All Forum Posts by: Mark Lucido

I just received my property tax notice for a commercial office/warehouse space I own.  Two years in and they county is raising my valuation $30K.  I've researched the various protest methods and concluded there's a signficant gap between what the county valued my property at and what I valued it at using the income method.  I submitted my appeal and heard back from the reviewer with additional questions regarding my expenses ("seems the expenses are higher than average for comparable properties").  I'm considering supplying them with my inspection report where the inspector noted several components in either "Fair" or "Poor" condition.  My argument is, since the inspector noted "fair" and "poor" condition, this is proof that the property requires greater than average repair expenses.  Do you think I will succeed with this argument?

@Buddy Holmes - that's rather interesting.  Would that apply to MRD's from Inherited IRAs?  Technically I'm nowhere near retirement age but I do take MRDs from a few inherited IRAs I have.

Another question on Charitable contributions. Is there any benefit now to contributing/giving from one of my LLCs vs. personally since it would reduce my Net Income of my LLC? I will most likely be taking the standard deduction now and as a result am considering paying off my personal residence to save on the mortgage interest. But now I have to weigh how to handle my charitable contributions. It seems I can continue giving from my LLCs thus reducing my Net Income reported as it flows through to my personal return.

Oh - and they are baloon notes - so the loan is due in 5 years.

So my lender is a local lender here in Dallas.  Local lenders are more likely to lend to commercial RE investors as opposed to a national chain.  When I went to Chase they pretty much viewed it as a business loan and wanted 2-3 years of returns, etc.  Obviously I didn't have this since I was a new investor so my realtor turned me on to a few bankers that I called.  The guy I work with is great because they do business the old fasioned way - they wanted to meet me face-to-face and build rapport with me before anything else.

Good call @Joseph D. - growing up, my parents owned a body shop so I am very familiar with the Environmental issues automotive can have.  I was looking at acquiring a property not too long ago. Check out my story here:

https://www.biggerpockets.com/blogs/8448/54578-pit...

Hey @Matthew Ladner - 

So I'm not in Mobile but I've been investing in Commercial properties for about two years now. What I've seen in terms of loans have been a 70% LTV with a personal guarantee and a list of my Assets. I got two loans this way even while I was unemployed. If you've got the credit score than you can expect a 4.5% rate on a 20 year amoritization schedule.

Hope this helps.

mark

@Patrick Ellis - can you recommend anyone to replace external commercial lighting?

Thanks

mark