All Forum Posts by: Freeland Wilson

@Tim Delaney thanks a lot. I will look into that.

How do I find out how much a retail property would lease for? If there’s 2 types businesses within the same property, would rent be different depending on the type of business?

40+20=60

8+7=15

60+15=75

@Rik Chatterjee, Great! So anticipate a lot of work and 1-2 years time to stabilize. Is this in Arizona? I know some areas that have bad reputations. In that case I’m sure the area plays a role in the tenant potential. And of course whether or not it’s being gentrified. For example, if you take on a bad reputable project right in the middle of a bad neighborhood compared to a project thats on the out skirts, the latter would be quicker to stabilization. Do you think that a fair assumption?

@Bjorn Ahlblad

Nice! I will anticipate a gradual in increase in rent, or even no income, in my underwriting. Thanks for the insight.

@Matthew Allen

Both @Tylor Billings and @Kenton LeVay dropped some great advice so I just want to add to it. As a Electrical Contractor, since I established myself to the point where i stay busy by word of mouth and return client, I just work with people that i like. Not saying you have to invite your contractor for Thanksgiving but respect goes a long ways. The type of clients that try to micromanage (the kind that ask for recipes on a lump sum bid) or have a ego bigger then their project, I stay away from. The contractors I’ve seen that usually work with people like that are desperate and there is a reason for it. Either they are new contractors or they don’t do good business. (Now you can find really good new contractor at great prices because they are trying establish them self or don’t how much to charge)

Always keep multiple sub contractors of each trade, even if you really like one sub, their schedule may not line up with your project at that given time. Even if you were to choose one sub over the other, the good sub’s won’t mind and still bid your next project, that’s apart of the business. Now Gc’s maybe different because they are more of manager and hire for the job so i can see them being more flexible.

Since Im transitioning to the real estate investment business to do some distressed/value add single and multi family I would love to help anyway I can. I been here my whole life and I know Arizona very well. Best of luck to you.

@Evan Polaski Thanks a lot Evan. This helps a lot. I’m sure It would be a challenge to turn around apartments with a reputation. And It make since that people wouldn’t take to financial education if there mindset is else where. My thought behind it was that I expect the majority of people not to take advantage of it but I think It would plant a seed for a few. And if the apartments is holding these programs on site regularly, (not exclusive to just the tenants) it would help the reputation. Not to take away from the main objective of making a return but by partnering up with organizations that offer these programs, It would essentially hands off. Again this is just an idea, I’m just clearing my thoughts. I’m not sure how it work in reality, I’m just thinking of ways to help recover these types of properties.

@Cody Campbell Thanks Cody. Great advice.

Have you ever recovered a poorly managed multi family? I haven’t and that’s why I reach out now for advice. I have an idea to take a poorly managed multi family property and add value to it by not only physical improvement but also improving the community. Does It make since to provide financial education resources to the current tenants leading up to rent increases to help the transition? What is the hardest thing about these transitions? I’m specifically referring to c class properties with b class potential.

@Melanie Johnston Oh gosh, that message was definitely supposed to go to @Mike Neubauer. I would love to connect with you too. I got a lot of value from you last post. Thank you