All Forum Posts by: Vu T.

 You're not going to find deals like these in "hot" cities, especially in the west coast.  Better luck in the midwest.  

Welcome to BP!  I'm from CA myself, but investing in LV and Reno.  NV in general seems like a good bet.

No deals to be had?  Good grief, be glad you aren't living in Orange County!!  LV is like a dream city for me right now.  Everything is so affordable with good potential for growth.  I mean its not like Detroit where everything is $5k with 20 caps.  

@Ash Patel As someone who's family is heavily involved in outpatient, you're absolute right.  Its a tough tough market.  Much more so in CA.

Thanks for the advice guys!  

@Joel Owens I'm not sure how much Trump's plan is going to effect outpatient, but knowing first hand Obama's stuff has been hurting us (my wife and bro-inlaw own outpatient offices).  Here's hoping for the best anyway.  There are a ton of doc offices around here, but I honestly haven't seen too many new ones popping up like they use to about 10yrs ago.

@Aaron Bushell I think I'm going to throw in some new ceiling tiles and put a fresh coat of paint on to make it look presentable.  It won't cause "too much" and it will make the area look less like an eyesore, even if it may be completely rehabbed.

@Priyanshu Adathakkar That's a good idea.  Everything will be negotiable but I may do something like 3 free months rent if they do total TI with 3 yr lease etc. 

@Jeff Kehl I would definitely not put any limitations on tenant.  Its just in a medical plaza surrounded by docs, so I figured docs would be more interested.   Competition for these have been high. Looking around I see a lot of empty offices being offered. I may have to lower the price to slightly below market to get someone in. It's been sitting vacant doing nothing for years now. Better a cheaper tenant than no tenant at all.

I just tried financing an 8-plex in Vegas. Every lender I spoke to wanted an LTV of 60-65%. It was also extremely difficult to find anyone that will lend less than 750k. Most banks won't even talk to you unless you are borrowing 1mil. Commercial loans are just a different beast.

Needless to say, I ended up abandoning this property.

I'm having a hard time finding any MF's within my price range (<500k) where the numbers work. Many of the quads avail from the MLS are in terrible neighborhoods with low rents to justify their relatively high prices. Their numbers just don't work usually (or work well, most fail the 50% rule easily for example). The ones that are decent have high ($500+) HOA fees which pretty much kills any profits you may have.

Talking to bankers there while trying to close on an 8U complex, they pretty much said that the market for commercial MF's are not that great. Most want LTV of 60-65%. With that being said, I'm still seeing properties (quads) selling within 2-3wks. So someone is buying them up. Maybe they know something I don't? In the meantime I'll keep on looking.

Hi BP,

So I came into possession of 2 medical offices, about 1150 sqft each.  One has about 7 rooms + 1 br.  The other use to be a cafeteria of some sort so it has a large room + 3 smaller room + 1br.  This building is located among other physician and medical-related offices and across the street from a small hospital.

My question is, the inside is moderately beat up.  The floors that had carpet definitely needs to be pulled up and replace.  Ceiling tiles has stains and holes etc and walls and doors need to be repainted badly.

My question is, would you guys do light rehab on this to make it presentable (lay vinyl on the floors, a coat of paint and new ceiling tiles) knowing that the new tenants may end up doing a lot of TI to suit their own needs and ripping everything up?  The many physicians I know usually end up fixing up the office to their liking.  But of course some don't.  I'm having a hard time debating if I should clean it up just to get some tenants in there.  Posting an ad with inside pics looking the way it does won't exactly get new docs excited.

What are your experiences with these kinds of medical offices (or just offices in general)?

(Sorry if this was discussed somewhere else, I couldn't find any threads)

I'll contact him tomorrow.  Thank you Iryna!

Hi BPers,

Can anyone recommend a general contractor (gc) for the Livingston County area?  Looking for someone that can work for a remote investor (myself).  Thanks guys!