All Forum Posts by: Charles Kao

Given all the building there has been in downtown East Lansing, I would be very careful on where you invest.  Vacancies have increased, and you got a ton of huge apartment complexes over in Bath township sitting empty from all the overbuilding.  I am highest on old town lansing which has not had alot of inventory built yet seeing a surge in nightlife with affordability still solid.

 If its worth so much more as is why not just close and relist?

I would definitely have your friends list with a commercial broker.  That listing definitely leaves alot to be desired.

 What is general condition of the property?

Join your state's local association to get a copy of their lease.  I am always hesistant to have lawyer's draw up leases because they look like legal documents which are not always the most readable for a tenant.  Your local association will typically get feedback from local municipalities and they get familiar with seeing them.  If they are familiar with the contract it's much easier to get what you want accomplished.

Investment Info:

Other commercial investment investment.

As Michigan's third largest self storage facility at 117,000 square feet, we just completed 68,600 sq feet addition too this facility.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No. We worked direct to seller. I am a licensed builder and managed the addition with the previous owner who is now the property manager, and also handled the agency as I am a licensed realtor as well. Lastly I created all the proforma and bank required financial as I have a background in lending and my business partner handled all investor communications, legal and raising funds.

@Clayton Elliott

Have you contact lawyers about all options? Also have you called other parks locally that may need infill?

@Brian Fredrick

I would pickup an entire book with all those questions but first is the site zoned properly for self storage as I know you mentioned there being a SFH. I would seriously consider partnering with someone as a new build takes a long time even if you know what you are doing and with that hard money you have to get that property cashflowing as soon as possible to complete an exit into more traditional financing.

@Aaron Svacha Hi Aaron,

Message me and I can give you an idea on if I think I can help or someone else can as well. Depending on what you are looking for e.g commercial/small multi, SFH and flips the other realtors on this thread could be a better fit as I am pretty selective on the clients I take on but my staff works with investors at every stage of investing from their first rental to ground up new construction.