To everything - spin spin spin, there is a season - spin spin spin, and a time to every purpose under heaven

Then they are starting to get into trouble.The seasoned brokers and agents know markets cycle over the years.

@David Krulac, If anyone can find that replacement it'll be a seasoned 1031 investor like you.   

Some only insure new buildings and others package investors with group policies for older buildings.Really  is a case by case basis for the property. 

The boat slips are rented seasonally, paid up front, and currently generates $2,000/month (when averaged over the year).Total monthly income: $11,250 ($135,000/year)Expenses run very low, from what we can tell, listed annual expense:RE Taxes :12,000Insurance: $6,500Water + Common Electric: $3,000 (heat and hot water is paid by tenant)Maintenance + Repairs: $2,000Management: $10,000If we do 40% down ($700,000) and finance $1,050,000 @ 4% over 15 years: $93,300.Add for vacancy, misc, etc...  

For buildings older than 60 years old, a masonry building @ $1M should be in the $2500-$4000 range.  

Hello All,I am looking to learn from the experience of the well seasoned investors and educational podcasts on this site.

Sophisticated and seasoned investors interested in equity positions or greater returns on their investments will be interested in what we have going on.  

I found out the owner is an elderly woman and perhaps her children who are also older people.  

I actually will prob do my first deal with a seasoned investor I met there.