All Forum Posts by: Priyanshu Adathakkar

@Chris Seveney I agree, it is not cheap! And that is not the end, just a beginning, you'll need funds to set up operations and market it. How much funds do you have for a venture such as this?

For those of you interested in rehabbing properties check out Columbus Land Bank. You can buy run-down properties very cheap but a word of caution, the process is complicated and I do not recommend it! Here is the link

https://public-cbus.epropertyplus.com/landmgmtpub/...

LOL @Jeff Kehl something to consider! Just my 2 cents on strategy I like to use. If it is stabilized and is generating income I would go by CAP rate. The one I mention in this post is newly rehabbed and empty. For these, I would go by comps, just like buying a SF home. For those of you interested in rehabbing properties check out Columbus Land Bank. You can buy run-down properties very cheap but a word of caution, the process is complicated and I do not recommend it! Here is the link

https://public-cbus.epropertyplus.com/landmgmtpub/...

Acceptable CAP rate for multifamily properties in Ohio is as follow: Section 8 or any other subsidized housing is minimum 7.5%. For Market rate properties it is 8.5%. Student housing is minimum 6.5%. A good property that can be easily financed should have a Cash-on-Cash of 10%. Anything beyond these parameters is not a good deal, period!

Unfortunately what I am seeing is out of state buyers (my take: desperate out of state investors) are paying way too much for properties in Ohio driving up prices and bringing down CAP rates here. Biggest culprits? Investors from California! I just saw an investor from CA pay $215,500 for a property that in my opinion was not worth a penny over $60,000. The property was in C area with C construction and did not even come with appliances!!!! No kidding, but just enforces what I am trying to say.

Please, Please, Please speak with a good commercial agent before you put down your dollars. There are plenty of Residential Realtors here who are thrilled at catering to out of state clients and can earn big commissions! 

Just venting, it's your dollars, no skin off my back.  

@Dominic Mendolia I have a property in Columbus Ohio that could be converted to an assisted living facility. I can also sign up a doctor to lease the facility with a buy back agreement. The investment is about 3 million. Lets us talk if you are interested.

Hi Rahul, What are your investment goals/criteria? Maybe I can help.

@Jonathan Wigan are you a new broker with Key Realty? Do not see a license number or any indication that you are a Broker with Key anywhere, except in your profile here? I thought Mike Hall was the Broker?

What criteria do you use to evaluate a hospitality property?

@Jonathan Wigan Interesting post but I am a bit confused, are you talking of NNN leases or Absolute Net properties, as it relates to the Ohio market? I do have plenty of deals if indeed you can help with such properties and would appreciate some answers, I have been doing commercial real estate in Ohio for a few years now but all this is very new to me:

1. What is the typical CAP rate are you seeing for this kind of properties in Ohio?

2. A client of mine has a Family Dollar tenant property but they do not do absolute net leases, they only do double net, there is some management involved. I would love to offer him a Family Dollar property on the line of what you describe, can you send me any such properties? I have a ready bankable client, can close fast.

3. Strip centers and shopping centers: Please share all properties that meet the criteria you describe. I have clients that are well funded and can close fast. Anything up to 14 million. In all my years, I have not seen anything as attractive as this and I am excited, let's put something in contract by the end of the year.

4. 1031: I have a $3 million property in Hilliard ready for a like-kind exchange my client would love to do a 1031 with a property with no management, reliable long-term tenants. 

Please note I am only interested in properties that meet the criteria you describe and not the typical NNN lease properties we normally see in this market.

Look forward to doing business with you.

Pri

Very interesting! Environmental is a must if people especially children will congregate. The city/historical board should be encouraged to allow full inspection if they want to see somebody use as anything else other than an auto repair shop.