[Irish]

As far as gastronome, San Francisco cannot be beaten. You could spend a whole weekend eating your way through all the amazing restaurants in the Ferry Building…my favorite is the Slanted Door. http://www.slanteddoor.com/

On the weekends there is also a great farmers market outside on the ferry plaza…a lovely setting with all sorts of sensory overload !

[Irish]

Sounds like you bought well.

You mentioned the process took 6 months. Can you walk us through the short-sale process (for those of us less sophisticated Pigs) ?
Signed
Green with Envy !

[Irish]

The train from Euston is the most obvious way to go since it’s the fastest (about 2-3 hours). However it is expensive. The bus/coach from Victoria ( try national express) is about 1/4 the cost of the train but the journey takes about 5 hours.
So you have to do a trade-off time versus cost.
You can save a lot going by bus, but it takes a bit longer.

[Irish]

The train from Euston is the most obvious way to go since it’s the fastest (about 2-3 hours). However it is expensive. The bus/coach from Victoria ( try national express) is about 1/4 the cost of the train but the journey takes about 5 hours.
So you have to do a trade-off time versus cost.
You can save a lot going by bus, but it takes a bit longer.

[Irish]

The train from Euston is the most obvious way to go since it’s the fastest (about 2-3 hours). However it is expensive. The bus/coach from Victoria ( try national express) is about 1/4 the cost of the train but the journey takes about 5 hours.
So you have to do a trade-off time versus cost.
You can save a lot going by bus, but it takes a bit longer.

[Irish]

The train from Euston is the most obvious way to go since it’s the fastest (about 2-3 hours). However it is expensive. The bus/coach from Victoria ( try national express) is about 1/4 the cost of the train but the journey takes about 5 hours.
So you have to do a trade-off time versus cost.
You can save a lot going by bus, but it takes a bit longer.

[Irish]

The train from Euston is the most obvious way to go since it’s the fastest (about 2-3 hours). However it is expensive. The bus/coach from Victoria ( try national express) is about 1/4 the cost of the train but the journey takes about 5 hours.
So you have to do a trade-off time versus cost.
You can save a lot going by bus, but it takes a bit longer.

[Irish]

I seriously caution anybody on this board to stay FAR away from TIC investments. The people who set them up (like NNN or Grubb & Ellis) are sharks who initially present you with the best case scenario, along with the free lunch seminar, and they proceed to look after their own interests at the expense of the ignorant (unsophisticated might be a kinder word) unsuspecting investor.

I speak from painful and on-going experience. In 2006 I took a $200k capital gain from a property I sold in San Diego and (on my accountant’s advice) invested it with NNN (since bought by Grubb and Ellis) in a $32million property rented to the Mayo Clinic in Rochester, MN on a long term lease. The return was 6% and it was supposed to be a conservative and safe (hello, the Mayo Clinic !) investment. However, my mistake was not reading the fine-print on the loan document. It was an interest only loan fixed at 5.5% for 5 years. The problem is that it comes due next June and in this down market it will be difficult to get refinancing. The property is probably in the classic “underwater” situation, appraising 30-40% below the original $32million. I’m watching a slow-motion train wreck and will be lucky not to lose my whole investment.

Financing is one pitfall, but here are many others in TIC investing that most unsophisticated investors, and even some smart ones, will not see. That is why they should be avoided.

Probably in an “up” market I would be unaware of any problems, but I’ve learned the hard way that it is not wise to trust ANYTHING any TIC investment company tells me.

Any suggestions on how to extricate myself from this ?

[Irish]

I seriously caution anybody on this board to stay FAR away from TIC investments. The people who set them up (like NNN or Grubb & Ellis) are sharks who initially present you with the best case scenario, along with the free lunch seminar, and they proceed to look after their own interests at the expense of the ignorant (unsophisticated might be a kinder word) unsuspecting investor.

I speak from painful and on-going experience. In 2006 I took a $200k capital gain from a property I sold in San Diego and (on my accountant’s advice) invested it with NNN (since bought by Grubb and Ellis) in a $32million property rented to the Mayo Clinic in Rochester, MN on a long term lease. The return was 6% and it was supposed to be a conservative and safe (hello, the Mayo Clinic !) investment. However, my mistake was not reading the fine-print on the loan document. It was an interest only loan fixed at 5.5% for 5 years. The problem is that it comes due next June and in this down market it will be difficult to get refinancing. The property is probably in the classic “underwater” situation, appraising 30-40% below the original $32million. I’m watching a slow-motion train wreck and will be lucky not to lose my whole investment.

Financing is one pitfall, but here are many others in TIC investing that most unsophisticated investors, and even some smart ones, will not see. That is why they should be avoided.

Probably in an “up” market I would be unaware of any problems, but I’ve learned the hard way that it is not wise to trust ANYTHING any TIC investment company tells me.

Any suggestions on how to extricate myself from this ?

[Irish]

I seriously caution anybody on this board to stay FAR away from TIC investments. The people who set them up (like NNN or Grubb & Ellis) are sharks who initially present you with the best case scenario, along with the free lunch seminar, and they proceed to look after their own interests at the expense of the ignorant (unsophisticated might be a kinder word) unsuspecting investor.

I speak from painful and on-going experience. In 2006 I took a $200k capital gain from a property I sold in San Diego and (on my accountant’s advice) invested it with NNN (since bought by Grubb and Ellis) in a $32million property rented to the Mayo Clinic in Rochester, MN on a long term lease. The return was 6% and it was supposed to be a conservative and safe (hello, the Mayo Clinic !) investment. However, my mistake was not reading the fine-print on the loan document. It was an interest only loan fixed at 5.5% for 5 years. The problem is that it comes due next June and in this down market it will be difficult to get refinancing. The property is probably in the classic “underwater” situation, appraising 30-40% below the original $32million. I’m watching a slow-motion train wreck and will be lucky not to lose my whole investment.

Financing is one pitfall, but here are many others in TIC investing that most unsophisticated investors, and even some smart ones, will not see. That is why they should be avoided.

Probably in an “up” market I would be unaware of any problems, but I’ve learned the hard way that it is not wise to trust ANYTHING any TIC investment company tells me.

Any suggestions on how to extricate myself from this ?

[Irish]

I seriously caution anybody on this board to stay FAR away from TIC investments. The people who set them up (like NNN or Grubb & Ellis) are sharks who initially present you with the best case scenario, along with the free lunch seminar, and they proceed to look after their own interests at the expense of the ignorant (unsophisticated might be a kinder word) unsuspecting investor.

I speak from painful and on-going experience. In 2006 I took a $200k capital gain from a property I sold in San Diego and (on my accountant’s advice) invested it with NNN (since bought by Grubb and Ellis) in a $32million property rented to the Mayo Clinic in Rochester, MN on a long term lease. The return was 6% and it was supposed to be a conservative and safe (hello, the Mayo Clinic !) investment. However, my mistake was not reading the fine-print on the loan document. It was an interest only loan fixed at 5.5% for 5 years. The problem is that it comes due next June and in this down market it will be difficult to get refinancing. The property is probably in the classic “underwater” situation, appraising 30-40% below the original $32million. I’m watching a slow-motion train wreck and will be lucky not to lose my whole investment.

Financing is one pitfall, but here are many others in TIC investing that most unsophisticated investors, and even some smart ones, will not see. That is why they should be avoided.

Probably in an “up” market I would be unaware of any problems, but I’ve learned the hard way that it is not wise to trust ANYTHING any TIC investment company tells me.

Any suggestions on how to extricate myself from this ?

[Irish]

I seriously caution anybody on this board to stay FAR away from TIC investments. The people who set them up (like NNN or Grubb & Ellis) are sharks who initially present you with the best case scenario, along with the free lunch seminar, and they proceed to look after their own interests at the expense of the ignorant (unsophisticated might be a kinder word) unsuspecting investor.

I speak from painful and on-going experience. In 2006 I took a $200k capital gain from a property I sold in San Diego and (on my accountant’s advice) invested it with NNN (since bought by Grubb and Ellis) in a $32million property rented to the Mayo Clinic in Rochester, MN on a long term lease. The return was 6% and it was supposed to be a conservative and safe (hello, the Mayo Clinic !) investment. However, my mistake was not reading the fine-print on the loan document. It was an interest only loan fixed at 5.5% for 5 years. The problem is that it comes due next June and in this down market it will be difficult to get refinancing. The property is probably in the classic “underwater” situation, appraising 30-40% below the original $32million. I’m watching a slow-motion train wreck and will be lucky not to lose my whole investment.

Financing is one pitfall, but here are many others in TIC investing that most unsophisticated investors, and even some smart ones, will not see. That is why they should be avoided.

Probably in an “up” market I would be unaware of any problems, but I’ve learned the hard way that it is not wise to trust ANYTHING any TIC investment company tells me.

Any suggestions on how to extricate myself from this ?

[Irish]

Like so many have said before, this bill, although far from perfect is a step in the right direction for this country. I am glad it is now signed into law. It is significant, historic legislation on a par with the passing of Medicare for seniors and the disabled…that happened over 40 years ago ! Now we must keep pushing for the next step and that is “single payer” health care paid for by the state or the federal government which should work just like Medicare does. Let’s eliminate the powerful, Insurance Industry Business from health care.

For all of you doom-sayers and angry tea-bagger types, suck it up ! YOU LOST !!
As with hysterical children, there’s no point in trying to reason with you and I don’t know why Obama and the Democratic congress even tried.
It’s hard, but we will drag all you self-centered, scared, hysterical, immature, nay-saying bullies into the 21st century whether you like it or not ! And if you really don’t like it then do as your Messiah, Rush Limbawgh says he’s going to do…LEAVE and don’t let the screen door hit you on the ass on the way out !

Woo hoo…let me gloat some more ! Score a very big one for Obama !

[Irish]

Like so many have said before, this bill, although far from perfect is a step in the right direction for this country. I am glad it is now signed into law. It is significant, historic legislation on a par with the passing of Medicare for seniors and the disabled…that happened over 40 years ago ! Now we must keep pushing for the next step and that is “single payer” health care paid for by the state or the federal government which should work just like Medicare does. Let’s eliminate the powerful, Insurance Industry Business from health care.

For all of you doom-sayers and angry tea-bagger types, suck it up ! YOU LOST !!
As with hysterical children, there’s no point in trying to reason with you and I don’t know why Obama and the Democratic congress even tried.
It’s hard, but we will drag all you self-centered, scared, hysterical, immature, nay-saying bullies into the 21st century whether you like it or not ! And if you really don’t like it then do as your Messiah, Rush Limbawgh says he’s going to do…LEAVE and don’t let the screen door hit you on the ass on the way out !

Woo hoo…let me gloat some more ! Score a very big one for Obama !

[Irish]

Like so many have said before, this bill, although far from perfect is a step in the right direction for this country. I am glad it is now signed into law. It is significant, historic legislation on a par with the passing of Medicare for seniors and the disabled…that happened over 40 years ago ! Now we must keep pushing for the next step and that is “single payer” health care paid for by the state or the federal government which should work just like Medicare does. Let’s eliminate the powerful, Insurance Industry Business from health care.

For all of you doom-sayers and angry tea-bagger types, suck it up ! YOU LOST !!
As with hysterical children, there’s no point in trying to reason with you and I don’t know why Obama and the Democratic congress even tried.
It’s hard, but we will drag all you self-centered, scared, hysterical, immature, nay-saying bullies into the 21st century whether you like it or not ! And if you really don’t like it then do as your Messiah, Rush Limbawgh says he’s going to do…LEAVE and don’t let the screen door hit you on the ass on the way out !

Woo hoo…let me gloat some more ! Score a very big one for Obama !

[Author]

Posts