All Forum Posts by: Dale Shin

You might want to try @Jared K, I met with him once.  He's got a management company as well as rentals in that area.

For finding cap rates, a commercial broker servicing the area you are looking at might be able to help you with data from recently sold properties.  there are online sources available with this data, like Costar and Loopnet, but come at a cost.

As a commercial property manager, I'm biased towards NNN leased commercial buildings. A true NNN single tenant building will require the least management but also can pose bigger headaches if vacant.

NNN strip shopping centers is what I specialize in and event that requires a good amount of management. But what's good about them is the management fee will be paid for by the tenants, as long as the management fee is within the tenants' lease requirements. A lot of my clients started in multi-family then switched to commercial NNN.

Joseph, good luck!  Is the property in NYC?

I don't have any approximate price/sf to give you but of the options I know, the cheapest would be putting another layer over the existing but that depends on how many layers you already have on the roof (local code may prohibit more than two layers).  The next would be to put a "plastic" coating over the existing.  Of course a complete re-roof will be most expensive.  

 Thanks @greg Fischer, good to know!

Hi Linda,

Thanks for posting, what an ordeal!  I'm glad your problem will go away, albeit in a few more weeks.  That's actually quite nice of you to do the promissory note thing, not sure if the tenants will keep to it?

In any case, I did want to offer that for other landlords who call asking for a tenant reference, I ask that they only ask me yes or no questions so i don't ramble on about the tenant and get myself in trouble.  So if they can only ask yes or no questions, it comes down to, "have they paid on time?"  "did they follow all the rules?"  etc.  Since these answers would be based on fact it should limit your liability.  

Here in Los Angeles, we have rent control as well but probably with some differences from SF.  The rules here do allow for an owner to have a tenant move out if the owner (or family member) plans to live in the unit.  This does require paying the tenant a hefty relocation fee however.  Your friends could just leave the tenants the way there are as a property already 2/3 rented might appear more attractive to the next buyer.

But to accomplish what you want, serving notice to the tenant violating the occupancy limit and filing for eviction if they do not comply sounds like a good start.  As for the other long term tenant, the rent control will protect him, as long as he remains in good standing.  

Hi @Jason Bratter, I'm also starting out in wholesaling and appreciate your posting this question.  @Chris Piper, thanks for your reply to Jason's post, I've seen on the forums that most people usually use a short, assignable contract for buying the property from the motivated seller.  

You mention however that another way to get a contract is to get one from a local RE agent.  Being a broker in CA, the standard contract we use is 13 pages long.  It is a good contract but not sure if there would be a problem assigning it or not, have you used these types of contracts in wholesaling?

try door knocking, it's cheap (take plenty of business cards or some kind of printed material with your info on it).