All Forum Posts by: Michael Sura

@Chris Cambridge

75% vacant. The old grocery store was 30,000 sf and it is now gone. Besides that it is fully leased

Hello BP community,

I have an interesting deal in front of me 25 miles north of a Major city in the Carolinas. It is a 40,000 sq ft shopping center that has a vacant food lion(recenetly moved out grocery store), a family dollar, chinese food place, papa johns, nail salon and a H&R block. It is fully leased except for the grocery that recently moved out. My plan is to convert the grocery store into smaller suites and lease it all as a typical shopping center effectively chopping the grocery store into smaller sections. My biggest fear is the family dollar moving out when there lease ends in 16 months. There is a stand alone Dollar General right next door. The traffic count is 15,000 cars per day. What research would you do to see if the family dollar is planning to stay? I called the location and the store clerk said there was an "okay" amount of traffic through the store and was currently checking someone out when i called. I am purchasing the place at a discount so that is also to be considered. Estimated day time population is 4500 within a one mile radius and 50,000 withen a 5 mile radius. What do yall think?

Hello all,

I have a question for people with experience in muti-family real estate. In the past year i have acquired two 4-plexes and have really enjoyed the multifamily investments and i would eventually like to buy a small apartment building between 10 and 20 units. How do yall go about managing buildings this size? I have always managed all my own properties but this would be alot to handle alone on top of my other properties with all the leasing, phone calls, repairs etc. Something this size is not big enough to have a full time manager either. There is always the option to hire a property management company but i have only heard negative feedback from people doing that. What have yall done and what do you recommend for managing properties this size?