All Forum Posts by: Jeff Stein

Im am getting more interested in developing some of my open office space into a co-working space to rent out. I see it as a potential house hack for commercial space. Does anyone have experience doing this? Any resources you recommend? I have been researching companies in my area, but they operate on a much larger scale. My space is only 2000sqft located within my 20,000 sqft office space.

Any words of wisdom or things to avoid?

We just purchased a new commercial multi tenant office building. We are putting up a large back lit LED monument sign on the building to gain visibility on a very busy street out front. We have 8 available slots for tenant names, but the building can have approx 16-18 tenants when full. My plan is to have sign rent be an additional $50/month.

For background info: Our tenants are paying approx $11/sqft/yr gross leases now which should be at $13.5 as we sign new tenants. A new name plaque cost approx $350 to make and install.

Curious what other people do to handle situations like this.

@Kevin Auyong

That is incorrect. I used to live in an apartment downtown MKE and we regularly would see 15 month leases.

@Steven PersonsCongrats on taking the first step. Sorry I don't know any wholesalers in the Milwaukee area, but I have used a really good realtor who also invested in rentals. Message me if you are interested.

@Eric Weireter

Thanks for the advice!

Could you provide more information about your question please.

I personally think the best benefit of real estate in comparison to investing in the stock market index funds is the leverage. I would recommend in most situation have a loan for your building. With that said, typically a loan will decrease your passive income on that particular property because some of your income is paying for the loan interest.

HI bigger pocket members!

I am slowly growing my real estate empire. I have an accepted offer in on my first multi story commercial building. It has 3 floors with offices totaling about 20,000 sqft. This will be my first building with an elevator and I want to make sure I have everything covered so I had a few questions.

1. I plan on having an inspection done and will sign a maintenance and inspection contract which covers yearly certifications. Is this smart?

2. The elevator is not currently working and there is a quote for $20,000 to replace the submersible hydraulic pump. Should I be concerned that there are a number of other issues with an older elevator?

Any other elevator advice or wisdom to pace along?

What kind of building is it? Apartment? Mixed use?

Is it currently occupied? I would ask about a rent roll.

Do you know the area well? Has the neighborhood already started to turn over and improve or is this something the city council is hoping will happen over the next 5-10 years.

I would then run my numbers based on the current neighborhood and see if it would work at different price points.

@Bob Anthes

@Justin Wotring put into a self directed IRA and buy rental properties with the money

Just an fyi. Having a self directed IRA means you can not do a back door Roth IRA.

@Joel Owens

I apologize for the confusion. Let me try to clarify.

My 4 unit strip mall has 1 vacancy which I currently have with a broker. I am disappointed with the lack of communication, but they are under contract for another 3 months.

I have different building under contract now 20,000sqft. Office building that is approx 50% leased