All Forum Posts by: Mika M.

 Is that the right question to ask though? Would think the right question is - will it be worth $6M+ once we sign a tenant or two and bring it to even 30-40% stabilized.

Hi Kathie, that would be great. As of now at least it looks like we're planning to keep it. Would love to talk to your friend in Durham. Will DM you.

Closed on 93k sqft last week in downtown Fayetteville, NC and was approached with a higher offer ($4M) after closing. Not sure how to proceed.

Used to be a Sears retail space, then converted into a 3 story office space. The seller automated his business and has downsized from the entire building to needing just a lease-back of 5800 sqft at $15 NNN. We have another tenant that's likely to sign in the next week for another 11k sqft at $15 NNN. Both first floor, non-retail side.

Property perks:

- Opportunity Zone (doesn't help me though)

- Next door to new baseball stadium (can see the field from 3rd floor windows) and some new office space developed next to it

- New 300 unit multi just broke ground next door

- Part of Fayetteville's new downtown social district (open container until 10pm)

Two options:

1. Take the modest, but quick win and take the offer.

2. Convert the street-facing space back to retail and try to secure an anchor tenant. Lease out the 2nd and 3rd floors (~27k sqft each) as either office or possibly convert to something else. Open to ideas. The ceilings are high, so there is some room for options I think.

I should clarify that this is the first non-residential/multi-family project that my partner and I have taken on, so it's possible the inexperience is making me want to consider the offer. A follow-on question: if you were entering this asset class as mostly a novice and didn't want to make too many costly errors, what resources would you invest in? I'm even thinking to finding a consultant with experience doing conversions to help us decide on best steps forward.

 Agree - I've had mixed results using Upwork in the past for professional services outside of the tech space.

Is there a category of professional that I should be looking for on here?

I've got a signed LOI on a high 7-figure multifamily deal. All of my previous deals have been significantly smaller.

While I'm confident about the deal and about my due diligence process, I'd like to make 100% sure I'm not missing anything and get a second pair of eyes on his accounting and to take a deeper dive into his books, to make sure the NOI is correct.

Are there professional services that I can bring in for this? I imagine I could pay an accountant to audit their books, but ideally I'd want to have someone specialized do this if such a professional exists.

Thanks - could you explain what do you mean by ‘value-add’ deals? 

Thanks - what do you mean by war-zone. As in highly competitive markets? Curious if you consider major cities (Houston, Austin are examples) as too competitive to find deals in?

Thanks. Would you consider multi-family apartments as commercial?

Thanks Chase, that's super helpful. I'll grab those books.

Fairly new investor here with some capital, coming from Houston. I'm interested in doing a deal for a multi-family property with up to $500,000 down. I listen to the BP Podcasts and it seems most on there are targeting high yield properties with 2%+ monthly rents. My question is, do deals like that exist in/around Houston? 

Where does one good for high yield plays in Houston?