All Forum Posts by: Bryce Kammerzell

@Alex Olson The properties are located in Wichita, KS.. would they finance properties in that area? 

@Harjeet Bhatti Can you explain that more? What exactly is that... I'm not familiar with the process. 

Hello BP Family, 

I have a couple of rentals in Kansas that I own outright, I bought them with cash because at the time I wanted to reduce risk and simply get into the game. Now that the properties are cash flowing well, does anyone know of any good lenders in Kansas or online lenders who will refinance the property so I can pull my capital out and reinvest it into buying more rentals? FYI - I haven't owned them for 6 months yet. I have already checked with a few banks and online mortgage institutions and it seems like many of them want you to own the property for at least 6 months before refinancing and pulling money out. Does anyone know of any banks/credit unions/online institutions who will refinance sooner? 

Thank you!

Thanks Greg! I assumed of course that it wouldn’t rent for the full price but that’s good info that you gave me. The one tenant I have interested is a roll off dumpster company who wants the office space plus the lot to store containers. I figure I would charge him a little bit less per container than I would charge per RV or camper. But I would want to charge him something even though the shop has a back door leading directly into the lot. If he takes up the lot, that means I can’t use it for trailer or RV storage, so paying a little bit for the space seems fair. 

Hey everybody! 

I'm having a hard time finding really good info on this while searching the forums. The deal I am buying is a commercial property. It is a large steel shop with two offices, meaning two businesses could operate out of it. In the back is a shared lot, a little over 21,000 sqft in size. It is fenced in and secure. I ran some comps and believe the building itself can rent for $8 to $10 per sqft now and $12 to $15 per sqft after some renovation. The part I am having problems with is the lot.... how much can the open lot (which is really just fenced in storage) rent for?  If a business wants to rent part of the building and needs the lot, would you charge them the same dollar amount per sqft as the building? I imagine it would be less... but how much? 

Any advice is appreciated! Thank you!

Thanks Guys! @Salvatore Lentini @Greg Dickerson

@Art P. .... that's the hard part. I have no idea what a conservative rent rate would be. Its so hard to tell with commercial properties compared to residential. 

This property could be rented out at one or two separate businesses as their are technically two office spaces inside. There's two office spaces, a shared kitchen/break room. Two separate bathrooms w/ showers, two large working bays w/ tall garage doors (large enough to fit a semi inside), plus a back lot ~1acre in size with chain link fence surrounding it. It's tough to find a property to accurately compare this one to in the same area. 

@Art P. so long story short; I work in commercial construction for a large GC. One friend of mine, who owns a roll off dumpster and recycling company locally, is actually interested in renting the property already if I were to buy it. He is not turned off by the 1980's decor inside and he is willing to let me update it as he occupies the building as I think most renters would be. Being that I work in commercial construction, I have good connections for cheap or free materials like; LVT flooring, tile, commercial carpet, etc. My father in-law owns actually owns a flooring installation company as well so I have good connections when it comes to rehabbing a property. 

If he were to back out and not rent, I would probably self-advertise. Being that the economy in Northern Colorado is booming, I don't imagine I would have a very hard time finding an oil field company, electrician, plumber, etc to lease the building. But perhaps i'm being overly optimistic... 

Thanks guys @Greg Dickerson @Joel Owens! The area of town that it is in is definitely an area that the city has already dedicated as the industrial side of town. This would be the perfect site for another plumber, electrician, mechanic, etc to run their business out of. My initial thought is that I could use the BRRRR method of investing on this property since its bones are good, but cosmetically it is stuck in the 80's. With a little TLC, I'd imagine it could appraise for quite a bit more and then be refinanced. I imagine the brrrr strategy works just as well on commercial properties?

Hey guys, this is my first post here and might be a total newbie question. I'm looking to buy a commercial property from a family member. Its been owned for years and used as a plumbing business, it was never rented so I have no idea of what it could rent for. In doing some research online it was tough finding a website like rentometer but for commercial properties instead of residential. 

I tried looking at other commercial properties in the area that are for lease but there is such a wide spectrum out there and commercial properties can vary in size and purpose and the renting potential varies greatly as well. Any help in this area would be appreciated since I'm trying to analyze the deal and see what I could rent it for if I did buy it. 

Regards, 

Bryce Kammerzell