All Forum Posts by: Derek Persuit

We're beginning to hear from all over that retail stores are closing and at a very high rate. Amazon and online shopping alike has made it convenient and easy for us to do a one stop shop for things from groceries to shoes then golf clubs, a book and furniture in less than 15 minutes without walking or driving anywhere. Due to this change in retail we have seen large stores begin to close.

First and most notably we saw Blockbuster video a few years ago. Now it has moved onto department and stores like JC Penny, Payless, RadioShack, and much more.

Because of this there is a great number of commercial property without occupants. There will be more casualties along the way as the move toward online sales continues.

My question to everyone is, 'what will happen to these properties?' Surely it will be hard for businesses coming into these properties to keep up with the rate of companies pulling out.

What are your thoughts on what happens to these properties and their owners?

If you had a commercial property like this or do, what would your strategy be from here on out?

Any and all thoughts on the subject are welcome and encouraged!!

I am an army officer as well as an aircraft router for a large commercial aviation group. I have done the army thing for about 5 years. Used to paint houses and continue to do so on the side. No deals as of yet just trying to educate and network at the moment.

I was recently in the process of putting an offer in on a deal. I chose to go through a bank for lending and to my surprise they said I must put 25% down for an investment property.

I wanted to see if this is something that is accuarate and consistent across the board. Everything that I have read from here on bigger pockets has made it seem like 20% is acceptable.

Why is it 25%? Is it always 25%? and What can I do to put less down in order to make an offer?

Sounds way too fishy but again so interesting. If you could consult a lawyer and find out that this would be legal I would be surprised.

Also, I like the idea you have for your father. That's really sounds awesome and I think it would work out well.

If this was truly a scam, maybe look into what they saw when they interviewed you to decide you were the "patsy".

And finally, please do update us on anything else that may occur in this situation. It is far too intriguing to just forget about and not know the ending.

ok since some of the disputes here are over the equity after refinance and the rent then I could analyze this as just a rental instead of a brrrr.

Significantly lowering the rent and not attempting to making it cosmetically immaculate. 

I think the results would come out better in this case.

Let me know if you agree or not

Not present or very confident in that 25k. I can only go by pictures and I had someone look at it for me. If someone found it to be structurally lacking then I would probably pull away from this property. 25k was my max rehab cost that I thought would turn this into a deal.

My man @Chris Mylan!!

Good to see a familiar face.

The house is in Pennsylvania. I gathered those numbers from comparable units. Most half duplexes with 2/1 we're around 85 so I went conservative there and the rent ranged from 1000 to 1250 in the same neighborhood. Strange yeah but that's where I saw some potential for ROI.

Check out the neighborhood and see if you come across the same numbers, again I am not an investor yet so I could be wrong.

It's Mt. Washington neighborhood of Pittsburgh, PA

thanks everyone. Really appreciate it.

I went real conservative on all the numbers. It's online auction so the price won't go lower. May even go higher.