Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums

ando638

Members
  • Content Count

    22
  • Joined

  • Last visited

Everything posted by ando638

  1. There are 2 properties in Miami, Florida that are for sale. One of the properties is next door to the project from the Genting group called "Resorts World Miami." Florida is in the process of obtaining a gaming bill, enabling groups like Genting to build what they are projecting as the largest gaming floor in the world. The property is a development site. The other property that is for sale is 4 blocks away, and a development site, also. For any serious buyer that wants to purchase these properties at a cheap price please reply and/or send me email. We can discuss the details. This is the best time to purchase because the price is low. I look forward to your response. ando638
  2. If anyone is interested, or knows an investor that purchases commercial properties in Miami Florida please reply to this message. The land is for sale for less than $10M. The property is located right on the beach and the site has been approved to build a high rise complex that is worth over $200M. I will discuss the details with anyone that is interested in this kind of venture. Steve
  3. Any buyers interested in purchasing an apartment building please read the infomation below and reply to me as soon as possible: 13300 Alexandria Drive Opa Locka, FL 33054 $2,240,250 This is not a foreclosure, short sale, not listed. Built in 1972, CBS construction, roof 2 1/2 years new. Gross living area of 66,278 SF (est.). There are 34, 3 bedroom 1 bath units 35, 2 bedroom 1 bath units 3, 1 bedroom 1 bath units Assessed value (2009) Land $376,588 Building $4,623,412 Total $5,000,000 Property Taxes (2010) $88,740.72 if paid in February 2011. Cap rate is 10.4% The building was nearly fully rented for years at $900 to $1,100 with a waiting list. The tenants were a mixture of Section 8 and non-Section 8. Its demise came with the foreclosure action and the lis pendens being served on each tenant. No rent rolls, no violations, all taxes paid through closing and seven families are living on the premises that will have to be evicted. The water and electric are on in the building. Laundry room with 12 washers and dryers. Originally there were laundry facilities on each floor but they were moved to a central building. There are three shipping containers full of doors and windows to replace existing ones - no actual count in these. This property was previously sold for $6,900,000 in 2007 with a $5.5 million mortgage. No owner financing available, purely a cash transaction. Deposit required with contract is $50,000. No LOI's accepted 15 day inspection. You can visit the property and look for yourself, you do so at your own risk, so please be careful because of the tenants. The "grounds manager" is living in the back of the complex and his name is Morris. All compressors and most condensing units have been taken out. Two units are fire damaged - one needs full drywall replacement and the other needs cleaning and painting because of soot damage. The property is bordered on the North and South sides by large lots owned by the City of Opa Locka. We have had over 100 people inquire about this property already. This will be a diamond in the rough waiting for the new owner who is willing to do the needed restoration work to get it rented fully again. The price of $2,240,250 is roughly $31,114/door and with an average rental income of $950, the gross rental income before expenses is $11,400/$31,114 = $36.6%. Assuming repairs of even $10,000/unit, this would be => $11,400/$38,850 = 29.3%. These yields do not include financing costs, interest expense, taxes, insurance or any other maintenance or carrying costs - these are easily figured by industry standards. **Engineers estimated repairs at $477,000 on 10/10/2009, for the above we estimated $10,000 per unit. DO NOT send us a request for rent rolls, taxes, and tons of data sheets we have to fill out for your due-diligence. Do these yourself, take your contractor on site and you make the final decision.
  4. If any buyers are interested in purchasing Florida Commercial Property in Sarasota, Florida let me know and I will send the details. Steven
  5. Is anyone interested in purchasing distressed properties in Florida? I am looking for a direct buyer who is interested and has POF to purchase these properties. 2 of the properties are worth over 2M; I have a spreadsheet outlining these properties. If you are a buyer and have POF to purchase these properties please reply to this message and I will reply right away. Steve A.
  6. Greetings, This client is looking for an end buyer to this note. The price range he is looking for is 81-84%. Please review the information below and reply if you are interested. Take a look at this note and let me know if you are interested as soon as you can: Property Type: Commercial (Retail Unanchored) Payer’s Credit: Unknown Property Value: 5,800,000 Owner Occupied: Yes Seller Flip: NA Sale Date: 10/10/2007 Sale Price: 4,183,500 Down Payment: 1,183,500 Property City: Miami Property State: FL Face Value of Note for Sale: 3,000,000 Note Balance: 2,948,500 Interest Rate: 6.47 Payment Amount: 18,903 # of Payments Made: 17 1st Payment Made On: 12/01/2007 # of Payments Remaining: 343 Next Payment Due Date: 06/01/2010 Loan to Value: 51 Current: Current and on Time Balloon Payment Amount: 2,807,000 Balloon Payment Due On: 10/10/2012 Position of Note: 1st 1st Remaining Balance: 2,966,120 2nd Remaining Balance: NA Comments: Amortization is I/O for the first 12 months; now it is 360 months. The loan is underwritten to CMBS (Commercial Mortgage Backed Securitization) standards, other than there being no personal guarantees of corporate partners in the businesses that occupy the subject real estate. It is Real Estate Secured. Seasoned, performing loan representing acquisition financing for a retail center built in 1987. Occupancy rate is 91.9%, since 07/15/2009. Purchase price including financing costs was $4,183,500; Borrower has $1,183,500, or 28.3%, cash equity into the transaction. Tenancies are well diversified amongst 18 tenants with the largest tenant occupying 25% of the space through 2016 (in place since 1996) and no other occupying more than 9% of the property. 72% of space is occupied by tenants who have been in place for more than five years, 41% more than 10 years. Reserves are held for Cap Ex, TI and LC's, RE Taxes and Insurance. 2007 NOI = $299,882 2008 NOI = $243,878 2009 NOI = 230,411 6 month annualized
  7. The company is looking for someone to purchase the note for addition funds to the mine. This mine produces gold primarily and silver. The Payer is the President of the Mining Company. He is estimated to be worth $23 million and has a credit rating of 700+. The Sale date of this note is January 2010 for $3,000,000. Interest Rate is 13% for only 3 years. Balloon Date is 02/15/2013 at 3,032,500 There is a 15 year amortization with 3 years guaranteed. The most significant ones are as follows: There is a prepayment penalty on this note which penalty will be calculated as all of the interest that would have been paid on the note had the note not been prepaid. For example, if this note is paid prior to the end of the three (3) year term, then the prepayment penalty will be calculated at a daily per diem rate of One Thousand Sixty Eight and Ninety Nine Cents ($1068.99) multiplied by the number of days that remains on the note through the three year term. Any payment on this note that is overdue for more than Fifteen (15) calendar days from its due date shall, if requested by the holder of this note, be increased by an amount equal to Five Percent (5%) of the amount overdue payment unless such amount exceeds the maximum permitted under applicable law in such circumstances, in which the amount of the overdue payments shall be increased by such lesser maximum amount as legally may be allowed, and lender’s entitlement to such sum shall be in addition to, and not in lieu of, all other rights and remedies to lender as a result of such overdue payment. Net Smelter Returns Position:. In exchange for the Lender’s loan, the Company conveys to the Lender a 10% net smelter return position in the Mining Company. The Lender shall participate in net smelter return from the operations of the mine and will be paid 10% of all net smelter returns on a monthly basis until such time as this agreement becomes null and void. Lender not have a managing or equity interest in the Company whatsoever but shall only be entitled to it’s percentage of net smelter returns as set forth in this agreement. The net smelter returns is in addition to the interest due Lender through the promissory note between Company and Lender for the loan amount of Three Million Dollars ($3,000,000.00). 5a. This contract shall remain in force for a period of 5 years from the execution date of this agreement, with the only exception being at the end of the 3rd year the Mining Company has the option and right to buy out the final 2 years of the 10% of Net Smelter Return at the rate of Five Hundred Thousand Dollars ($500,000.00) per year - not to exceed a total of One Million Dollars ($1,000,000.00) for the final 2 years. I have an electronic copy of the Promissory Note, Net Smelter Returns Contract, Property Valuation Report, Mcleod Geological Report, Addendum to Term Sheet Report, Inground Asset Report and the Payer’s Social Security Number. For anyone interested please send a private message by Monday March 29th.
  8. 3 Questions: Is anyone interested in purchasing business note? The security of the note is the value of the business. The business is a franchise of gas stations. I have documents indicating the value of the business, payments. Second, is anyone interested in purchasing real estate notes that are in the 2nd position? The credit of the payor is 700+ and there is not balloon payment. Last, I have a note secured by real estate for multi units. This particular note is 2 small apartment buildings. The payor has an excellent credit score and owns real estate herself. Unfortunatley, these units are not owner occupied because they are being renovated. The note holder still wants to sell this note currently. I have information on these notes, however, my client is looking for direct buyers only. Please reply to this message or send a private message if you want to purchase these notes. Thank You and have a great day!
  9. Does your investor buy business notes? The business note is secured by the value of the business. The business is a chain of gas stations. This note holder has a few a few of these notes. I have financial documents and pertinent information about this note. Second, does your client purchase real estate secured notes in the 2nd position? I have a note from a client looking for a buyer. The credit of the payor is 700+ and there is no balloon payment. Last, I have another client with a note for 2 small aparment buildings. It is not owner occupied because there are renovations being done at the moment. Let me know when you can
  10. Lynn, Did you get my response?
  11. I am interested in the notes that you have. I would have to look at the notes to see what can be sold. Let me know if you are interested.
  12. John, What is the note balance?
  13. I am a broker. There are some investors asking me about notes in Florida. They are looking at purchasing them but I do not know anyone who wants to sell them. I have had a lot of inquiries about these notes when they went to my website. I have spoken to people who are exercising seller financing, nevertheless, finding notes to sell in Florida has been a task for me.
  14. I heard that there are a lot of commercial notes and SFR notes that are looking to be sold. Is this true? If so do you know anyone who would want to sell them?
  15. Is there anyone that goes to this forum to discuss real estate notes? I am sure there are note holders that want a large amount of money quickly.
  16. Do you have any notes that you want to sell at this time?
  17. ando638

    REO

    Do you ever consider selling notes? Do you have any notes to sell? If you do let me know. I can help you sell them quickly. Thank You Steve
  18. Rafael, Do you have any notes to sell at this time? I work with investors who purchase notes on a daily basis. Please let me know. Thank You Steve
  19. Terry, I am interested in purchasing the notes. I work with investors all of the time asking me for notes. I do not know if this offer is still valid but if it is please send me an e-mail: info@americannoteseverywhere.com Thank You.
  20. Mikey, I see that this message was from 2 years ago. I am not sure if you are still in this business because I work with note investors who purchase notes on a daily basis and would be happy to take these notes. If you are interested and want to make money please send me an e-mail: info@americannoteseverywhere.com Thank you and I hope to see your response.
  21. Anyone have any notes that they need taken off of their hands. I work with investors asking me about notes all across the nation. If anyone has any inquiries or wants to be provide any details about their note you can send me an e-mail at info@americannoteseverywhere.com. I also have a website if anyone wants to know about my company or needs information about notes. It will be provided only at the request of the sender. Thank You! Steven Andonovski
×
×
  • Create New...