All Forum Posts by: Cody M.

Having thoughts putting an offer in for a car dealership lot in the intercity (Class C neighborhood) that I would like to lease long term NNN. Has anybody had experience with doing one and the results?? Demand, quality of tenants, etc.
According to my analysis should give a 12% CoC return but this is my first commercial property purchase just like some insight or if I should pursue other forms of commercial real estate.

Thank you in advanced. 

That would be great! Thank you so much Virginia! Yes I chatted with Gary, great member of your team! 

It was an auto dealership but thank you i will look into that!

Hello all! 

Wanted to start a thread and hopefully gain some insight into folks who have purchased automotive dealership lot/store fronts and leased them out? I've only dealt with residential at this point but am looking into self storage and on my search for commercial I stumbled upon a car dealership property where the owner is moving out of state and motivated to sell the property. Ideally he will be stay there for 10 months and lease the property from the new owner while he gets ready for his move. 

Has anybody leased out a car lot before? It is equipped with the following: 

- Office 

- 2 mechanic bays with lifts 

- 1 bay for mobile detailing 

 - Car lot for 70 cars 

Lot of ideas go through my head but figured i would reach out to the BP community. Maybe renting it out to a dealership and using NNN leases after his 10 month? I haven't made any deals yet in the commercial space yet so any advice would be appreciated.

thank you in advanced 

Cody 

@Chris Seveney I love this answer. Absolutely agree, lot of protection buying long term. 

Hello all!! 

Whats everybody's thought on the future of REI in general especially in the midwest?? Always funny hearing statements about the "bubble" popping and house markets crashing, etc. How do you gets feel? Hard to predict the future but this is reality after the election?? Not worried as I'm still buying Real Estate and but thought would be neat to ask and see other investors mindset on the future of the US RE market conditions.

Thank you!

Thank you Alex!

Hello I am located in Kansas City and looking for a Lawyer who specializes in real estate investing that can help review agreements, contracts, and possibly set up LLC's.

Any recommendations out there people have had great success with?? 

Thank you 

Hello all! 

As title states am interested in purchasing a 4-plex, owner occupying one unit and renting the 3 other. Can anybody offer insight for which things to be mindful of as part of our due diligence before purchase? Few things off top of my head are: 

- Reviewing existing lease agreements

          - Rent roll 

          - Tenant payment history, on-time payments?

          - Security deposit transferred over with interest?

          - Tenant application and screening reports, background check, etc

- Unit walkthroughs

- Inspection by quality inspector

Few questions I have are, whats your thoughts on:  

1) Rent estoppal letters from tenents? 

2) Meeting current tenants? 

3) Ensuring one of the units is vacant by closing? 

Are these ^ MUST-HAVES to protect ourselves before making a large investment or am I being over the top. 

Thank you for everybody's input 

Cody  

Hello all! I'm in Kansas City and wasn't sure if anybody local would be able to recommend a quality General Contractor? Possibly have a lead on a property(s) local to me that would like to buy, rehab and then rent out. I work full time so don't want to do everything myself, instead would love to partner with a GC or quality sub contractors to help me out. Look forward to building out a team in my real estate journey. Thank you!

Cody