All Forum Posts by: John S.

Good point. Being a newbie it is tough to say, but from looking at other listings around town, 8% is the upper end.  I'll ask an agent.  Why I would offer at closer to a 10% is because of the age and condition of the building, which increases the risk overall.

Thanks, Brian. The seller is a broker herself, so hopefully she understands it's just math--nothing personal.

The seller is asking $250k on a 2,500ft commercial building built in the '40s and renovated in the '90s. It needs renovating again.

Good location in a downtown area of a 60,000 pop. city an hour outside of Atlanta.

Based on the renovation bid and expense estimates, I would only offer $85,000.

Will someone take a look at my numbers and see if I'm off somewhere? THANKS!

https://docs.google.com/spreadsheets/d/1mu_rX1lMehzn8qtaYejx-0vU7etn7GyfzzsgIet8pcU/edit?usp=sharing

Hi Marvin, John from Cumming here. Seems like there are a lot of us Atlanta folks here. I wonder when the last Atlanta meet-up was. If it's been a while, we should get one cranking. 

Does it show population growth for Forsyth County, GA in particular? 

I'm no lawyer, and this isn't professional advice of any sort, so assume I'm talking out of my rear end.

That said, it seems to me that an LLC is most helpful when you lose a lawsuit--it doesn't prevent getting sued. And if someone is going to file a lawsuit, they sue everybody--the LLC, your wife, the bank, you, your dog, etc.--hoping it will stick to someone with money. 

I know someone who, through her LLC, is a co-owner in a Delaware Statutory Trust (DST) property and she still got sued. Like my business law professor always said: "You can sue a ham sandwich."

But I understand wanting to have some sort of asset protection, so what if you and the Mrs. re-title everything that is in her name to you? That would essentially make her as judgement proof as the LLC would be. Maybe... again, not a lawyer. Or deed the property to the LLC after closing? Steve Combs' non-legal advice above is probably better than my non-legal advice... Good on you for jumping in!