All Forum Posts by: Sean Harris

Sorry Andrew I accidently typed a 1 in front of that, it was supposed to be $90 not $190. Junior Francica I was looking right downtown Chatt and it was a 3/2. The numbers suck for a long term rental but short term could be good I just don't know enough about it. Yea I did also check the location to make sure it was an area that would allow STR but I ended up having to back out of the deal as if the property didn't work well for and STR then the current rents wouldn't support the mortgage.

What's up BP community I had a question for anyone that has investments in the area of Akron Oh. I recently started looking back to this city as a place to start investing after reading the most current market analysis showing growing population, more jobs and them starting to revamp the city. My question is what are the average monthly expenses associated typically with either a duplex up to a 4 Plex? Does the landlord typically pay for all expenses such as gas, electric, water/sewer and trash or are they typically passed on to the tennants? I just want to get a better idea of the average expenses so I can accurately analyze deals coming my way. Thanks 

Sorry Andrew I accidently typed a 1 in front of that, it was supposed to be $90 not $190. Junior Francica I was looking right downtown Chatt and it was a 3/2. The numbers suck for a long term rental but short term could be good I just don't know enough about it. I have family that live there who would be able to manage it for me if it was for STR

An area I have been looking into for an STR is in chattanooga, tn considering the 10% growth rate year after year for the last 3 years as well as the overall economy growing. I recently found a house in a good area for 300k with current tennants leased out through June 2121 at $1700 a month. Seeing the comparable houses in the area the nightly average is about $120-150 per night on Airbnb. I'm just wondering if this is a good investment considering the ever changing STR regulations in city's. For some reason if the STR route didn't work out I would still be able to cash flow about $190 a month which I know is a bad COC return but as an exit strategy I could up rents to 2k a month since the property next door is renting for that with the same exact layout and wait a year because appreation is rising there as well and sell it. In your opinion is this a good idea or bad based on the current market? Thanks

Oh man that's a bummer but that's great you are focusing on something else. I haven't heard if him but I'll look him up for sure I appreciate it. 

Awesome thanks for the suggestion Derrick I haven definitely thought if some kind of student housing as an option. Jason do you not own your STR in Fresno any longer? I have family that live there so I thought it would be a great place to buy a STR that is closer to us before dipping my feet into out of state STR. I'm just trying to figure out what most of the people are staying there for and then base my decision to buy in areas closer to the needs of the majority. Also how was your experience running your STR there? Were you pretty steady as far as your occupancy?

So after weeks of racking my brain looking out if state for a STR I decided to look into my own backyard. Seems like Fresno is pretty busy with vacation rentals. Does anyone on here know why so many people are traveling to Fresno? What is the draw and what area do most people want to stay?

PROPERTY FACTS

Sale Type

Investment

Property Type

Retail

Property Subtype

Freestanding

Building Size

3,000 SF

Building Class

C

Year Built

1960

Price

$395,000

Price Per SF

$132

Cap Rate

4.46%

Year-1 NOI

$17,621

Percent Leased

100%

Building Height

1 Story

Building FAR

0.77

Land Acres

0.09 AC

Zoning

60

Parking

2 Spaces (0.67 Spaces per 1,000 SF Leased)

Opportunity Zone

No

Land Assessment

$422,509

Improvements Assessment

$162,500

Total Assessment

$585,009 

I would buy this property if I fully understood what they were saying and the deal made sense. It's very close to where I live and it's beachfront.

I'm brand new to the commercial space so I'm just trying to learn a few things. I recently found a commercial property that has a NNN lease with a 100 year ground lease with 84 years remaining and it states that it has replaceable rent at $5.50 PSF. What exactly does the replacement rent mean? Does this mean I can potentially raise the rents by $5.50 PSF? The asking price is 400k at a 4.46% cap rate.