All Forum Posts by: Jason Denoncourt

google Earl Nightingale, The Strangest Secret.  I attempted to post the youtube link here but failed.  good 30 minute listen for personal development and goal setting

@Christian Ferreira now more than ever the retail tenant mix matters.  look through the tenant roster for any who may be affected by online ordering (amazon effect) or by covid (any tenants with business restrictions).  I know NH is faring better than MA, but in MA most restaurants and retailers have taken HUGE hits to their sales and many are trying to renegotiate leases.  I'd recommend walking in to each of the tenants spaces and asking them how business is going.  That'll tell you a lot more than the seller will.  Good luck.

“The rich don’t work to earn, the rich work to learn.”

Lots of extremely valuable lessons can be learned by taking a job in the industry, and over time your experiences will give you considerable insight into investing. Leasing, construction, property management, financing, development, any and all roles can inform your investing and you’ll see your vantage point evolve rapidly with experience.

I also came across this article earlier that seems relevant so am passing along

https://www.cnbc.com/2019/08/23/self-made-millionaire-6-biggest-lies-we-tell-ourselves-about-money.html?__source=facebook%7Cmain&fbclid=IwAR1hqm76-0U7vXo06jTMfU64KCw7y8pznoXPxF6xRUsmbiaYeL9UNmIUt8U&fbclid=IwAR3Ae_-YbwBVzHXj2crpQhdJzxDbOjSOKHhpNv1OzPnMGHbBp2Twqc6OD-M&fbclid=IwAR2O1SpfLlQkp37llRKyKPhxTixj28EkN7cQcqafm8oHUZzzAg2yEouQQRE

David, sounds like a great problem to have.   Personally, I would do everything you can to recoup the financial investment you made as fast as possible while minimizing additional investment into the building.  In both scenarios, you are dealing with individual franchisee/business owner, so it's as important to focus on that person as it is the brand and the use.  Which one do you want to walk past every day for the next ten years?  UPS does seem more compatible with your specific use, and would brand your building very professionally but comes as considerable opportunity cost.  Typically pet supply stores are found in retail strips (at least in Boston area they are), and some are nice and clean, and some are not, so since you would be the adjacent owner, I'd ask the same question, do you want to be seeing a pet store next to your front door for next ten years?

More important than all this, what does the market want?  What do you think the community wants in this location?  Which use is most compatible with neighboring buildings and the area in general?

Like I said, both scenarios are good problems to have.  Good luck

@Adam Craig seems you have the right plan by making modest aesthetic improvements to get the property into a more attractive, marketable condition so that when potential tenants walk through they are not distracted by the distress etc.  But, I would definitely leave it open and wait to see how the eventual tenant wants to use the space.  Instead of spending the money now, you can offer the money you would have spent to the Tenant in the form of Tenant Improvement dollars and build it into your leasing offer.

@Harvey Cardwell I agree with Bryan's suggestions above, and would simply add that it can't hurt to put a for lease or for sale sign on the road to engage the 19,000 cars driving by each day and hear from them what they believe the highest and best use is for the property.  This will also pique the interest of your neighbors and put you in a position to have more serious conversations about their potential interest in the property.  I think you are wise to see the house as worthless, and focus on the commercial potential of the property.

in my opinion, there are some things you can do yourself like demo, clearing landscaping, and throughout the job you can spot small areas to contribute, but any finish work that'll be visible to buyer should be done with skilled, trained hands.  I have attempted tile jobs in bathroom renovations, kitchen walls, and entryways, and have attempted carpeting areas, and painting jobs, among other finishing touches, and in almost all cases, the slightest imperfections are easily seen and have defeated the purpose of trying to save money by doing the work myself

consider remeasuring the space to see if living area is more than recorded (perhaps property grew over the years), and look for any additional areas like attic/basement that can be finished and included in rentable square footage.  Look for creative opportunities to add a bedroom (window/closet), which would help with rentability.  If not your long term residence, keep upgrades modest and consistent throughout the house

I attended one of the MSRED programs and found the benefits to be that it accelerated my exposure to all areas of the business, and it helped me pivot my career from broker to developer.  The Fordham program you are looking at looks awesome.  It seems like a great primer to some of the key aspects of development and 6 weeks is enough to cover a lot of ground, but short enough that it won't take away from other areas of your life.

1. Real Estate Development Principles and Process REDV-0020
2. Real Estate Development Pro Forma Analysis REDV-0030
3. Real Estate Development Construction Loan Finance REDV-0040
4. Real Estate Development Construction Essentials REDV-0050

Find people who are working in real estate and ask them if you can do an informational interview with them for career research purposes.  Someone once told me, 'appraisers want to be brokers, brokers want to be owners, and owners want to be developers."  While this may be true, each of these professions is not for everyone.  It would be good if you could interview one of each, and you'll probably notice you identify with one more than the others.

Another suggestion is visit your local Town Hall or City Hall to research the permitting process, and then take it one step further and sit in the audience of a Planning Board or Zoning Board meeting.

I'd also recommend volunteering for Habitat for Humanity as much as possible.

Good luck!