All Forum Posts by: Jacob Rivera

We met with the seller today to get a better idea of what he's look to get out of the deal, the condition of the property, how fast their looking to sell etc. At the same time my brother has developed relationships with buyers  who are interested. Being that he's out of state and this property is in my state of NY we're looking for title company/closing attorneys that are familiar with these kinds of deals. The contracts we currently have are the ones my brother has been using in Texas for residential deals. I doubt they'd fly here.

Hello everyone,

My brother and I are working on a commercial property deal in Western NY, the buyer will most likely be an out of state investor. This will be my first deal & my brothers first commercial deal (he's also out of state). I'm going to be reaching out to closing attorneys to not only close the deal but also make sure our contracts are solid. 

Was hoping you guys could give me some tips on what questions to ask or what information to look for while interviewing them? No only that but things to look out for when dealing with closing attorneys/title companies in the commercial property realm?

BiggerPockets has always been a great source of information for me so I thank you guys in advance. 

@Greg Dickerson

Yes I can raise the capital, I know a few investors who locally who may be interested.

This may or may not be a good deal but I'm looking for help on how to qualify it before moving forward.

@Jim Pellerin

I already know someone who would rent the church....the school would be a challenge, though the previous buyer had plans for the school before the deal fell thru

Hey everybody, I'm looking into a Commercial property right now that has a

-12 unit apartment building

-parking lot with 50-60 spots

-4 garages

-a church that can hold 350 people

-a small school w/ cafeteria

-an office building attached to school

-1 vacant duplex

-1 vacant single family home

I believe the apartment building right is fully rented. But everything else vacant.

However my real question is what are some things I need to know/questions I need to ask before I know if this is a good deal. I have a couple people I know would be interested in investing but before J start raising capital wanted to know whether this is a good deal or not. I plan to meet with the broker soon but want to be as prepared as possible so I dont sound like an idiot.

They're asking for $1.2M, I'm not sure of the current cap rate. Over 49000 sq ft.

I've never done a deal on a commercial property before so I'm trying to get as much education as I can. Please help, Thanks

Hey everybody, I'm looking into a Commercial property right now that has a

-12 unit apartment building

-parking lot with 50-60 spots

-4 garages

-a church that can hold 350 people

-a small school w/ cafeteria

-an office building attached to school

-1 vacant duplex

-1 vacant single family home

I believe the apartment building right is fully rented. But everything else vacant.

However my real question is what are some things I need to know/questions I need to ask before I know if this is a good deal. I have a couple people I know would be interested in investing but before J start raising capital wanted to know whether this is a good deal or not. I plan to meet with the broker soon but want to be as prepared as possible so I dont sound like an idiot.

They're asking for $1.2M, I'm not sure of the current cap rate. Over 49000 sq ft.

I've never done a deal on a commercial property before so I'm trying to get as much education as I can. Please help, Thanks

@Larry T. @Karl B. @Marcus Bartels

Thank all of you fellas for the info, this is the first time i've had to list my unit. If im gonna update my unit (new floors, paint, etc) should I advertise it with photos as it is now??

Hello everyone, I could use some help on how to get my rental out there & starting the search for a new quality tenant.

I am currently house hacking a duplex in a desirable school district in Rochester, Ny. I inherited a tenant, an amazing tenant, but they're moving to another city. They should be all moved out Sept. 8 and I do have some updates to complete once they're out. Mainly replacing the old carpet, old bathtub walls & installibg lau dry hookups.

I hope to have a new tenant in it by Oct. 1st the absolute latest. Its a small 2bed 1Ba, and rent will be more than likely be in the median range for rent in the area. I know Im behind the 8ball but whatshould my next steps be?? In terms of advertising the unit & starting my tenant screening process?

Thank you

@Elizabeth Susan Ademi Good luck, good tenants are the KEY....I had I ended up kicking out the tenants in the apartment I could of collected more $$ in rent from. But I already knew they would be a headache so rather I kept the couple in the smaller unit for a little less rent (though I did raise it after purchase). The tenants I kept take great care of the place, are proactive in taking care of the house & have no issues paying the rent. Once I get my personal finances in better shape I'm getting back into investing for sure

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Irondequoit.

Purchase price: $118,000
Cash invested: $4,000

House Hacking, my first deal....living on the property with a tenant in the other unit. Has been working out great so far

What made you interested in investing in this type of deal?

It was the best way to purchase a home while also getting started in investing

How did you find this deal and how did you negotiate it?

Found this deal through the MLS with my realtor. Negotiated with my realtor, as a First time buyer was able to get seller concessions on closing costs.

How did you finance this deal?

30yr FHA loan

Lessons learned? Challenges?

Learned, make sure tenants are NOT home when inspecting the property, this kept me & my inspector from seeing parts of the property that were damaged until the final walk-through

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

Yes I work with Crystal Klem of Keller Williams, shes amazing and walks you through every step of the deal.