All Forum Posts by: Richard Corley

I currently have the option to acquire and lease a property in McKinney, TX to a Government agency for 10 years. I am posting this advertisement to see if any local real estate investors were interested in being assigned this opportunity/investment. I am only looking to pass on the opportunity since I am not in close proximity to the city and will be unable to actively manage the property. I have also become very busy on another project.

For the 10,000 sf of office space, rent has been agreed to at ~$335,000 (full service) for 10 years. The building that I have under contract is for ~$2,000,000. Build out cost per the State’s specifications have not been fully confirmed but the rough estimate I have received from a local contractor is ~$650,000.

Please feel free to contact me in you want/need more information!

Location: Crossville, TN

Asking Price: $800,000

Years 1-7 NOI: $54,510

Years 8-10 NOI: $59,797

I have just finished a tenant improvement project in Middle Tennessee for the State of Tennessee, and I am now looking to sell to move on to another opportunity. This building is secured by a new lease with a seven-year commitment from the State, which is rated AAA by Moody’s, Fitch, and S&P.

This lease also has a one 3-year renewal option, which has already been approved and budgeted for with the State’s real estate asset management department. Starting in year 8, the rent will bump up almost 10%.

Again, I am looking to sell in order to acquire another property that is much closer to where I live. This was a great project for a tenant that will be in place for generations, but I would like to continue moving forward with my career by narrowing my geographic criteria.

Since I will need to move fast, I would like to only entertain cash offers, but please reach out if you have a more creative solution.

Please feel free to contact me in you want/need more information!

Hey BP members,

Need advice/guidance on the best lender for my situation. 

I acquired a commercial office property in Tennessee with a 7 year lease commitment from the State of TN government. This is a single tenant building that will be completely occupied by the State . Now that the design process is done, I am needing to build the space out per their construction drawings. The need is for approximately 250k to fully construct the space per their design requirements. Being that the property was acquired for 350k and was appraised for 700k (stabilized value), I believe that a construction loan should be feasible. The conventional bank that I used to acquire the property is unwilling to fund the construction of the space since they have reached the limit on loan to cost. How can I find a bridge lender who is willing to provide a construction loan and be in the second lien position? I have called multiple companies and most either don't do junior loans for such a small amount or want to be in the first lien position.

Any help is greatly appreciated!

Hello,

I am looking for a local Omaha, NE student and/or investor to be a stand-in at a local RE meeting that I can no longer make. This will be on September 19th starting at 10 AM.

Willing to speak more on details if interested. Thanks!

I currently have the option to acquire and lease a property in Charleroi, PA to a State Government agency for 10 years. I am posting this advertisement to see if any members were interested in being assigned this opportunity/investment. I am only looking to pass on the opportunity since I am not in close proximity to the borough and will be unable to actively manage the property. I have also become very busy on another project.

For the 1,300 sf of office space, rent has been agreed to at ~$26,500 for 10 years with two 5 year option terms. The building that I have under contract is for ~$70,000. Build out cost per the State’s specifications have not been fully confirmed but the rough estimate I have received from a local contractor is ~$60,000. There is also a second floor to this building which could be renovated and split into two apartments. My original financial analysis did not account for this value add opportunity.

Please feel free to contact me in you want/need more information!

Thanks Tereal. Do they provide financing for non-owner occupied homes though? I see that this may not be offered.

Hello,

Long time member, first time poster. I am an out of state investor that currently owns four (4) properties within the Detroit city limits. I bought the properties during last year's Wayne County Foreclosure auction without any debt/loan.

Two of the properties have been fixed up with my personal funds and are now both leased. The other two I would like to get fixed up but I am currently low on funds. Are there any local banks that are willing to provide home equity lines/loans for investment/non owner occupied properties? I would like to use the two properties that have been rented as collateral for the loan.

Thank you and I appreciate any and all advice.