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Question
My name is Rashad. I have invested in real estate for a living a few years back. I am in the process of rebuilding my credit and rebuilding my capital. I live in Georgia. I feel like I should be doing some things in the mean time. I'm frustrated because it feels like I cant do anything without credit or liquid. My questions are as follows:
1. What are some things that I can be working on or attending, etc in order to get a jump on things?
2. Do you know of any ways I can make money in the field of real estate if I have bad credit and less than $5k saved?
3. Do you know of any private lenders who's qualifications would be to look at my job history?
I am eager to leave my 9 to 5 and get back to working for myself. Please help!!!!
Thanks.
--
Rashad A. Shaheed
"Passion is the genesis of genius."
Rashad:
I suggest that you attend every available learning opportunity in the area of real estate that interests you and make as many personal contacts as possible with those that you could use in your personal network in the future.
If you have a real estate license, or can get one, work for a residential broker, get some selling experience and make money selling property in your spare time when away from your 9 to 5 job.
It is difficult to get a job with private lenders at this time because so many real estate people are trying to get in-house jobs with lenders while the recession continues and real estate sales are fewer and difficult to close. Note that lenders are not making great profits at this time either.
It is difficult to make an income in the real estate industry even if you have good credit and plenty of experience because there are so many agents chasing a more limited number of transactions during the housing downturn. You should be certain to keep your day job until you get better positioned with additional education, a better credit rating and more business contacts.
Good luck.
-Jim
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Answers by Expert:
Jim Avancena, CPM
Expertise
Best qualified to answer questions that involve commercial leases, that is, basic issues as well as the often unexpected effects of the complexities and inter-relationships of the provisions a lease may contain, explain how seemingly innocuous text in your lease can have a major impact on a Tenant or Landlord and their business operations, and the common practices utilized in the industry. I can untangle most matters that may come up from the time a tenant begins searching for a office or store space and the lease acquisition process, concerns related to remodeling/improving the leased premises, moving-in, subletting or assigning the leased space, and a long list of problems that may come up during the lease term and even after a tenant moves out. I have practical experience with most property management issues and resolving landlord and tenant disputes - especially those involving what may appear to be overcharges assessed for additional lease charges like CAM costs, operating expense reimbursement, real estate taxes, utilities, construction improvements etc. Note that I am not an attorney and cannot provide legal advice.
Experience
Thirty years active experience in the commercial real estate industry as a licensed real estate broker in the Washington DC Metro area (DC, Northern Virginia & Maryland). I have been admitted (approved) by the Maryland and DC courts to testify as an expert witness on the subjects of Commercial Leasing and Property Management in the area of standard industry practices. I have had a business for the last 14 years advising virtually every form of business entity from large national corporations to the smallest ma & pa new businesses regarding a wide range of commercial real estate matters in addition to property management and commercial leasing.
Organizations
Currently my three children keep me so busy that it is difficult to participate in organizations with continuing and specific time requirements.
Publications
I publish a local commercial real estate newsletter titled: "Tenants First". My firm was the subject of a high profile Washington Post business section cover page (2.25 full pages) feature story on January 13, 1993; titled "Overcharging Overhead".
Education/Credentials
BA in Political Science from Memphis University, and five years of study in the real estate development summer program at MIT. I was certified as a commercial property manager (CPM-IREM), and currently hold a brokers license in Maryland and the District of Columbia.
Awards and Honors
The same plaques and honors that most others in my industry have earned. I have none that I consider especially meaningful.
Past/Present Clients
Past clients include: The World Bank, George Washington University, National Association of Criminal Defense Attorneys, US Department of Commerce, The American Benefits Council, K-Mart Development, many law firms, a national union, other major organizations, and many, many small business firms and retail operators that I am most honored to serve. I estimate more than 1,500 firms/organizations.
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