All Forum Posts by: Doug P.

I have enough cash to be fine for a while w/o any tenants. So I'm not worried about that, I'm more worried about what the property is going to be worth fully rented.

Also your right about check cashing bringing the wrong crowd but the store is in a low income neighborhood in west palm beach florda, so its "normal".

Thanks a lot, but no I'm not a member of any REI group what would be my second best way to get an accurate appraisal?

Maintenance on for the common areas is very minimal, there is just a small amount of grass.

I am told insurance is close to 10k per year, but I am getting my own quotes right now.

Also the buildings all have brand new roofs put on last year.

and to give an idea of the ware house size its around 4000sq ft including the offices.

Thanks for the replies,

What what does MX mean?

The tenants in the store are very happy and have 3 years left on lease and they want to re lease. They cash checks aswell and seem to do very well for themselves. the property is located in the middle of a big neighborhood so they are always busy.

Currently the owner pays utilities for the apartments but not for the store or warehouse, this is because they are all on one meter.

Right almost all the apartments are vacant but in good shape ready to rent.

Overall the property is in good shape and needs very little repair.

they had a deal under contract but back out for 750k two years ago because they decided to keep it.

what do you think?

It is a commercial property located in south florida. On it there is a convenience store, one large warehouse with office space in front, and 5 small apartments they are kind of like little villas because they are are little free standing houses. heres the rent break down.

apartments = $600 each = $3000
Warehouse = $2,000 but is vacant at the moment.
Store = $3500 with lease

How much would you say this is worth? Property taxes are 10k.

Thanks,

Doug

lawyer has already been contacted I was coming on here to see if anyone has heard of simular situations and the outcome?

Could a judge force the managing partner to sell his stake in the property to the partner with the equity loan for his fair share?

No, this a deal that someone close to me is in. They are divorced and decided to buy a commercial piece of property together as an investment.

One of the partners took out a home equity loan for the down payment and the other was to manage the property and make the mortgage/equity payments. For the last while the managing partner has had multiple "friend" tenants living for free in some of the apartments, has not carried insurance on the property, and has been taking the rents he has been collecting and keeping them for himself w/o paying the equity loan/mortgage.

All the partner with the equity loan is asking is that the managing partner sells his half, but he refuses.

Lets say you own a piece of property 50/50 with someone and you want out but they don't. What has to happen for you to get out of it if your partner can not buy you out?

For a starting investor looking for my first property to fix and flip to retail where should I start? Do I contact a HML, discuss my plan and let them know when I find a property? Or find a property, then contact a HML and try to get financing?

Just spent some time on google searching her name and reading... first thing that came up was scams.com and then it got worse. Doesn't seem like ANYONE had a single good thing to say about her or the course. But I'm sure someone will come onboard this thread with 1 post and try to tell everyone how great it is and how rich they now are all thanks to her LOL. I can't stand dishonest people :(