All Forum Posts by: Dustin Corbett

Mark Weiermiller in Elmira has been solid for us. He's out of Horseheads. Like G Brian Juk said however, I'm not sure with wholesale

@Joe Splitrock just met with a local commercial lender. Indeed 20% and fixed rate for 5 years. However we have a local corporation that takes on 40% of the loan with lower rates and lower down payment requirements(if you choose) for investors that are buying properties that house businesses with employees. Promotion of economic development. This is very interesting and may save a ton of money being that their portion would be a fixed rate for 15 years. Meeting with attorney on Thursday. Will keep updates

@Joe Splitrock this may become a hurdle. We are vetting insurances now. And yes the maintenance(or lack thereof) is a concern. The two apartments were completely re-done 4 years ago. We got access to one and it was in very good shape. That being said a thorough inspection will need to be done for us to move forward and will obviously be a part of  an offer we put in.

As far as the depreciation....were you able to shorten the term if you wanted to? We have meeting with CPA soon to go through this and many other questions we have. 

@Joe Splitrock and @Cat Storing I think there is a lot of credence in what Joe is explaining here. I believe that at some point almost anyone can understand a calculator and get an understanding of the analyzation behind the structure and the "deal". 

That being said, putting everything together with the numbers(finding the right investment) is only the first step. Understanding the rehab costs and how it will effect the calculations and THEN still putting in the offer(with the actual intent to purchase) is the hard part. It has happened to me. And I haven't purchased anything just yet.

However, I have put in offers on 3 separate properties(none of which have resulted in a deal) at numbers that would "make sense" as the investor. I believe that both patience AND readiness both need to match up and align at the same time. 

I have had to stop myself from putting in an offer on a property recently, just because of the frustration of not getting the first 3 offers we put in. Now when you find the right deal, you definitely need to be prepared to move forward, or you're just wasting your time. We have found another property that we will most likely be putting together a purchase agreement soon. If we don't get it, we have to move on!

@LaTonya Clark Without question everything seems to lead to "do it". We are close to the point of putting in the offer. Because of it being commercial and a number of units, I am doing much diligence with attorneys and lender to make sure everything gets put in place prior to offer/closing to ensure all is set up properly before go time. I want a water tight set up from the beginning being that my experience is very limited, frankly ZERO.

I will keep updates so hopefully people here in this community can learn the good and or bad from my situation just starting out. I will be completely open and up front without fabricating anything for the purpose of transparency. Believe me when I tell you we are going through the "jitters" and "paralysis by analysis" right now. Jumping in will most likely be the best thing to do!!

@Silvio Cangianni If this property was in lower Westchester I would have paid cash in 10 minutes LOL. I am in upstate New York now. I lived in the area for many years about 10 years ago. Totally different market up here to say the least!!

@Spencer Gartz I do agree with the differences between commercial and residential and yes I will lean pretty heavily on my attorney to make sure I'm safe with the law. 

I have a few meetings with lender and attorney this week, and if all goes to plan, a purchase agreement will be sent to seller. Jumping in seems to be the best way, so that's what we will do!

I will keep you updated....and everyone else. I appreciate all the feedback!!!

 Steve without question I am having attorney set me up with these. Air tight and secure lease agreements. All part of the learning curve I imagine....thanks for the encouragement!!!

@Ken Naim i totally agree. things can and will happen for sure. I will keep your advise close to the vest. Definitely don't want to talk myself out of a good deal, that's for damn certain.

@Michael Plante

1. 2 years. moved out of a smaller unit on same rd. because they grew out of the small proximity as a bakery only...moved onto full cafe.

2. unfortunately no. I run an automotive dealership that cannot fit into anything other than then 40,000 square foot building we are in now.