such knowledge? I wouldn’t mind going to class or doing the self-study.
Please advice,
Patrick
Are you still in Chicago?
www.groundfloorcenter.com
Still in Chicago? Do you mean the city of Chicago? I live in western suburb Downers Grove (to be exact).
In that case I highly recommend the commercial courses at the Ground Floor Center. They are excellent. I should know I teach them myself.
Thanks for your reply. Ground Floor? Is that name of the institution? Could you please give me more info (URL, phone number, etc.)?
What classes are you teaching there?
Thank you.
There is a link to the website in my first reply in the thread.
I found having a mentor the most helpful.
Quote:
On 2007-04-16 01:03, cjmazur wrote:
I found having a mentor the most helpful.
Totally agree. Having a mentor is very helpful but how to find them and get them to help you? Most people want to be associated with other people who are the same level or higher than them.
Please advice.
Stay tuned guys.
We will be offerring more teleconferences on Commercial Purchasing right here on TCI.
Rmdane2000, thanks for your idea. That was a good idea. My fully time J.O.B was a computer consultant. I’m 30 years old (I don’t know whether you call that “young”). I’m also holding a real estate license. The idea of getting the commercial RE credential (e.g. CCIM) came to my mind a few months ago. However I didn’t pursue it because I wasn’t sure if becoming a commercial RE agent would mean I have to quit my current job. Is it possible to be a part-time commercial RE agent and still keep my full time job?
Is there anything like Ground Floor in WI?
How I found my mentor was thru an introduction by a mutual financial advisor.
This guy was based in S. Cal and was interested in investing in N. CA. I was based in N. Cal I think it has been a very educational and productive relationship.
Armond,
Hop in your car and drive down there. CK has some interesting stuff going on.
rmdane had a really great suggestion with becoming a commercial real estate agent. Finding a mentor would be great, if you could find one who is involved in commercial real estate rather than residential real estate. If you email me, I can get you info about my book which is written specifically for people like you. People who have some experience in investing in residential and want to step up to investing in commercial real estate. I also have free teleseminars starting in a couple of days as well.
Best of luck to you!
At the very least, you would need cooperation, and authorization from an owner & mortgagor of the property to raise the short sale inquiry with the lender.
You can attempt to purchase a mortgage without any contact or permission from the owner/mortgagor... so if you were to seek to purchase the second at a (steep)discount you could step into its shoes and press the foreclosure... and then payoff the first.
So, since the mortgagor is deceased, the only thing I can do is ask the mortgage company, in this case US Bank, to discount and sell me the first and negotiate the 2nd with the other lender for a deep discount?
So, a short sale is not possible without the authorization of both mortgagor and owner?
I have had others tell me that all I need is written authorization from the son who is not on the mortgage? Now I am confused.
By any chance would you be interested in this home?
Nice home in Spring Hill FL with an inground concrete pool with bird cage?
If FL is anything like CA, then probate may not even be an issue.
Here, if the total estate is less than $100k, there is no probate necessary. And everything just goes to next of kin.
: )