All Forum Posts by: Daniel Ahern

Hi All,

I'm in contract on two fairly strong deals but will likely need a likely creative financing to get both of them to the finish line. One is a commercial property in Vegas - 5K Sq Feet. It's in contract at $925K and we're getting LOI flirtations between $1.50 & $1.80 a sq foot with a triple net lease - so $7500 to $9K a month NNN (it's vacant now). This means it's going to cash flow like crazy once we get the lease in place. It appears to be impossible to get std financing w/o lease in place. I've got $400K to make this happen (shouldn't need more than $300K once the lease & std financing are in place). I'll likely need the remaining $100K for the LA deal.

The second deal is a duplex in West Hollywood in contract for $1.35M.  I'm pre-approved for a loan at 30% down.  The unit have unbelievable views but need major renovations, likely over $300K.  I'm aiming to close in 30 to 45 days with a std loan (already pre-approved & in process), then looking for a hard money loan for the reno (no leads on this yet).  Once the reno is done, then buyoff the hard money loan and rent out the two units (no leads on this yet either).

Interested in any thoughts/advice on the above and potential hard money lenders in LA and/or Vegas to make it happen.

Thanks all,

Daniel

Greeting fellow BP dwellers, sending out my best to the lot of you!! 

I'm in contract on a duplex (two separate units) in West Hollywood that's got unbelievable views and needs a major renovation.  Likely in the $300K+ range.  I'm looking for a designer that has experience with hillside homes to guide the design & renovation in a way that's fantastic & maximizes the gorgeous views seen from almost every room in both units.

I'll likely be closing on the home in 30 to 45 days and I'm looking to get a jump on the design work and upfront contractor estimates so the property isn't lingering.

I've done a major renovation like this before with a designer and it turned out amazing.  I'm very easy to work with... I tend to give the designer a lot of freedom to implement their ideas.  I'm more of a "get it done" guy than a design guy.  Honestly, this is going to be a really fun project for a designer... for me too.   Very excited to get started and see where it goes... so much potential in it.

All that said, if you are aware of a solid designer in the WEHO area please forward along the contact info.  Especially if they have experience with hillside & nice view type properties.  Same deal if you know of a solid contractor.

Many thanks all,

Daniel

Hi All,

I've got a potentially very strong deal with a distressed commercial property in Cincinnati. 

The property is over 100K sq feet of space - mostly vacant.

I'm looking for referrals for an experienced commercial broker in that area.  I'm trying to figure out if I do a large reno (~$1m) on the commercial property, will I be able to lease it out. 

The property is in poor shape and only 15% occupied at the moment by a single tenant.     It is a strong tenant and contracted to be there thru the end of 2017.

The real question here is... how challenging, expensive, and time consuming will it be to get the property leased - if I invest heavily in the reno.  Even at 50% occupation, it starts looking strong.  At 75% or more, it's a cash machine.  If the prospects for getting it leased prove risk worthy, the broker I'm asking opinions for now will very likely have nice prospective opportunity.

Any thoughts/ideas would be hugely appreciated,

Daniel

Hi Michael, I'm looking for very similar properties here in LA. Perhaps there are opportunities for sharing info/resources. What neighborhood did you find the 4-plex?

Hi All,

I'm closing on an investment property in approximately 30 days.  I'll need to ID and close on a new property relatively soon as per 1031 exchange requirements.  Doing a reverse exchange is a possibility - meaning I can close on a new deal before selling my existing property.

Below are the ideal requirements but a good deal is good deal, I'm open.

$1.5M to $3.5M Multi-family
80 units is perfect but less units is very possible
20% down / 10% Cap Rate (ish)
Current units rented below market
C Property in B Area
- reasonable updating needed to justify rent moderate increase

Located in the "Path of Progress".

Thanks,

Daniel

@Dave Foster @Chuck Stagliano  Appreciate the heads up guys. It's actually both my home AND my investment property!  I lived there for 18 months (should've stayed 4 more months), then moved about 2 years ago.  It's been rented out since then.  Actually, the tenant is purchasing the home now.  I had to move for work so am hoping to be able to use ~75% (18/24) of $250K capital gain write off, we'll see.  I didn't have to move very far (~50 miles) so that's being reviewed more closely by my CPA.

I'm selling my home so will need to purchase new property to meet the 1031 requirements. I have a little more than 45 days to ID the property, then am required to close within 6 months.

For properties closer to $1.4M range, I can put down more than 20% but am still aiming for CoC of 12% as if I am putting down 20%.

I'd prefer to invest in California, LA or San Diego in a perfect world. However, I realize 12% CoC is likely only available with a "pocket listing" in these markets so I'm willing to invest out of state. If out of state, I'm particularly interested in the below cities:

Dallas, Austin, Orlando, Indianapolis, Kansas City, Charlotte, Columbus Ohio, Nashville, Oklahoma City

OK people, lay it on me!!!

I'm selling my home so will need to purchase new property to meet the 1031 requirements.  I have a little more than 45 days to ID the property, then am required to close within 6 months.

For properties closer to $1.4M range, I can put down more than 20% but am still aiming for CoC of 12% as if I am putting down 20%.

I'd prefer to invest in California, LA or San Diego in a perfect world. However, I realize 12% CoC is likely only available with a "pocket listing" in these markets so I'm willing to invest out of state. If out of state, I'm particularly interested in the below cities:

Dallas, Austin, Orlando, Indianapolis, Kansas City, Charlotte, Columbus Ohio, Nashville, Oklahoma City

OK people, lay it on me!!!

Welcome to club. Best of luck on your real estate journey!

I'm preparing to make my first purchase in Dallas in the next 30 days. Very interested to hear how it goes for you! I'm just beginning to research & vet PMs. I'll be flying out there soon to do meet & greets. I'll be sure to pass along any solid references...