All Forum Posts by: Erica Baruti

@Bob Langworthy thanks for your reply. I'm going to have to look into this more in depth, just not sure where or how to get all the answers. I responded below.

1) Why has it been empty for so long? - an elderly couple was running the 2 businesses themselves. it became overwhelming for them and they couldn't keep staff regularly, people kept calling in sick and they started taking on the bulk of the work. they've owned the businesses for 20 years and are now ready to retire.

2) Any deferred maintenance? there's some, but the building looks like it's in decent condition. nothing obviously in poor condition.

3) Do you have any prospective tenants? no, but i want to contact the corporate offices/brokers for the same companies that were in the spaces and gauge their interest. if not, then i'll go to their competitors in the same space.

4) Is there the possibility of seller financing? i haven't asked. not sure how to have it structured? they're ready to retire & want to buy a motel & run that instead of the 2 businesses. they mentioned wanting cash, but I didn't propose owner financing. how would the realtor get paid in that situation? she may dissuade them from that option.

5) What have similar properties sold for in the area? i'm not even sure how to research this. should i call a local retail broker to find out?

6) What are similar spaces leasing for? not sure again. i'd have to find out 

7) Have you developed pro forma financial statements and if so,what are you assumptions based on? no

I'm a first timer buyer in commercial real estate. I'm interested in the retail sector w/single pad units & nnn leases. I came across a vacant property that's 2 units, it can be changed to a 1 unit by removing a wall if wanted. Both units were formerly occupied by a regional tenant & national tenant. The units are located in a strip mall w/a grocery store as the main tenant and smaller pads w/fast food restaurants & other local businesses. The property is listed w/a residential agent so she doesn't have the experience of a commercial broker. How should I go about valuing the property? I think the price is inflated, but I need guidance. I requested their financials and they said they don't have much available, just their tax returns. The businesses closed down about 14 months ago.

Welcome @Shania Narcisse!

Yea @Jeremy Pace, he has tons of posts. I've been going through them picking up tidbits of information.

I just had a great call w/Brian Gibbons from REIskills.com. I've been venturing into finding out more about Subject to & Lease Options and decided to give him a ring. We talked about the benefits & downfalls of subject to, lease options and what to look for in both situations. He also gave me a great plan on how to jumpstart things, how to work with wholesalers & other investors, including private investors. 

I must say I wasn't expecting much from the call, but I hung up feeling like I learned a good amount in our 30 minute conversation. Most people that offer free time pretty much fill the minutes w/talking about what they'd like you to buy. But Brian added complete value the whole convo. He didn't even talk about his mentoring program, I'm the one that asked him. I'm definitely considering working w/him!

Wow, what a small world. I know his partner Roger Krause. I had no idea they do RE closings. I'll touch base with them. Thanks @Marta Brown!

Thanks @Kevin Polite!

Thanks @Paul Timmins. I went online to my local reia's sites & found 5 that advertise. I was more looking for recommendations from  investors w/first hand experience.

Hi,

I'm looking for an investor friendly lawyer that has experience with subject 2, owner financing, lease option deals in the Atlanta area. I'm specifically in Gwinnett County, GA, but I'm fine with working with anyone in the greater Atlanta area. Anyone have recommendations?

I'm familiar with the site, I didn't know they had a complete list of upcoming foreclosures. Thanks for the link. I'm still looking for information regarding getting the other lists for free.