All Forum Posts by: Giovanni Soto

@Katrina P.  I'm from NY but heating costs (gas) are similar throughout US, more or less.  So, if by gas you mean HEAT and Although Md may be slightly warmer $210/mo in heating seems LOW LOW (even the avg monthly) for an 8 unit.  Gas is cheap now but in the last week it has started inching up and it may not stop soon.    Can you share the name of the Cred Un.  and are they only for Md. ?

Thanks and Good Luck

Hi. I'm working on presenting a LOI on my first commercial piece hopefully by tom'w. Now, I discovered i forgot sthg . The property has an owner occupied unit. I'm having trouble with wording on the LOI to give me time to find a tenant for his unit before closing. IS THIS COMMON to request? i don't want to kill the deal because it is a good deal but i need that rental income. Thanks all.

@Eddie T.,  I dont know avg. bc it would vary wildly year to year and depending on type of prop /vacancy/heat prices/water rates/maint increases with age=just like us . LOL.   I bought some with low dp.  I would guess avg 20-25%.   Condos gave me least headache, larger homes were in less affluent nhoods were most problematic with "potential" for best C/C return if you use govt programs BUT sometimes higher maint./headache/expenses.  

@Virgilio Garcia, yes, I sold some. Its all current.  The better areas attract higher incomes and better credit.  The tenants also realize this, so the areas you mentioned are certainly better for renting.  BUT, consider and remember that parts of S Bx are appreciating better (higher purchase $$) and are "possibly" getting better tenants;  but you may still have to wait.

Good Lk

@Virgilio Garcia, i've had sev'l non owner occpd props in BX.   The best tenants were in my condo's that were not as cheap as house apt's.  If I became picky on tenants credit and Income then I took a long time (about 3 mo's) to rent the house apt's. and then that renter would not want to pay too much because they could afford to be picky themselves. Due to this I would lose a lot of money with vacancy.  Small apts 1 br's also had the best chance of a good tenants.  Large 4br apts had the worst chance.  Didnt have much luck with mgr's either bc they were not on site. Owner occpd is best because you will be there, and can avoid the inspectors giving you summons's for anything they can( garbage, lids, rodents, etc.)  It takes work.  Summary: slightly higher $/pretty apts/ 1-2br's/owner occpd/residential nhoods are best.  My experience only.

Good Luck

PS - also recommend that all tenants have their own htg system/meter.

@Tom Shepard  this is Industrial.  Its like a big warehouse divided into various bsns's.   I called sev'l bankers but none did commercial/ind'l and one co said they did it but I left a msg in the am and so far has not returned the call.   I am wondering what might be the range for expenses,  , for ind'l properties.    All referrals would be welcome.

Hi, 

looking at an Ind prop in Tn. near Nashville.  some exp in residential in NY.  No experience in Ind properties AT ALL. Or Tn. What are typical terms that bankers want for lending on the purchase of an existing Ind prop near Nashville.  . eg, DP, credit, income, years etc. 

One space is owner occupied. The prop is renovated with all other tenants under 6 months, I am suspicious of the projected expenses because Assuming notOnwer occupied - expenses are 18% of Gross Income. or 22% of NOI. (is this reasonable?) I have about 20% for DP.

This sounds like a very nice deal.  Maybe would consider a partner???

All opinions welcome/   Thank you

different n-hoods have different prices so you must see as many houses as you can, (some investors say 100 houses) Evaluate their sizes, inside and lot size, condition, location, construction, age,purchaser etc.   See houses that are for sale just like hoses that have sold recently (last 6 months). See as many as you can.   See them in the nhoods that interest you.  After seeing them for a couple of months or weeks you will have a good idea on their value or how much to offer depending on who the purchaser was.   Then to keep up with the mkt it will be easier and you wont have to work as much.

good luck

@Amanda Culleton

because of too many headaches and not enough $$, I am now considering (actually now decided ) in investing out of the NYC boroughs.  Just not sure where to go yet.  So, i am wondering why you decided on POK (is that an abbrev for Poughkeepsie?).  How are your numbers looking?, (rents?, PP?, expenses? terms (owner financing or credit/income?)) 

thanks and best of luck

things are looking that way.  I may have to play nice.  Hopefully i'll get lucky,