Hello BP Forums
Wanted to use my first post to introduce myself and get input on my current investment:
31 years old from NJ/Philadelphia. Licensed broker in PA/NJ. Currently pursuing CCIM designation. Ultimately want to be involved in commercial real estate, development, and multi family properties.
- Purchased commercial land in 2008, 6.5 acres,18,000 daily traffic, zoned retail/office
- Purchase Price - $575,000 30 yr @ 7% $325,000 mortgage balance
- Refinanced 2012 25 yr @ 6% $190,000 mortgage balance
- Phase 1 and final site plan approved for 30,000 sqft office/retail completed
- Actively listed for sale for $599,000 since 2013
This was my first development project partnered with planned end user. Partner separates from wife, business fails, divorce, files bankruptcy, end of partnership.
Besides the obvious sale of the property, looking for creative ideas for new real estate investments.
A scenario I am considering is purchasing single family property, cash deal to cover monthly expense of commercial land, roughly $1,800 per month.
Properties renting for $1,800 are selling for 170-195k.
Once cash flowing, refi property for down payment on next property and so on.
I've considered paying off commercial land to save monthly expense but with no guarantee of when it will sell, I feel safer with cash in bank or invested into another property that would be easier to dispose of if need be.
Any feedback, comments, or discussion will be much appreciated.
Welcome to BP!!
Have you tried approaching some developers in your area for a JV? You have the land and they build on it and then you share the profits?
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