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Updated 11 months ago, 01/24/2024
ISO Resources for Newbies. I think I Just Closed a good deal, What's Next?
Hi all,
I've been investing in real estate for 10 years, mostly BRRRR in Midwest and Georgia, STR in TN/NC, and recently bought an industrial warehouse in GA. I got it by accident and not really sure what I'm doing next. I want to learn it more systematically so I can feel more confident. Any books, courses, strategies, suggestions will be appreciated.
Deal:
It's a 3-units M1 property listed at $2M, bought it for $1.75M three months ago. Leased it out prior to closing. Appraised at $2.4M after leasing, so instant value add of almost $700K.
Financing from a regional bank, $620K downpayment, 5.99% rate, 20 years amt, lock for 3 years w/ personal & business guarantee. It's been cash flowing nicely - rent comes in at $180K NNN, mortgage is $98K. That cash flows better than my SFH deals and it seems to be easier than SFH LTR.
I'm managing the property myself. Honestly so far I've done nothing besides just paying the TI to my tenants and collecting CAM each month in addition to rent...My CAM estimate is way off, so what I collect is low. The tax & increase bill increased a ton this year from what I got quoted to what it ends up with. I also didn't realize how much hassle it's going to take for simple things like adding a water meter...
My goal is to get into development - building industrial warehouses each 3K-10K sqft, very similar to this deal.
Questions:
1. What should I be aware of? Is it really little to no work like now?
2. Is there any crush course/in person program trainings for me to learn, so I can do it more systematically?
3. I'm searching for my next deal. Since I'm really new to Commercial Real Estate, I want to find a broker that has investment experience that's able to guide me through...what is the best way to find these brokers? I'm in North GA area.