All Forum Posts by: Cory Hoffman

I am considering acquiring a small apartment portfolio from an owner.  It consists of a little over 50 units, and consists of a few small buildings.  Is there any software out there that simplifies rent collections and general management? 

@DJ Roshan what’s your email address?

@Marco Pangilinan

Taking CCIM101 would be a great start. Check out CCIM.com

Update.  I was able to get this resolved.  We were supposed to close on 3/23 but can't due to courthouse being closed.  This was a unique situation because the previous bank's lease was through 3/31 but they have moved out.  New bank wanted to get in there by 4/1 to do some work before opening.  They will just move in under old ownership until we are able to close at which point lease will transfer.  

I am buying a small office building and have a lease signed for first floor with bank.  Due to corona, we are unable to do title work until courthouse opens so closing is being delayed.  The issue is bank's lease starts 4/1.  My thought was to do a master lease with owner until we can close.  I thought this may be best option as it still gets bank in space on time (and protects me in case there are issues with title). 

What they said ^^^^..... in addition, I would see if the current owner has an enviromental report (phase one or phase two).  Given the use, I would want to see if there are any concerns with the condition of the property.

Costar is not very accurate when it comes to lease comps.  The information is provided by brokers who, most of the time, are not willing to give out 100% accurate terms.  I agree  in the best way would be to track down the top retail brokers and ask them.  The other important thing when considering retail spaces is what are the sales numbers for nearby retailers.  This is good telling sign of the viability of an area.

IF you decide to sell, I have an institutional client who is buying the existing cash flow cell towers, wind turbines and billboards at a fairly good rate.  Let me know if you would like to discuss.

Happy to look at the deal.  I have been a broker, investor and lender for close to 20 years and specialize in commercial.  Is the property a single tenant bldg or multi tenant?

If you are considering NNN properties, probably 2 of the best types to consider would be retail (strip centers, single tenant properties) or small bay industrial. With both, the key is location, location, location! With retail, good size units are 1500-3000 SF as there are a lot of users for these sizes. As you get larger the users are less. Any retail center, if well located, will lease if you realistic on market rents. With industrial, again 1500-4000 SF are good unit sizes. Again location is important, users like to be near major access roads for convenience. Sizes of truck courts and parking is important too. With both of these types, the tenants typically do most of the specific build out, with landlord only required to provide the basis like bathrooms, lights, HVAC, etc. Multifamily is also something that is a good type of property to start with for the beginner.