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Article by, Brent Virkus of Find the Capital and TRiTON Capital Advisory As you may know I’ve spent over 20 years in the real estate and investment business managing stock portfolios, flipping houses and developing commercial real estate. All in all I’ve been directly involved in a little north of $1 billion in real estate transactions. Needless to say I’ve learned a lot over the years…both good AND bad. A recent article posted on Market Watch highlighted Detroit MI as one of the 10 fastest growing residential markets in the country. In fact, we came in at number 7. The growth Detroit is experiencing offers incredible opportunity in the house flipping business. We’ve even seen a study that indicates their is demand for another 10,000 residential units over the next five years. One of the questions we get most frequently is what is the best way to make money flipping houses. So in this article I thought I would highlight the two strategies we use to produce consistent results. First you need to make sure you are buying a property at a significant discount to market value. Most importantly you need to make sure you have the ability to add value to that property. A good article to read is Find the Capital’s 7 Keys to Flipping Houses. In this article we outline exactly how we underwrite and structure our deals. So at this point I’m going assume you know how to acquire the house and add value to it and are at the point you want to know exactly how to make money on the Flip. There are really two simple exit strategies you should consider: Sell the house to an home owner looking for a turn key property. This is the simplest way to make money. You take a house that needs significant renovation work. Then buy it at the right price, fix the problems and sell it to a home owner looking for a turn key property to move into. This is your classic flip home scenario. Sell the house to an investor. In this situation, you buy the house, add value to it (i.e. fix it up) and then put a renter into it. At...
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Article by, Brent Virkus of FInd the Capital and TRiTON Capital Advisory Since Detroit was allowed to file bankruptcy, there has been a lot of attention from the country on the city’s future and how it will impact the residential real estate market in Detroit. As a local to Detroit and a lifetime Michigan native, I thought I would share what has been happening in the city and how it is impacting residential real estate. The biggest impact on the city has been Dan Gilbert’s focus on buying up Detroit based real estate and relocating his various companies to the city. This has also drawn other companies to relocate to the city bringing even more young people to the city. Some of the most noteworthy companies located in the city are: General Motors Quicken Loans Compuware Chrysler DTE Energy Wayne State University The recent increase in companies moving to he city has caused an incredible rise in demand for residential units. In fact, Occupancy levels in the city are close to 100% and according to Market Watch residential prices have increase over 30% in the past 12 months! Market Watch even ranked us the 7th fastest growing city in the country. We’ve even seen studies that highlight there is demand for another 10,000 residential units over the next 5 years in the city of Detroit. Things are so strong in the rental markets that higher end apartment buildings are getting close to $2 per foot, which is significantly higher than the suburbs. As a real estate investor, this brings great opportunity for both developers of multifamily and people looking to renovate and flip houses. The following is a summary of the hottest areas: The Woodward strip from downtown to mid-town. This strip basically starts at the General Motors and Quicken Loans headquarters through the entertainment district which includes Tigers Stadium, Ford Field and where they will be building the new Red Wings stadium. The strip then continues to Wayne State University. Corktown. This is the oldest village in the city of Detroit where the old Tigers Stadium was located. Corktown has a very unique character to it as it is made up of mainly historical single family residences. Rivertown....
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Article by, Mike Hassing of Automotive Subprime Don’t punish your sales team for following the special finance process. With the right compensation plan in place, everybody wins. Once again I find myself sending a dispatch from the road. We have had a very busy year so far, and it’s encouraging to see so many dealers enjoying the fruits of their special finance labors. Setting up a process to handle subprime customers is no easy task. It takes a serious commitment, and that commitment starts with the dealer and extends all the way through the store. Before long, however, commitment can begin to wane. You can usually chalk that up to one of two main causes: The first is a growing stack of contracts in transit, an issue I tackled here last month. The second is a compensation plan that creates winners and losers among the staff. More often than not, the “loser” is an experienced salesperson or F&I manager who is being underpaid for working subprime deals. That discourages the whole sales team from sending customers to the special finance desk and causes the finance office to try to wedge them into a prime structure. I am loath to tell dealers to change their compensation plans. I know how precious those plans are to their staff and how demoralizing it can be to suddenly be asked to play by a new set of rules. That’s why it’s so important to have the right one in place to begin with. But if the existing plan is unworkable, you must be willing to change it. Let’s take a look at four potential sources of conflict between prime and subprime: 1. Playing the Numbers Game Many dealers who are new to subprime will decree that any customer with a “low” credit score must be sent to the special finance manager. This approach is problematic for several reasons. First, where exactly do you draw the line? There’s no magic number that divides prime from subprime. A Chevrolet dealer might say that anything under 450 is special finance. The Jaguar dealer next door might say it’s more like 700. Second, even if there were a clear dividing line, it wouldn’t help you decide how to...
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Article by, Dynamic Advisory Solutions 10 YEARS LATER : HOW REMOTE BUSINESS CONSULTING IS CHANGING BUSINESS, Article by Ren Carlton I own a car. In fact, I own two. But I don’t tinker with my own vehicles. Mostly because I can’t afford the tools, the time or the brain-power to know what is needed across two Makes and Models. Not only that, but I am so used to my own vehicles, and the way they run, that I overlook glaring issues any new observer might easily recognize. That is why I take my cars to a mechanic. Now, you probably think that everything is running smoothly in your small business. You might be right. But even a well-oiled machine still needs a mechanic to run diagnostics, check levels and red line it for good measure. After all: how do you know that you’re headed in the right direction for the fiscal report? And are you sure the Six Sigma launch you had that potluck around has really made a difference? No matter how well you think you’re doing: you need a check-up. That is why you need a business consultant. Business Consulting is like car maintenance. For over ten years business consulting has been a staple in any company worth its weight. The Consultant is your mechanic. There to fix and prevent process issues. But more than that: they should make you more money. A good mechan—er, consultant will bring changes that translate into a fatter bottom line… But don’t go hiring any old Schmuck in a suit. Read on. Despite a good run since ‘03, there was a plateau in business consulting about 4 years ago, mostly due to costs and office politics (It seems businesses don’t like tinkering on themselves). Internal consultants and managers are too close to the problems to effect real change. This produced lack-luster results, causing business consulting to level out in 2009 (along with everyone’s 401k…) when companies were scrutinizing every penny. Another thing that makes having an internal business consultant a gamble is that there is no way to quantify their profitability. Another person on payroll can easily get lost in the shuffle come payday. Not to mention: certain companies were nothing but consultants. And we all know...
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5 Benefits to Using a Mortgage Broker Article by John Csaszar of Global Capital Funding Group Are you thinking about buying a new commercial property, multi-family property or looking to refinance your existing loan? Have you started exploring your financing options for the project? There are many different types of loans available to select from, but one of the first things you will need to determine is whether you want to work with a Commercial Mortgage Broker or with a bank or a single lender. Here’s a look at some of the benefits associated with working with a Broker rather than a bank. Benefit #1: A Broker Works for You One of the greatest benefits to working with a Commercial Mortgage Broker rather than a bank is the fact that the Broker works for you. When you go to a bank or a lender to secure a mortgage loan, the bank specialist is solely concerned with the interest of the financial institution. The Mortgage Broker, on the other hand, is looking out for your best interest and can provide hundreds of different, creative options for you to use in financing a property. You truly benefit because Mortgage Brokers are not employees of a particular bank or lender, but instead have a working relationship with dozens of these institutions. Benefit #2: Choose from a Wider Variety of Institutions When you go to a bank to inquire about a mortgage loan, the bank specialist is only representing one financial institution. When you work with a Mortgage Broker, he or she works with a wide variety of different institutions. As a result, you have a broader range of loan options to select from. Not only can this help you to get the best rates, but it also increases your chances of obtaining approval even if you have poor credit. Benefit #3:Brokers are Highly Trained When looking for funding, it is vital to secure the best financing available. Every borrower is unique and every lender has its own rules and programs. The difficulty most people have in shopping for their own loan is they don’t know all the right questions to ask. Adding to that difficulty is the fact that most lenders have...
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