All Forum Posts by: Eileen O'shaughnessy

I stand corrected, some of them are locked in for another 3 at the most.  When they were locked in, the paperwork stated 5 years.

Why would anyone do that? And how much leverage do I have in negotiating?

I am interested in buying a small 6 unit commercial property. All the units are very small and they are always leased. Do I have to inherit the leases and abide by their terms? Some go into 10 years.

I don't think the rent is reasonable, it's on the low end and I would be interested in increasing it by 3% at the most for the year that I assume the ownership. One of the tenants is locked in for 7 years without any rent increase.  Not sure how the agreement could have been signed like this.

Thanks.

Bumping for tonight's crowd. Thanks!

I don't know how Fort Myers beach can ease the congestion. There is one lane road that crosses the bridge into the mainland. The other way is to go down Estero and Bonita Springs. I don't think anything can improve much. But that is not stopping people from going there. Lover's Key State Park is just spectactular looking and all the hotels are full. It might be the fact that it is still not as expensive as Naples or Marco Island, but it is still warmer than St. Pete/Tampa north.

But to get back to the question I originally asked and that has to do with apartment/hotels in Florida or Myrtle Beach.

 Yes, we are pricing correctly. My husband has many years experience. However, we want to be in the Philly suburbs. I am somewhat familiar with Lancaster county but don't want to be there. 

 The apartment/hotel place had $375 management fee which included everything except electric and taxes. That is not to bad as the other place we own costs about $434 per month plus we have to pay internet and electric. 

I looked at the condos that I could rent all year, but not sure where to buy. There seem so many. And yes prices are inching higher. I think it's a lot of Europeans that are the reason for it. One couple in our complex own two condos.

We live outside of Philadelphia. We own multi unit as well as a condo in Florida, on the beach Bonita Springs. We want to acquire more multi units where we live, but New York crowd has made it almost impossible to get one. Prices are through the roof and it doesn't make financial sense to pay the asking price. Local codes don't allow for the conversion. 

I rent the Florida condo on homeaway, but they allow not just home owners, but managers of complexes to rent through them. Plus the newest thing is that they ask money from us to advertise, plus up to 9% from the renter. So, I doubt we will have the same income in the future from that condo.

A few years ago, I wanted to get an ocean front unit at a really nice resort in Myrtle Beach but was not sure if it would make financial sense, so now we are back looking at both Myrtle Beach and Fort Myers Beach apartment/hotels. Condos are efficiencies and ocean front, and some claim to give you about 20K  take home income for a 179-220K investment.

Does anyone have personal experience with these? The research showed me that most units don't sell and people do get some income from them.

Thanks for your input!