All Forum Posts by: Scott Heinze

Hi BP!

I am currently looking at a mixed use property. 1st floor office/retail. 2nd floor has an apartment (legal). 3rd floor has apt but needs an egress to make it legal. I am in Massachusetts and am curious if anyone has had any experience with adding an egress and how big it has to be in order to be conforming. Cost of project, tips.  Thanks a ton! 

Hi BP!

I am in the process of purchasing a small 12 unit shopping/business center and am shopping for insurance. I have gotten 2 quotes so far. One for 9K and one for $6600. I am located in central Mass. Just curious if anyone has suggestions for companies they use or if $6600 is a decent rate. 

Thanks! 

Thank you everyone for your words of wisdom! I really appreciate it. @David Pierce to answer your questions, It is a B class property. Small town, nothing within 8 miles, only shopping center in the town, Street level there is a nail salon on a 5 yr (uses 2 unit spaces), hair salon on a 3 yr, sushi restaurant 5 yr (uses 2 units), real estate office on a 1 year (been there 15 years) massage parlor 1 yr. UPSTAIRS:  fashion styling retailer M2M, psychiatric office 1 year, OPEN SPACES: 1000 square foot, 5 rooms with receptions area (old dental office), small little single door office (200sq ft), Open space 500sq ft room, electrically fitted for culinary cook kitchen, but could be used for anything. 

I really like the big sign idea. I have heard getting signage is really a pain, but that if you post signs you get a letter saying you will be fined if its not taken down in 30 days, so I guess I have 29 days of free advertising. 

    Again, thank you everyone for your advice! 

Hi BP! I am about to sign P&S on a small 12 unit commercial shopping center and am looking for any tips and tricks for marketing 3 vacant units. The spaces vary is style and size and are on the 2nd floor of the building. I know loopnet is a good spot, but have never used it to market vacancies. I am just curious if anyone has any other methods that have been successful or advice regarding the use of loopnet.

 Thanks in advance!  

-Scott  

Hey Everyone,

   I am currently using 7 Hills Property Management based out of Worcester, MA. They seem professional and we are still in the feeling it out stages. They have automated systems such as an online portal for tenant requests for main/repair and the tenants also have different options to make the monthly payments online. I only have the 3 units right now, and while figuring out how to manage the management company is a learning curve on my end, it is also a learning curve for the tenants. Two of the 3 units are the online payment system. It's only been a couple months, so I am hoping to have all the kinks ironed out and to be running in a way that we can replicate/modify with the next property. 

   As far as other companies go, I can't recall names off the top of my head, but they were just companies that served my area that I got off google. I did't get a quick response or they didn't answer my questions favorable, so crossed them out. 

    I also had a couple phone conversations with a smaller 2 person operation that was recommended to me by another local investor. They were good, but I really liked the automated online source the company I am currently using offered. Time will tell.

Anyone have any other recommendations or central mass investing tips?!

Nathan, thanks for the detailed reply! I'll deff be using this info to help vet different property management companies. 

Hi BP Community,

I am closing on my first investment property (3 unit) this week and have been shopping around for property management. I have talked with a few different companies, but figured I would put the feelers out on BP to see if anyone has a PM company they currently use or have used that they might recommend. Any help is appreciated!

Thanks,

Scott 

Hi BP Community,

     I am closing on my first investment property (3 unit) this week and have been shopping around for property management. I have talked with a few different companies, but figured I would put the feelers out on BP to see if anyone has a PM company they currently use or have used that they might recommend. Any help is appreciated!

Thanks, 

Scott