All Forum Posts by: Account Closed

Only about 25% of rents paid in Queens NY, retail and office space hit hard

@Dan Wallace thank you

i am looking at a 16,470 sqft office building asking 4.4m online broker emailed me at 4.9m, its fully occupied with leases until 2022 , i feel its worth 3.9m but having a hard time finding comps. the proforma states 442900 gross income 167975 in expenses,i know i know not to base off the proforma ive requested to see the actual p&l maintenance records and such before i move further. just wanted some more advise on what to look for, ask broker info i shuld get before continuing to walk through or even have inspected

 i already have a property in same town for 16 years im very comfortable with the area. this is looking to be my first investment to add to the other properties i inherited. i went to real estate full time not too long ago sold my business of 16 years took the plunge into real estate full on an am loving it

thank you

I'm starting off I inherited some very good commercial rental properties and am looking at another to invest into I'm looking to buy and hold , it is listed with a big broker, the property is 100% occupied by large tenants they have leases till 2022 with 5 year options.ot is a 16000 sq ft office built 1986 with elevator, 100 parking spaces. The proforma says 442k per year gross rent 34k maintenance and 133k taxes per year ,I checked the town on taxes only as up to 116k taxes ,. Asking 4.4m, my question is how do I approach the broker to get the actual #s and start my own real breakdown, I'm not afraid of the bigger numbers I am in my and have been managing the property I inherited for over 7 years I'm a newbie to investing but not to being a landlord as much my personal opinion is commercial is so much easier and profitable. I always was shown to think bigger, just do it intelligently thank you for any advice

Investment Info:

buy & hold investment in Jackson Heights.

Purchase price: $440,000

Commercial Retail/ office space Corner lot

What made you interested in investing in this type of deal?

Family investment

Investment Info:

buy & hold investment in Jackson Heights.

Purchase price: $380,000

Commercial, retail / office Jackson heights , under 7 line 20x100 ground level 20x 60 second floor , looking to redevelop in future

How did you find this deal and how did you negotiate it?

long time family investment

How did you finance this deal?

Inherited

Investment Info:

buy & hold investment in Franklin Square.

Purchase price: $800,000
Cash invested: $170,000

Commercial Mixed use property its a triple lot has both a house and an auto repair shop plus an empty lot to build another house on.

What made you interested in investing in this type of deal?

I operated the repair shop for 16 years and now sold the business.

How did you find this deal and how did you negotiate it?

Long island Newsday paper classifieds, seemed very interesting property description

How did you finance this deal?

2nd mortgage on family home

How did you add value to the deal?

complete nubee gut instinct

What was the outcome?

16 year later i own and was able to sell my auto repair business plus collect rent from both the shop and house, now looking to build house on remaining vacant land

Lessons learned? Challenges?

paying a mortgage is better than paying rent

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

no purchased right of the classifieds with my father, dad was the major investor

@Basit Siddiqi thanks, I'm looking to expand in queens and Nassau would like to keep assets close more manageable I currently have properties in the area

Thank you @Ned Carey

I'm new to realestate investments I left my job when I took over the existing family properties comercial rentals in Queens New York , and am looking to expand to more rental properties I've gone to some flipping seminars and feel that all they want is lock you in to a coaching program. I would like to meet with investors and learn from them