All Forum Posts by: Phillip Martz

Are you still looking for mulit-family real estate?  I'm in north Georgia getting ready to sell.

Thanks for advice guys!

so if they've dumped motor oil or antifreeze or something on the property, then when I go to sell it down the road I could get stuck with clean up if the next buyer does the study? I just want to make sure I understand correctly. 

Thanks but I'm really talking about paying cash for it and not getting the phase 1. What's the potential danger if I do this?

I've been hearing alot about phase 1 phase 2 environmental studies. It has me worried about buying shops and garages which is what I want to do. I have an opportunity to bid on a property that was used as an auto shop but it will have to be a cash purchase, so no enviro study required. Is it a bad idea to buy something like that without the study which costs $5-7,000?

Dustin Allen thanks for the reply! I think the building price is fair, not great. If I clear $1000 a month then 12000/225000 is the cap rate, correct? So about 5%. $3000 a month rent would yield an 8% cap rate which is much better.

I have an opportunity to buy direct from the owner a 5000 square foot metal building with an attached 1200 sf office. Less than an acre of land but it's on a highway in a medium sized town, close to town. It was built in the 80's and is not in perfect shape but it's perfectly usable. He wants $225,000 for it. He has a renter paying $2500 a month. It looks like my costs will be around $1500 a month with mortgage and all. Question is, is it worth it? Seems like the asking price is high or the rent is low because $1000 a month seems low. Thoughts?