All Forum Posts by: Adam Widder

@Chris Seveney I have nationwide data. As far as KW side, it varies by franchise. Our franchise and a couple neighboring ones grouped together I believe. 

Generally we take market lease value, and assume some basics on the NOI, that would get stabilized price. With the vacancies, you would subtract that value from the building. There's some art there to look at comps and area to see what it could demand, or value of construction. Rebuild cost could also come into play.

You're getting sold man. As a kw commercial agent, I pay 499 i Think. That's access to loopnet for marketing my property and costar. I would verify the package they're selling you. You also wont be able to split their membership by sharing login. They track by ip. 

A land lease is a good option. They pay X per month to have the gas station on the dirt.

Talk to county if you can subdivide the lot. 

They likely won't spot zone it, but maybe the current or future zoning allows the use. 

Would it be more profitable to raze the gas station and add more pads for the RV park? 

Gas stations aren't super profitable, they make their money through everything but the gas, so long as you have the store front option for your RV customers, it could be a win. 

Find out who the local brokers are that represent the large gas station firms near you and get their take. 

Hey Mike, you could email me info? [email protected]

James post is pretty solid. I believe in MN managing for other for a fee requires a license. I hear what people are saying with the term "host," however, all in all, its the same. It's managing a property, whether short or long term. 

This is a risk question, because you could be exposing your self. To do it right imo, you could get your license and hang it with a low cost broker. So now you're paying $2500ish to become licensed and in a brokerage. Then just doing management activities. I think this covers your basis and also provides you EO coverage depending on your broker, but that's pretty cheap too, maybe around 1500. 

So all in you're looking at 4k to run a biz in an ethical manner. Not much. You can also advertise that as you grow the properties you host, licensed/insured professional will be appealing to many of your owners. 

Plus having the broker behind your back will give you decades of real estate law experience you can call when needed. I would interview and network to find a low cost brokerage that has experience in management or STRs. 

Tim Swierczek- thoughts on this? Tim could help you underwrite that loan. Top MF lender in the Minneapolis metro

You should definitely pull comps. Don't do comparative market analysis, but show them, these are 3-5 properties, within 0-.75 miles of the place with similar features, beds, baths, SF, garage etc. appraisers get this often. It's also super vital to tell them everything you did, list out, new electrical, new plumbing, new etc... show all the improvement you made, no need to show how much you spent per trade or job.

Agree with above, that place should be impecable, remove all tools, debris, make sure its cleaned. Basically as if you were putting it on market. 

Commercial data is difficult to find, it's not like the MLS. That being said, the accuracy of commercial data is pay to play. So costar, reonomy, crexi, RPR, prospect now, rela nex and propstream all try their best to give you the best data, for a monthly fee. Costar is most expensive, while some of these are a few hundred a month.

so if it's a large lot and you have ample room these may be mute points, however look at your leases. Make sure your tenants are still allocated the proper amount per tenant. where do they want the spots, would they interfere with other bizs? you want control over where they chose the spots, some biz owner may be annoyed if they rely on a certain spot, think cake shops, flower, other delivery tenants you may have. make sure what ever you agree to is put on paper, should eb a simple agreement. What is worth to you? I would start there. Is there any parking in the town that has daily rates? Probably a descent starting point for monthly rent.