All Forum Posts by: Andrew Schuellerman

 Hi Mark,

Thank you for responding to my post!  Your friend's post office sounds very similar to the property I own.  My property is set in a small neighborhood in a quiet lake town.  The square footage is 1,200 and the income from this property is $14,200/yr.  Has your friend had any luck negotiating anything else in the lease besides price?  We are responsible for all of the maintenance of the building, and they take care of custodial. They take care of plowing of snow in the winter, and we care for the landscaping.   I have a feeling there is little negotiating outside of lease price.  I would greatly appreciate any tips your friend would like to share.  Please let me know if they would like to exchange contact information.

Best Regards,

Andrew

I purchased a property in Western New York that includes a small 1,200 sq. ft. local Post Office.  The post office has been at this location for 80 years and all of the residents need to pick up their mail from the Post Office, there is no delivery.  The USPS has historically entered into 5-year leases with this property.  The lease is not up for a couple years; however, the USPS has submitted a proposed lease to me for the next 5 years. I know I will need to hire an attorney.  I'm looking for advice from others that currently lease or have leased a property to the USPS.  Are there any groups for investors that lease to the USPS? I would like to increase the rent if possible and I'm curious how others have handled this negotiation. I am happy to share more information if needed.  Appreciate any advice.  Thank you!! 

 Hi Ryan,

I wanted to let you know that my broker finally was able to underwrite this property with a commercial loan through a local bank. I had told my broker that I wanted the loan under my LLC and that information somehow got lost and the loan ended up in my name. I am currently working with a lawyer in NY to have it transferred into my Ohio LLC and the bank was fine with the transfer. We are currently rehabbing the old general store/home and loving the income from the USPS lease. Thanks again for your quick response to my question when I was truly freaking out. I learned a great deal from this purchase and I hope I can help someone avoid the pitfall I experienced! Thank you!

 Hi Scott, I wanted to let  you know that after many trials and tribulations we did end up getting this property and my broker did end up using a local bank.  We are currently rehabbing the old general store/home and enjoying the income from the USPS which pays for 90 percent of the mortgage and plan to Air BNB the property when finished.  Thanks again for posting your response in  a time of panic mode for me!  It was a true rollercoaster!

Yes, the plan was to purchase the property in an LLC. Would it be more attractive to the lender if we did not use as a family getaway and maybe strictly as an AirBNB? Do you have any suggestions? Thank you for your post!!

I had mentioned that to my broker.  Maybe I will call around to some local banks.  Thanks for your post!

I am in the process of purchasing a property in New York State that consists of a home with a breezeway that connects to the tiny community Post Office.  The Post Office leases the building from this property owner and is in a five-year lease.  The Post Office has been in this location for over 80 years and all of the residents in the community need to pick up their mail from this building.  The lease of the Post Office almost pays for the entire property.  We are planning on using the property as a family getaway and Air-BNB.  We have had the property inspected and aside from needing updating is in great shape.  The entire property is zoned residential, and I was unsuccessful at getting a residential mortgage.  I am currently working with a commercial broker, and he seems to be having trouble finding a lender to underwrite this property.  My credit is excellent, I have very little debt and I am able to put 25 percent down on the $195,000 purchase.  Does anyone know of a commercial lender that would underwrite unique properties like this?  Why would underwriters hesitate on this property?  We would also have additional liability/umbrella insurance policy if that was a concern.  I appreciate everyone's help!!  Thanks!!