All Forum Posts by: Seth Lind

Joe,

$5-6/SF seems pretty reasonable for the area, especially if he's letting you sub divide the space.

My concern, as someone on the construction side, would be the potential cost for a build out. I don't know your intentions for the space, or your arrangement with the owner, but a proper build out could involve fire separations from the rest of the facility, HVAC, electrical, fire suppression, etc.  If that's in the plans it could get expensive. 

If you're just planning to occupy a small space in a larger building that's a different story. 

@Quin Weidner, I would be interested in a central valley meet-up.  Please send me a PM when it is organized.

Thanks @Jassem A.

@Jon Behlke and @Kusmayadi Djunaidi, thank you both for your input.  This is very good information.

Many of the properties in my home market that appear to be good deals tend to be in an area I would consider "C-".  Far from inner-city but in the rougher area of town.  

My question for the experienced investors, what would be the downside to investing in these areas if I'm using a property manager?  I've heard investors recommend staying away from these types of properties, but if there is a property manager involved to use as a buffer from tenant issues, why not?  I understand my appreciation would be less than other areas, but if the numbers work to make it cash flow, appreciation isn't my focus.  I would be using a management company that does not charge for filling vacancies so turnover isn't a concern.  

The properties I've been keeping my eye on are staying available much longer than similar properties elsewhere so it appears other investors are staying away.  I'm afraid there must be something else I'm missing.

Thanks for your input.

Matt,

Welcome to BP.  I'm also new to the community and live in Harrisonburg.

Be very careful as you consider student housing here.  A recent housing study showed a student bed surplus that will extend to 2018.  A new potential development was also just announced off of Reservoir.  New developments with amenities (Aspen Heights, Overlook, etc) are picking up a significant portion of the student population.  I'm not saying the condos you're looking at won't rent, but it's worth researching the vacancy trends where you're considering buying.

Good luck.

I am thrilled to have been introduced to Bigger Pockets!  I'm learning the ins and outs of the site and churning through the podcasts while on the road for work.  I also just finished The Book on Rental Property Investing.

I'm excited to begin investing in real estate.  As a construction professional for 13 years I have a unique set of skills that I hope will make me a successful real estate investor.

Please get in touch with me if you are in the Harrisonburg area.  I would love to pick your brain about your experiences in the local market.