All Forum Posts by: Barbara Long

Awesome ! thanks everyone! Doing the home work ..all above! Great info!

@Beverly Meola and @Ben Leybovich 

MY FIRST COMMERCIAL We started on the office space simply cosmetic for now and then saving up some monies for engineer and the legalities. this is one of the mistakes of not knowing what you are doing and not paying attention to formulas and getting into a bidding war with the past owner! By the time I renovate the offices (2) side by side and make it one bedroom apartment. Engineering costs etc It would take me ages to get my return back! The Apartment complexes on the block aren't even worth over $60 to $75k ((there's the problem). Purchase price $50K after ARV $75k. Ya, that's right, but it does generate cash flow for long turn investment. I should of bought the place for no moe 30k. But anyway..it is a commercial loan and it is still considered commercial. The town is depressed but it is starting to kick back with new convince stores and gas stations. I always did most of my of own renovating and I didn't realize commercial property needs inspected for everything which put me in a bit of whole financially and NO I didn't go for a zoning variance............ Learning !educational experience I'll have a masters degree it commercial properties when this is all over with.. (smerk)

(When I purchased my fathers 8 unit apartment complex in the 80's  (18 years old)we didn't have all these codes and laws) (smiling)

The Investor that I talked with said he purchased a sewing factory building which sat for 6 years empty and the county considered it non commercial  so he was able to pick it up cheaper , Or maybe he's giving me a line of bull to purchase mine cheaper! Not buying that line. (wink). I don't understand how a county can change a something like that , unless he pushed it so he can purchase it cheaper.

So anyway thinking of cutting my losses and move on or keep it for long term cash flow. I currently have it for sale by owner for now , just to see where it leads. 

To answer one of your questions their telling me anything more that 2 apartments are considered commercial but the store fronts makes it a definite.   

@Cheryl Vargas  Ha ha ,,I had to figure that one out all by myself!  LOL

It has both, just like yours. Deeds and leins.

Hi @Carol Venolia 

I also have tax lien vault. I have not played around with it yet. I was told that  I better know what I'm doing first because It could get you in to some trouble ...I am interested in following your posts and your adventures. I would love to start doing this, it's just laying on my table.  I'm going to check out the link you suggested. I would love to purchase a cpl condos in florida , tht would be awesome. So do you actually get the property for the tax lien purchase?

has 3 apartments and a store front on the bottom. I purchased this property over 3 years ago using some cash to change the office space into a apartment. We'll things got tacky and didn't realize the town had real jerks in authority! Giving me a hard time on everything. (MY first commercial property!) "what a learning experience! "YOY! ((School of hard NOX))

So I was told by another investor that now because it was sitting so long that it would no longer be considered "commercial" after one year? How can that be true..? I thought any property with 2 or more apartments was considered commercial (apartments occupied always) your thoughts...(hope not!) my value just went DOWN hill fast!

@Ron Singh 

I absolutely agree I have noticed that too on some of the bidding sites. Its is everywhere even here in PA.."their on to us!  LOL

@Chris Martin good point!  and @Guy Gimenez I see your point as well! Everything moves on GREEN!  I use this strategy with my other businesses as well. I feel it helps motivate the contractors to help you find buyers for your properties as well. Thanks Guys!

I may have missed it ..but what's the formula for this property. purchase price, rehab costs, ARV. and comps? Exciting! Love this! :)

@Chris Martin 

WOW! I went to a seminar not long ago and they actually suggested that. But I see your point!

@RyanCraig Once you initially get that first  property you will have equity in it if you purchase it the right way. Then it rolls right along....I have been doing  blanket mortgages all along with no money down.