All Forum Posts by: Matt Henry

Garrett, I would recommend talking to a good retail broker. They will help you determine if the site would work for Starbucks and then would know exactly who to call. With that said Starbucks LOI/Leases can be tricky to navigate and a good broker will have had done several deals with them already.

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Chris thanks for hosting. Great meeting everyone lastnight.

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In the Carolinas we are seeing the Tenant reps asking (and getting) 4% for bigger national tenants like Chipotle, Starbucks, Aspen Dental etc. When listing we set a minimum 3% for the listing broker and 6% total. If the tenant rep doesnt like 3% we let them talk with the Landlord directly and state their case for why they should get more.

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Scott, have you talked to the owner yet? You dont need to dive right into the price discussion straight away. Maybe start with why they are selling and see where the conversation goes from their.

If that goes well I would track down a good retail broker and get their take before you get serious on a contract.

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.23 acres might be too small but some of the smaller oil change guys might take a look at it. They are active in the Carolinas.

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Agreed with everyone above. Preleasing is key when it comes to retail. Building commercial on spec can be very risky. Like mentioned before national retailers want their prototype and will sometimes pay more to get it.

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Originally posted by @John Patterson:

Originally posted by @Brent Zande:

John yes right now I think the fringe areas are at a peak for appreciation and yes we would all look like geniuses if we bought our portfolios in 2011-2012. That said I think there are flip opportunities in the outskirts and if you go a little bigger, there are some 10 unit or 20 unit deals in the outskirts that have upside longterm because of their current condition. Your triplex sounds like it is priced for tear down more than salvation, if it is in the heart of CLT then its highest value may be a new build, just depends where it is. We have not held anything as a long term rental in the last 2 years, one AirBNB being the exception, the yields just have not been good enough to sit on them when the market is so hot to turn them loose. The institutional investors have switched to buying land and building new for their portfolios which tells me that they see a drop coming and are not placing capital until it does but they need to keep staff and deploy some money so their investors do not get mad that they are holding too much cash. There will be a better time to buy long term than now in CLT but it is a good place to flip if you can find the deals.

Yeah, there certainly seems to be tons of new developments and MF complexes all over. What do you think will cause the next housing price drop in Charlotte area? I really just want to acquire my first rental but i'm scared to buy at the 'peak' -- but I suppose if the deal is good enough it wont matter long term.

BUMP! :)

Been thinking the same thing about all the new class A product coming online.

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Laura, thanks for reaching out. We currently do not have any single family rentals. Where did you see that we did?

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Welcome JT. I have some experience in real estate and like you I am finding Charlotte might be a tough nut to crack. Stay vigilant.

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All Forum Posts by: Matt Henry

Matt Henry has started 1 posts and replied 15 times.

Post: Recommendation for multi family analysis

Post: Commercial Lot - How do I get a Starbucks to be our Tenant?

Post: Charlotte, NC REI Networking Meetup - Tues. May 7th

Post: Commercial Buy Side Commission

Post: Urgent care site development/leasing

Post: Inherited small commercial lot, not sure what to do with it.

Post: Pre Leased Strip Mall Development

Post: Thoughts on Investing in Charlotte NC/ Greater Charlotte Area

Post: Motivated Novice Interested in Multifamily Rental Properties

Post: Motivated Novice Interested in Multifamily Rental Properties