All Forum Posts by: Mike Enzwiler

I am looking to sell my commercial warehouse here in NC.  I have owned it for 19 years but have refinanced it a couple of times over that period.  So, being that the amount of depreciation I take or have taken effects my tax bill, how do I calculate this?   Does the depreciation schedule start over when I refinanced or does it just continue since my original purchase?  What other factors do I need to consider?  

Thanks for your help,    Mike 

FYI- The building is 10,000sq ft portion of a 15,000sq ft building.  My portion (10K sq ft) is broken up into 3 flex space units (5000, 2500 and 2500).  All units have long term leases and generate $7300/mo   Taxes are $8800/year.   Expenses are insurance,water and landscape ($4K/yr).  New warehouses in the park are getting $120sq ft.  I want $90sq ft.  I have don't have a realtor nor am I looking to use one for this.  Also, it's not listed anywhere.  

Time to ramp up the BRRR train I guess.

Michael Shoniker Yes, that's where I'm at as well. Curtis Waters hit it right on. Anything I see over 1.3% is gone fast.

Is it me or does the 2% rule seem to be harder than ever to find in Charlotte and the surrounding areas with regards to dups, tri and quads. Tell me if you see it differently but ... MLS listing are closer to 1% with an occasional 1.35%. Most surrounding areas are hanging around 1%. Potentials that are over 1.5% have crushing capex items on the horizon and other red flags. I hadn't planned on going down the BRRR route but that looks like the best option. Please tell me it isn't so and that you've had success with these properties that seem to elude me. Excited to be wrong in this!

 No, not my first one but first in that area and first opportunity to use BP before I buy.   The property is about 25 minutes from me.  

@Joe Splitrock

Thank you. Yes, many things to consider other than just what I gave you. I appreciate the insight. You're right, I don't think they are great. After listening to lots of BP podcasts I am determined to scrutinize my REI deals even further to do all I can to cover myself. #2 is newer but #1 has been fully updated so it's a close call. #2 is closer to the city center as well as slightly bigger and next to a good school so that does have an advantage over #1 which is further out of town.

Would love some feedback to help in the buying process.  I've got 2 duplexes I'm trying to decide from and I'm somewhat stuck.  

Dup #1   small town but very stable area.  all brick 2bd 1ba per side  built in the 80s but recently updated with all the capex hot buttons (roof, hvac,plumbing, water heaters, windows) well and septic price- 100K   Rents $1125/mo total for both sides.   Rent is slightly below market as others go for $600-650 per side.  only bills are $1000 in taxes and $700 for insurance   Current tenants in until late this year (Sept and Nov. 

Or 

Dup #2  Same area all brick 2bd 1 ba per side built in the 2000s.  Possible HVAC on one side in the next 5 but everything looks good.  Rents are $1100 but on the low side.  Taxes are $1200  ins. is 870.  public water and sewer. Price $105k.   Current tenants have 4 and 8 months left.  

Not really much of a difference between the two.  I'm happy to expand the details on either one.   I don't think they are GREAT deals but they seem pretty solid.   I'm hesitant because they are not GREAT deals and so I ask... are they good enough (very subjective question, I know). 

I look forward to hearing what you have to say. 

Mike

Nice to meet you. That sounds good to me. Let me know when is a good time and we can try to meet up.

Hello everyone!  I'm very excited to be a part of BP.  Lots of great people and great info here and I have no idea why it took me so long to get on board.   I'm a buy/hold/rentrepeneur looking to grow.  Small apartments, duplexes, Tris, Quads in the NC & SC area are my main area of interest (although most of my experience comes from commercial rentals).  

I look forward to meeting new colleagues and wish everyone all the best in their RE endveavors... 2016 is gonna be a great year! 

Total newbie question here. If I purchase a property with cash. Say a duplex for $80k and I wish to refinance it into a long term traditional loan.... How long do I have to wait to refi it? And how will the bank determine its value? Thank you for your help.