All Forum Posts by: Will G.

need more info..... what are you trying to do, can you get financing?

i visited an rv park in the destin area that was in process of converting rv sites (in an existing rv park)to permanent park model rv's. Might have been called"oak landing" and if memory serves the homes were around 400 sf and were super cute, cottage like, porches, minisplit ac's, 1 bedroom, 1 bath, little loft etc. There were maybe 3 diff models all painted diff colors and it presented really nicely as a tiny house community. This park was selling the homes and charging lot rent. Point being, an rv park is set up with utilities and such much closer together than mob home park. Also look on "hip camp" for space listings for tiny house communities.

hey pocketeers,

With the lack of available properties i am considering a real pig (list agent calls it a c minus)...12 1bed 1 bath(560sf)units, two levels, built in 1965 (yaa, cast iron and galvanized) and not touched since then. Just a rectangular box with gravel parking in a slightly rural setting(one acre property) On septic, that needs absolutly everything rehabbed.not horrible tenants or high crime area, just the cheapest thing in town currently. i am thinking about $ 13k per to get this thing right. Only good part is current rents are about half what they could be when rehabbed and if i got it for $300k plus the $150 or so to fix, i might be looking at $100k equity bump, but then again, it will still be just a plain,old, box in an ok location. 

I guess what iam asking is.. do you look for massive headaches like this pig in your market? Is this older than you would consider, especially since i would like to keep for a long time?

It has been on the market several months,so it obviously would not be first choice for anyone around here.

Not knowing all the particulars... can you keep the contract in force while you get repair estimate from a specialist company(basement repair/ waterproofing) which will likely offer a warrenty on the work. Would offering to reduce the sale price by the repair estimate amount ,work to allow the sale to continue? Or checking with buyers to see if they can wait for repairs to be done(contract extension)? Dont spend time with attorneys or fighting with your contractor now, just concentrate on how to get the deal done. I hope this works out for you

kevin,

Start learning your market! Make a daily habit of reviewing what comes on the market,tour new areas etc, so when a good deal comes your way you can recognize it.

Learn what stuff rents for, introduce yourself to players( agents, contractors etc)

Essentially become an expert on the area of interest

Why do it? To take advantage of leverage perhaps, as it may be easier to get financing on a performing(commercial) asset, or aquiring a multitude of doors all at once,  or finding a value add play which can be very lucrative. Word of warning... sus out deals, make sure they are available in your area, before you go all in, multi is very hot now with pretty low cap rates ,especially in major markets

Hi pocketers,

How can i determine the market rent on a given single family or apartment in a new area?

Familiar with rentometer(apartment focused) and zillow rent estimates, but what would be the most reliable data for deal analysis?

it seems to be kind of a mess really, i have seen some listings on craigs, under the business section, most on loopnet, some on showcase, but check your local mls to see if they have a commercial section. Also start contacting local commercial agents and ask if you can get on their "list" as a potential buyer, but be prepared to prove your ability to purchase, so they take you seriously. Good luck but you probably don't need it as your are in a great are for cap rates (so i am told):-)

i think permits for tree removal came about because of concerns regarding spreading of disease. I know in texas you are discouraged from trimming/removing oaks during certain months.

refinancing those big loans are common practice and usually not a big deal if the payment history has been solid. It is also not uncommon to get 10 year notes on multifamily. Of course tides and environments can change drastically between " re financing" which is causing a lot of concern now, especially for retail