All Forum Posts by: Joshua Austin

@Joshua Austin

How did you secure a nnn tenant for 10 years at $21/sf? If this is your first move into commercial, you did good. I have been in this space for 5 years and am currently building a 20k sf warehouse for single tenant. I should be done around Q3 2023. It’s a spec build and have it marketed for $14/sf nnn or buy at 5.5. I would love to find out how you secured a $21/sf nnn tenant for 10 years. Well done. 

@Joshua Austin

How did you secure a nnn tenant for 10 years at $21/sf? If this is your first move into commercial, you did good. I have been in this space for 5 years and am currently building a 20k sf warehouse for single tenant. I should be done around Q3 2023. It’s a spec build and have it marketed for $14/sf nnn or buy at 5.5. I would love to find out how you secured a $21/sf nnn tenant for 10 years. Well done. 

What kind of financing did you arrange?

@Joshua Austin

You are getting $21/sf?!

Dayummm! How long is the lease? 

Commercial is a wide range of products.  Bowling alley, parking lot, Medical offices, Self storage, warehouses, MFH (move up in doors), Subdivisions, etc.

A. Since your just starting, recommend you start from your Strengths. Reading your profile. Deacon, Father of 3 girls, Longshoreman, SFH. You already understand all four of these fields, thus you have credibility in those areas. Commercial is a lot about credibility.

B. Just like you did for SFH start doing deal analysis. Go to Loopnet or Crexi and start picking different types of property and doing deal analysis.

C.  Deacon background- look at new or old church properties, or campgrounds.

D.  Father- dentists, orthodontists, dancing, taekwondo, tumbling, softball, etc.  Office or retail complexes.

E.  Longshoreman- trucking, truck washing, truck parking, offloading/staging, railcar, etc.  Loopnet, 00 80 Hwy Garden City, GA.  What would a Longshoreman see in this property?  Plus they are Nasty,  I hate Triangles and so does everyone else.  Figure out how to make them work.  Truck or container storage.  Property looks low or wet, dig out the corners for ponds and use the fill to make rectangular property. 

F. SFH or MFH- subdivisions, see my post on Journeys End or Silver Lake. Don't do the houses, do the lots. Take a junk piece of ground and make it beautiful. LoopNet 00 Staley Ave, Savannah, GA. 5.5 acres $550,000 pre-approved for 17 SFH. We are charging $100,000 to $130,000 for 2 acres in the middle of the countryside. How much would 17 lots in Savannah go for? What is your development cost? Or get rezoned so you can do Boat and RV storage. Its next to a vehicle storage area already. Lay some engineering fabric down and some oyster shell if they allow and you're in business.

Always look for nasty properties and figure out to add value.  Everyone else is looking for good properties they can visualize.