All Forum Posts by: Cory St. Esprit

Own a property bought for $45,000 cash. It's a commercial space with 2 apartments above it. Not rented yet as we just finished it up and waiting on final occupancy stuff. Building estimated value now at $150,000-$175,000. I'd love to pull out that equity or a portion of it as a LOC towards my next purchase. Not looking for short term hard money but looking for something more long term traditional LOC.

Has anyone seen or heard of or have thoughts on this idea. One of our units is apartments above a Main Street commercial space in a small city in Pennsylvania with about 20,000 people but surrounded by other larger urban areas in the greater Pittsburgh market. We’ve been looking at putting a laundromat in that commercial space but those costs are really adding up and we’ve been looking at what might make sense. Has anybody seen any sort of space that services those who live in apartments with additional storage spaces for rent, indoor and climate controlled, and maybe four or five laundry Coin operated units? Trying to think how we can use the space to best serve apartment dwellers who might not have the extra space. There’s a lot of rentals and apartments in this town. It’s about 65% renters. Honestly, the name’s “Apartments+” popped into our heads because we wanna offer in ciliary services for those who are living in apartments. Laundry, storage, etc? Maybe pet wash station?

 Perfect. Thanks!

Depends on what part of the area it's in. I'm out in Beaver Valley area

When is the next one?

 What do you mean you have a strong foundation? That's a very vague statement. What foundation at 18 is strong to start wholesaling? There's a LOT of companies in Pittsburgh (really, all over) doing this. 

I'll agree with @Collie Hill. Also, if they're moved out, then give them your 24 hour notice to inspect the apartment (whatever the lease state) and just change the lock. This is why the Kwikset keys that you can change quickly (or other similar) are so good. 

 This is easier said than done. My offices sit on the main floor of one of my apartment buildings. 

 I would agree with this. Always use the "Advised" word - the lawyer, the accountant, the random people on BP - doesn't matter!

Let her know she can pay the late fees AND get a month ahead so it doesn't happen in the future. 

 Thanks. That's what we ended up doing. She's going to stay until the end of the lease term, which is nice. Funnily enough - since she got the notice, they've been the perfect tenants (but I'm not letting it change my decision).