All Forum Posts by: Jeremy Hart

First, I'd get the bank to put in writing, on letterhead, that they wouldn't pursue the Due on Sale clause. I've never seen it enforced, but can't hurt to CYA.

Your other questions are really specific to you ... I'd recommend talking to your attorney AND CPA.

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short of paying the tenants to get out, I don't think so. 

Spoke to a friend who does 203k loans pretty regularly, and he said they're handled on a case-by-case basis. With established, written leases, they can usually get the underwriter to extend the deadline for work to begin after the lease expires. Again, not a blanket rule of thumb, but something to look into.

I'm not a PM, nor am I in the Baltimore area, but I know a fantastic PM here in our area. She started by managing properties, both residential and commercial, for a local developer, and that's since evolved into managing for investors large and small, as well as HOAs. I'd be happy to introduce you by email if you'd like to pick her brain.

Looked at a very similar property last week - concrete foundation on a crawl, newer heat pump, metal roof. In the end, I just couldn't do it. The cash flow per door was a little weaker than what I wanted, and while the area might be improving, it's not clear the path of progress from downtown is going there, and I wasn't comfortable with the risk.

Like @Chris Mason said, if it's a screaming deal all of the above might change, but I just couldn't do it.

Probably depends, as many have said, but I've never had a manager charge an assumption fee. 

Excellent light industrial facility located between Christiansburg and Radford, in Virginia, with two parcels totaling 2.72 acres for sale - one parcel is 1.341 acres with 6083sf building, second parcel is 1.379 acres with no structures. Priced at $375,000. Building on lot 5 is metal with concrete slab with public utilities, and includes multiple storage areas for materials and equipment, as well as additional offices, and reception, and 11 parking spaces. 3-phase electric service, with 220 and 440 panels throughout the manufacturing area, as well as four propane heaters for auxiliary heat. 16' ceiling height, with roll-up. Level topography, with space for additional construction. Property is located along Route 11, between Christiansburg and Radford, with solid sign visibility on the business park masthead, and 8000-10000 daily drivers. Rail is located just a few miles away, in Radford. 

Electric - Appalachian Power
Gas - On-site tank (leased)
Water/Sewer - Montgomery County PSA

Property was formerly a tool and die facility, would easily make a great manufacturing space, overflow storage, gym - any multitude of uses. 

Floor plans and Photos are available here. See a 3D model of the space at 3209BusinessCenter.com.

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Listed with Jeremy Hart and Nest Realty. Licensed to sell real estate in the Commonwealth of Virginia. 

Hi, Bruce - I found the same issue, with deals not cash-flowing quite as I had hoped. We started looking in niche areas of Roanoke and have found some good opportunities. NRV is strong, but if you’re going into it looking for specific cash flow numbers it’s historically tight ... and rents are still kept somewhat low due to how much undergrad rental inventory there is. Happy to talk more about what we’ve found, and learn what’s worked for you!

Located where, Austin J. Cummings ?

Financing? Or cash purchase?