Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 11 months ago, 01/24/2024

User Stats

27
Posts
16
Votes
Michelle Mercer
  • Investor
  • Atlanta GA | Cleveland OH | RTP, NC
16
Votes |
27
Posts

ISO Resources for Newbies. I think I Just Closed a good deal, What's Next?

Michelle Mercer
  • Investor
  • Atlanta GA | Cleveland OH | RTP, NC
Posted

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.

Loading replies...