All Forum Posts by: Tag Ogren

Hello everyone, Today I looked at an investment building to buy and rent out. It is a 6500' Morton stick building on 1.75 acres. The building has 1500' office area and 5000' warehouse area. All of it if fully insulated and sheeted. HVAC in the office and a pellet stove for the warehouse. Ground and dock level doors. The lot has 200' of interstate frontage and is 5 minutes from the exit. The owner is asking $650,000. There is no realtor so he is very negotiable ( his words ). Currently there is a shortage in building that size in my area and they bring around $9 per foot. I know pre engineered steel buildings hold their value better, but don't know much about Morton Buildings other than they are glorified pole barns. Any input is appreciated, as this is my first purchase of sorts. I've owned a couple houses as primary homes but nothing commercial. Thanks in advance.

Originally posted by @Eric Weireter:

Originally posted by @Tag Ogren:

Originally posted by @Eric Weireter:

Welcome @Tag Ogren ! Commerical real estate is definitely intriguing and where I have my goals set. I highly suggest listening to BP Podcast 238 where Michael Swan discusses his latest acquisitions: using 1031 exchange to turn 8 condos into 7 Multifamily apartment buildings.

 I plan to get into commercial buildings.  Around me they rent for close to $10 per sq foot.  A close friend has a $2m building that rents for $100,000 per year.  Long term leases because it cost around $30k to move all their equipment out.   Only problem is that they are hard to buy.    

$10/sq ft sounds like a NNN lease for a flex/industrial space - at least over here in the Triangle. Is that the same over in the Asheville area?

I earn my W2 income as a commercial Property Manager so I am very well aware of how the inner workings of commercial buildings. I have over 700k sq. ft. in my portfolio (325k Class A Office / 400k Flex/Industrial) here in the Triangle.

 Yes to triple net.  Asheville is a little high. But around the 10,000' to 20,000' buildings are hard to come across.   I rent 4 walls and a roof with a dirt lot and 3 phase power  for $3.50 per foot.  But it's mostly a place to park my trucks and trailers and have a few machines being refurbed.   Cheap but off the beaten path and not visible from a road, my sign can only be seen when the leaves are down.  But we are growing.  

Originally posted by @Eric Weireter:

Welcome @Tag Ogren ! Commerical real estate is definitely intriguing and where I have my goals set. I highly suggest listening to BP Podcast 238 where Michael Swan discusses his latest acquisitions: using 1031 exchange to turn 8 condos into 7 Multifamily apartment buildings.

 I plan to get into commercial buildings.  Around me they rent for close to $10 per sq foot.  A close friend has a $2m building that rents for $100,000 per year.  Long term leases because it cost around $30k to move all their equipment out.   Only problem is that they are hard to buy.    

Hello everyone, My name is Tag Ogren, I live just outside Asheville, North Carolina. I mostly grew up in Norther Illinois but spent a lot of time as a kid in Asheville. My wife and I bought our first home in Illinois in 2010 using awesome first time home buyer tax credits to fund the renovation and our honey moon. In 2015 we moved to Asheville. I started a waste and recycling equipment repair company and have been traveling the country maintaining shredding equipment. We just bought our second home last week. We had rented it for 2 years and got an amazing deal from the landlord to buy. I am looking into fix and flips, rentals, and eventually commercial real estate. I like seeing that a $1million building can bring in $12,000-$15,000 per month. Looking for anyone in the Asheville area to help direct me and bounce ideas off of. I work a full time job for myself now and want to slowly get out of that to pursue real estate full time. Looking forward to talking with everyone soon.

@Debbie Farrell Do most banks give this style loans? I am in the same boat, just starting out. Have some cash but it is capital for my current business (day to day job). Ps sorry for the thread hijack, I couldn't figure out how to DM.

I could be wrong but a real service dog will have permits.  Too many people have a so called service dog but not registered. Could be a fine line to walk.  Good luck. 

My dad had people park in his driveway because it was faster then driving around his property to get back to their house. Police said they couldn't have it towed because someone obviously just parked it there, and it was not an abandoned inoperable vehicle...... so he made it that way. No one uses his driveway anymore and it was 20 years ago.