If you have an economic interest in Prince George’s County, you’re likely well aware of the highly acclaimed Children’s Hospital in D.C. Below is an article about a recent groundbreaking that took place at Woodmore Town Center, concerning Children’s Hospital’s future pediatric outpatient and specialty care center.
Children’s National Health System breaks ground in Prince George’s County
Children’s Hospital’s pediatric care facility is scheduled to open in 2020, and will be a great complement to the neighboring UM Capital Region Medical Center at the Largo Metro station/The Boulevard at the Capital Center site.
If you’re an advocate or enthusiast of African American history, there will be an event held to commemorate the birth of Carter G. Woodson, the “father of black history month.”
Carter G. Woodson Birthday Commemoration
Sunday, Dec. 17, 2017 from 2 pm to 4:30 pm
The commemoration event will be held in Northwest DC, and is free and open to the public.
October 1 signals a new fiscal year for most government entities. Washington, DC is no different. Recently, the DC Housing Providers Association held a critical meeting stating all of the major law changes for those who are landlords. Take a look at the excerpt from the president of the organization, Karrisa Span.
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If you (or someone you know) have a business/financial interest in Prince George’s County, the Boulevard at Capital Center shopping & entertainment complex itself will soon undergo significant redevelopment; in tandem with adjacent (upcoming) construction of the new hospital/medical center next to the Largo Town Center Metro station.
That being said, visit the below website for more information:
Boulevard at Capital Center Redevelopment – The New Downtown of Prince George’s County
There are LOTS of general contractors around for whatever rehab or repair work you may need to have done to an investment property you already own or are thinking about buying. One of the best ways to find a reliable contractor is to ask for referrals from other Real Estate Investors. (REIers).
Absent that, conduct a Google search and you can probably come up with lots of names in your general area. Craigslist ads are another source. Once you have identified some decent prospects, Yelp the top 5 or so that look most appealing. Then confirm the validity of the good ones you find via Angie’s List and/or Home Advisors.
Quotes & Contracts
- Ask the top ones to come out and give you a written quote. You want every conceivable contingency, and bell & whistle, included in the quote. Here is why: The quote forms the basis for the agreement that you and the GC will eventually sign.
- Demand a written contract. Include everything from the quote in the agreement.
- Request and then call references the GC provides. Honest contractors welcome scrutiny; others not so much.
- Check their General Contractor (GC) license.
- Make sure it is current. Look at it carefully.
- Check their license online (with the state license bureau) to confirm its validity.
- Confirm that their insurance coverage, bonding, etc. are all current.
- Look them up on line. View their website. If you get a “funny” feeling about them, dig deeper.
- Send them an email. See how quickly they respond, if at all.
- Call after hours; leave a voice mail; see how quickly they call you back: next day, next week?
- Call during business hours and see how customer friendly their staff is.
- Google their company name and the GCs name and see what pops up. You might be amazed at what surfaces: criminal records, pending lawsuits, bad industry reviews, negative newspaper articles, etc.
- Insist on performance payments. Do NOT pay 100% upfront. When you do pay, it should be for work that has been successfully completed. When the next phase is done, pay again etc. Repeat.
- Pay by credit card if at all possible. That way if they screw it up and/or walk away from the job half way through, you may have some recourse you can pursue by requesting the credit card company hold up paying the contractor for a questionable charge.
- If possible, pay for supplies separate from labor; but only if there is a price advantage to you in doing so. Otherwise, make it a “turn key” deal where every imaginable expense is included in one OTD (Out the Door) cost including sales tax, etc. EVERYTHING to be included. No ups. No extras. No BS.
- Fixed deadlines: You want a drop dead certain starting date, and completion date, with penalties for being late. Fixed deadlines with teeth give you pretty good leverage over tardy or incompetent GCs.
- 100% happiness guarantee. If you are dissatisfied, there need to be remedial solutions specified in the contract, i.e. they don’t get the last payment until it is right or, at YOUR choosing you can bring in a different GC to finish the job if the first GC can’t or won’t perform.
- Inquire of the GC if he is using his own employees for 100% of the job or might he be using subcontractors (subs).
- Are supplies being delivered to your place by a third party vendor?
NOTE: If the GC uses subs or has material delivered to your place, make sure to take precautions that one or both don’t file mechanic’s liens against your place because the GC didn’t pay them. Thousands of Mechanic’s liens are filed every year. Insist on seeing paid bills, invoices, etc. Be cautious.
What We Do: Quickly provide short-term, first position funding, in smaller amounts, to investors who:
- Need Acquisition Funding for a fast-turnaround flip or fix. See more info below.
- Own property free/clear but cannot or will not use hard money lenders or conventional funding sources. See more info below.
Contact info: Tod Snodgrass, email@example.com, 310-408-7015
This is a repost of a recent email for all of the landlords that have property in DC.
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Reposted with authorization of Peter Harris
As you know, there are many roadblocks to owning commercial real estate.
Surprisingly, the most difficult hurdle for most people is not money, or specific knowledge or the right connections.
Instead, believe it or not, it’s how they think.
In this video, you’ll discover what the wrong mindset looks like, where that “sticking thinking” comes from and how to overcome it so you can train your brain to think like the wealthiest commercial real estate investors in the world.
The wisdom you’ll learn on this training is absolutely mandatory for anyone looking to become a commercial real estate investor.
Your Commercial Real Estate Advisor,
With authorization from Peter Harris, I am reposting one of the latest newsletter emails.
Let’s face it, commercial real estate deals can sometimes require huge down payments.
Have you ever wondered how modest beginner investors afford them?
They use OPM (Other People’s Money)!
In this training, you’ll discover 6 different ways to raise down payments using OPM: