All Forum Posts by: Tony Gunter

@Alex Grullon

Greetings from ATL/North Georgia.

Target mom and pop multis in areas where the eviction moratorium is being enforced strictly. I think many of them are over being LL’s and will be ready to sell as soon as they have it empty. Find the folks that are motivated to bail out.

@Shankar Sridhar

Atlanta is hot, but nobody can really answer your question because, what’s a deal to you? A deal to you probably isn’t going to look like a deal to me. To find what I’m looking for I’m having to become a wholesaler and find the motivated sellers directly. Deals don’t work for me anymore if anyone else has their fingers in the deal.

I’m vertically integrated in my skill set. Check out my profile and let’s connect. Let me know if I can help.

@Matthew Jones

I’m a GA Registered Forester.

What do you want to know?

Hey BP folks.

I’m looking for feedback from commercial property investors.

I might be able to acquire a small commercial property in a smallish town.

It’s a two story brick square with two narrow store fronts, a shop area on the back side, the upstairs is not known yet. It’s a 1960’s vintage, has parking that might fit 20 cars if done right. 8’ security fencing. It’s right on a 4+1 lane highway on the corner at a stop light. It’s zoned Community Commercial and is part the roads commercial frontage area. A Dollar General is a block down. Approximately 3,250 Sqft per floor (6,500 total). 3,200 Sqft of parking. I feel like I might be able to get this at a 10-12 cap rate.

It’s not in a great part of the smaller town. Growth and improvement is heading that way though. Historic residential areas surround the area behind the commercial frontage on the four lane. It’s not rented now, so obviously an evaluation as an existing income property isn’t possible. Only a dry run on paper based on rents in the area. I think $9/sqft/yr would be the top dollar. $7 is probably more realistic.

Part of it would be great for a plumbers office and shop or another industrial use. I’m most concerned about getting it and keeping it rented. The town has a population of about 40k in a county of about 95K, but is an hours drive to two much larger markets.

Obviously, talking to local commercial RE brokers in the area is SOP. I know though that the existing owner has tried most of the local commercial brokers and has nothing to show for it. It's too small and is just a pain for the local broker. I can place it on the MLS myself, but that's really a joke in my area regarding commercial leases.

I feel like I could make it work, it’s just the finding tenants that has given me pause. This is not totally new to me but would be my first commercial property.

Any thoughts?

Thanks

@Mitchell Johnson

Super. I’m in Canton.

Do you have this posted on Meetup?

@Ceaneh Alexis

You have the correct read on the ATL market I believe. Tough to find anything on the MLS or through wholesalers now IMHO. It's been that way for a while.

@Anish Patel

Probably a smart move.

The danger for newer folks is there typically is little room for error in this market. While “analysis paralysis” is not desirable, neither is a “one and done” venture ending disaster.

Back up and take another stab at it 👍

@Jacob Ellsworth

If the Atlanta/North Georgia area is of interest you let’s connect. We are expected to double in size over the next 20-25 years. Check out my profile to see what I bring to the table. Let’s connect.

@Troy Thomas

Anytime my man.

Sorry if it sounded rough. I’m just direct, to the point, but sometimes my true tact and charm doesn’t come through pecking this stuff out. 😬

Need face to face for that.

Happy to help out in the ATL anytime.

@Troy Thomas

Not to be a smart a$$, but anywhere you can find them. There’s not a ton of existing inventory of these. New construction is a viable option, but zoning has to be a factor. I’m moving to new construction as I feel there are more opportunities there now than fighting for existing units with all the street dogs to see who will overpay.

I can’t comment beyond that in your case because I don’t know what your goals, buying criteria etc. is at this point. Without that information it’s a big like trying to catch smoke with a butterfly net. Focus it down. Like magnifying glass roasting ants in the sun type of focus. That becomes actionable at that point.