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Commercial Property Virtual Boot Camp Ron LeGrand’s Commercial Property Virtual Boot Camp Event Manual V.062620 Toll Free Phone: 1-888-840-8389 or (904) 262-0491 Toll Free Fax: 1-888-840-8385 or (904) 262-1464 COPYRIGHT 2020 HERITAGE FINANCIAL LTD. OF JACKSONVILLE LLLP www.RonLeGrand.com Warning!! – These Are Copyrighted Materials Protected by Strict Copyright Law! Legal action will be brought against you and/or your company if you are found to have made ANY unauthorized copies of these materials in part or in whole. Unauthorized copying is AGAINST THE LAW, regardless of intent, whether you are: 1. making a single copy to keep for yourself 2. making a copy to give to a friend for free 3. distributing one or multiple copies to others for profit 4. making copies for any other reasons No matter if you make a profit or not, you are committing a serious copyright infringement crime, punishable by severe fines and imprisonment and you may be held liable under BOTH civil and criminal law. Remedies Against Violators Can Include Fines in ex- cess of $400,000 Plus Up To 5 Years Jail Time Plus Recovery Of All Legal Fees When a civil action is brought against violators, the owner of these copyrighted materials will seek to stop you from using the material immediately and will also request monetary damag- es. The law allows for the copyright owner to choose between actual damages, which in- cludes the amount lost because of your infringement as well as any profits attributable to the infringement and statutory damages, which can be as much as $150,000 for each program copied. In addition, the government can criminally prosecute you for copyright infringement. If convicted, you can be fined up to $250,000, or sentenced to jail for up to 5 years, or both. Any use of the name Ron LeGrand® for commercial gain is strictly prohibited by federal trade- mark law. NOTE: The providers of this Marketing Intellectual Property have united with others in the industry and are utilizing Watchdog Reporting to iden- tify and prosecute to the fullest extent of the law all criminal activity involving the illegal copying and/or pirating of these copyrighted materials. COPYRIGHT 2020 HERITAGE FINANCIAL LTD. OF JACKSONVILLE LLLP Distributed By: Global Publishing Inc. 9799 Old St. Augustine Road Jacksonville, FL 32257 Toll Free Phone: 1-888-840-8389 (904-262-0491) Table Of Contents Commercial Property Types 2 Locating Prospects 5 Prescreening Prospects 23 Cap Rate Quiz 29 Constructing Offers 43 Presenting Offers 63 Follow Up 75 Financing 85 Exit Strategies 134 Glossary 162 1 © 2020 Heritage Financial, LTD of Jacksonville LLLP Commercial Property Types Multifamily Retail • Garden Apartments • Old Town Center • Hi-Rise Apartments • Strip Center • Mid-Rise Apartments • Outlet Mall • Low/Mod Income • Free Standing Stores • Student Apartments • (Big Box) Industrial Raw Land • Heavy Manufacturing • Commercial Development • Light Manufacturing • Agricultural • Warehouse/Distribution • Residential Development • Self Storage • Golf Course • Special Purpose • Mixed Use Office Mobile Home Parks • Single Tenant • Hi-Rise Tower • Mid-Rise Office • Office Over Retail Health Care • Congregate Living • Nursing Home • Rehabilitation • Ambulatory Care • Hospital 2 © 2020 Heritage Financial, LTD of Jacksonville LLLP Commercial Property Advantages and Disadvantages Advantages • Big profits • Some are non recourse debt • Less competition • More appreciation • Can create your own value • Higher prestige • Hang around rich people Disadvantages • Long time to get paid • Up front cost of due diligence • Fewer deals • Bigger deposits required • Harder to get started • Up against the big players 3 © 2020 Heritage Financial, LTD of Jacksonville LLLP 5 Steps To Success 1. Locate Prospects 2. Prescreen Prospects 3. Construct and Present Offer 4. Follow Up 5. Sell or Refinance Quickly 4 © 2020 Heritage Financial, LTD of Jacksonville LLLP Locating Prospects 5 © 2020 Heritage Financial, LTD of Jacksonville LLLP Where To Find Commercial Deals • Commercial Brokers • FSBO Signs • Engineers • Architects • Bankruptcies • Foreclosures • Referrals • Auction Houses Auctions.com Hudsonandmarshall.com Seizedrealestate.com Dempseyauction.com Woltz.com Usalandsale.com Eaglestar.net • Attend Planning And Zoning Meetings • Letter Campaigns And Calls To: Run Down Properties Vacant Land Owners Out Of Town Owners All Target Commercial Property Owners • Commercial Websites 6 © 2020 Heritage Financial, LTD of Jacksonville LLLP Finding Commercial Deals on Websites ➢ Cimls.com Allows you to enter your criteria by the property type, price range, city, and state. Once you enter the criteria you will get a Cimls # and it will give you financial summaries, income expense information, cap rate, and all the contact information for the listing agent. There’s a professional directory for Commer- cial Properties by state, and will display the contact persons name, address, phone, fax, and e-mail address. Free to use website. ➢ CityFeet.com Access thousands of office, retail, industrial, multi-family, and vacant land listings with contact details. Free to use website. ➢ ConstructionLists.com This site has construction sales leads for sale, such as architects, builders, building inspectors, appraisers, engineers, developers, property managers and owners and more. ➢ CraigsList.com Properties for sale nationwide. Free to use website. ➢ Dealmakers.net Lists properties for sale, financial resources, referral data base, links to other useful Real Estate sites, and Commercial Real Estate publications. Free to use website. ➢ Ebay.com Find land for sale by owner and listings of Commercial Properties for sale. Free to use website. ➢ Elandusa.com This is North America’s land for sale website. Free to use website. 7 © 2020 Heritage Financial, LTD of Jacksonville LLLP ➢ GoogleEarth.com Satellite imagery and maps free to use basic website or you can order a subscription version. ➢ Land.net Commercial land and Property for sale. Free to use website. ➢ LandAndFarm.com This site is the global market place for rural property, and also offers a monthly newsletter to registered users who wish to receive it, letting them know about pertinent site news recent advertisements, and other information that may be of interest. Free to use website. ➢ Landbluebook.com Land for sale Nationwide. Free to use website. ➢ Loopnet.com Operates the largest Commercial Real Estate listing service online. Search for land, office, retail, industrial, apartments, hotels and other types of properties. There’s a key field on the site where you can enter words such as subordination, motivated seller, or seller financing etc., All the listings in that city with those terms will come up. Free to use the basic website, and a minimal fee for premium membership. ➢ Mobilehomeparkstore.com You can pull up a community with a mobile home park for sale by city, and state. There’s information given on each property, listing the number of units, price, contact person, phone number, and date of listing. Free to use website. ➢ Nareit.com National association of Real Estate investment trust, it gives industry news on Real Estate. Free to use website. 8 © 2020 Heritage Financial, LTD of Jacksonville LLLP ➢ REE.com Real estate exchanges by private parties, including planes, cars, yachts, notes, etc. You can view properties to exchange or trade and they provide you with contact information for the owner as well as what the owner is looking to exchange/trade for. If new properties are added that meet your criteria, you will be notified. Also has a listing of article of interest and useful financial tools and information, as well as many useful resource links. ➢ ReMax.com Properties for sale nationwide. Free to use website. ➢ RVParkStore.com RV parks and campgrounds nationwide for sale. Free to use website. ➢ TerraServer.com This is a satellite site. Free to use website. ➢ TM1031exchange.com Listings nationwide for 1031 exchange. Free to use website. 9 © 2020 Heritage Financial, LTD of Jacksonville LLLP Key Words To Search On Websites One of the key ways we use to buy real estate without using our own money and borrowing all the capital we need is called subordination. It’s where the seller takes a second mortgage and allows us to get a new first mortgage. We go to websites, which allow us to type key words in a search field. We use words like seller financing, terms, and subordination. Even though we don’t get very many hits, when a hit does come in it means the seller has open- ly disclosed they’ll do seller financing or take a second mortgage. Obviously, this cuts through a lot of nonsense to get to a real prospect. For example, we use loopnet.com and ccimnet.com because they have a key search field where you can enter key words such as: • Subordination • Terms • Seller Financing • Motivated • Owner Financing • For Sale By Owner • Willing To Carry • Reduced • Bankruptcy • Must Sell • Below Market • Out Of Town Owner • Inheritance • Retiring • Divorce All the properties with these key words will appear and it’s your job to determine whether they’re a prospect or a suspect. 10 © 2020 Heritage Financial, LTD of Jacksonville LLLP 11 © 2020 Heritage Financial, LTD of Jacksonville LLLP ✓ ✓ ✓ ✓ 12 © 2020 Heritage Financial, LTD of Jacksonville LLLP 13 © 2020 Heritage Financial, LTD of Jacksonville LLLP ✓ 14 © 2020 Heritage Financial, LTD of Jacksonville LLLP ✓ 15 © 2020 Heritage Financial, LTD of Jacksonville LLLP ✓ 16 © 2020 Heritage Financial, LTD of Jacksonville LLLP 17 © 2020 Heritage Financial, LTD of Jacksonville LLLP 18 © 2020 Heritage Financial, LTD of Jacksonville LLLP Commercial Websites 19 © 2020 Heritage Financial, LTD of Jacksonville LLLP Commercial Websites 20 © 2020 Heritage Financial, LTD of Jacksonville LLLP Commercial Brokers One of the best sources of finding deals is to build relationships with those who work with them daily. You won’t be in commercial real estate long before you begin dialoging with agents. Like all prospects of business, this requires a prescreening process and you won’t be able to work with most agents unless you want to pay retail price and comply with conventional wisdom.
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