All Forum Posts by: David Jones

Hi All,

I am currently interested in purchasing a property and I am looking for some possible ideas of what to put it the building.

It is a 4500 square foot cape style building that was previously a medical office building.  The 1st floor consists of 8 treatment rooms all with sinks, 3 offices, 2 bathrooms and 2 reception areas. The lower level has 2 separate offices areas. The 1st consists of 6 offices, a bathroom and reception area. The 2nd has 2 offices and 2 bathrooms , There is also an unfinished 2nd level with an area plumbed for a bathroom for future expansion. I was thinking of potentially trying to put some type of elderly care facility or day care facility for the elderly, as there is already wheel chair ramps built along with the bathrooms outfitted.

I am looking for some other ideas that may not require as much permitting, zoning,etc. but something that will cash flow well. I am even open to approaching some businesses or already established nursing homes that would just want to run their business and rent the building.

Thank you in advance for your suggestions.

Hi,

I appreciate all of your input and you all make many great points. I would like to sell and sit on the money because as you said and agree with I would be paying a premium for a commercial property at this time. But in doing so I will get taxed like crazy. 

John, you are correct in saying thst any investor would stay clear of this property, but this house would be desirable for owner occupied as it is a side by side duplex with two driveways porches and a small yard. 

I may just test the market and put it on for a high price and see if I get it. If not not borrow against it and keep it. 

Thanks again for your input if you have any other ideas let me know

Hello everyone,

         Im interested in some opinions from experienced investors and will explain my current scenario. I recently sold my first two family and profited about $40k on it and I have that money saved. I own another two family that I bought two years ago for $135,000 and under todays current market have been told by multiple realtors that I can sell it for close to 225,000-230,000.  My current rents are $850 and $800, it cash flows about $450 a month. 

I have potential to put  college kids in there and it will cash flow about $1500 a month(rents would go

Up to $1650 per side), or should i unload the house for roughly $220,000, after closing costs and mortgage payoff walk away with roughly $105,000 then sit on the money for some time or upgrade to a commercial property which is what I want next. 

Please let me know what you guys think.

Thank you

I'm sure there is other forums on this topic but I am looking for specific places where I can find large 4+ unit buildings for sale in Massachusetts. I look on Loopnet and have access to MLS but I wasnt sure if there was a better website or tactic for finding those kind of properties. Thanks for any advice

not a bad idea I never thought of that, but do you think the bank during the approval would accept that?

Hello Everyone,
I have a few questions and need some direction, all answers and advice are much appreciated. I just bought my first two family in May of 2013. I did an owner occupied FHA mortgage. I am looking to purchase another two family on the same street but I am now facing the challenge of coming up with 20% down because it will be tough to qualify through an owner occupied. I have close to 15 grand saved, but I would like to know what are my best options in purchasing my next property. How can I get ahold of more capital to put down without putting 10 grand into my account and the bank questioning where I got it from. I am also starting to feel like i want my own single family home, but if i buy another two family will I be capped out mortgage wise only making 80K a year.
My first mortgage is for 135,000 collecting 800/month for one unit.

Thank you

Hi, I am new to investing and just have a quick question. I was wondering if building an elderly housing complex was financially worth it. This is something I would like to own further down the road and was also wondering if there is any special type of government funding to build these, perhaps if you plan on making it low income living. I would like to hear about any exerience and input, thank you.