All Forum Posts by: Cory St. Esprit

What's the NOD/NOS?

I’ll be in this boat soon on the other side of the state. How did you advertise it? 

I recently purchased a multi-use building. It has 3 apartments and a commercial space on the bottom. I do plan on moving my office into the back of the commercial space (we own real estate and restaurant franchises), however for the rest of the commercial space (used to be a hair salon), I was thinking of maybe a co-working space. Has anyone done this? We're in a small Class-3 city in western Pennsylvania. There aren't currently any co-working spaces in the area, but there is a university partnership moving in for an "Innovation Hub" that I think may have similar offerings and I'm not sure their cost. I just want to provide some space for buddy entrepreneurs to have a nice desk, access to printers/scanners, etc. 

Thoughts?

 First time on LTR! Live and learn. I was trying to be nice and give them some notice. 

 We are just getting started in the Pittsburgh market. We have 1 commercial space on Main Street in Butler w/ 2 levels of apartments up top that need completely redone (imagine someone walked out in 1950's and never returned).

Then we just bough a 4 unit mixed-use building in Beaver Falls (we live close, in New Brighton) w/ 3 apartments and a commercial space. We also own 13 Subway restaurants in the area (and expanding with 11 more in other states this year), so will be using the commercial space as our offices. 

Could you share that addendum with me please?

I did state what market rate was and did even out at a point - so they could see that it was going to level. 

Should I reach out to the tenant to verify they understood that or consider this an opportunity to clean the place up and move forward with better tenants? Honestly the units need some TLC and the one this tenant is in is a 3 bed 1 bath with 3 points of ingress/egress, a covered back porch and access to the yard.  

I just closed on my first small apartment building (4 units). We have some commercial and international real estate we rent out, so now new to the rental industry - just apartments. Seller had the apartments significantly below market value (tenant paying $500 on an apartment that comped at $750, another paying $625 on an apartment that comped at $850). Leases were month by month, so I had my attorney draft a new lease that increased rent by $25/month over the next ~12 months to get apartments up to market rate - and the one long term tenant (12 years) decided to leave in 30 days. 

Honestly, this tenant has a cat that isn't approved, is doing drugs in the house (I've seen it with my own eyes), and keeping the place dirty...do I call it a blessing because they're leaving and I can fix up the place to rent closer to market...or did I do something wrong?