San Diego - Thrown Into the Deep End

6 Replies

Due to the unexpected passing of my brother this year and a mother with dementia, the management of the family investment properties is now suddenly in my hands. There is no one else. I have some knowledge of basics in real estate investing, having helped with a couple of 1031 exchanges over the years, and dealing w/residential rentals, but still have a lot a lot a lot to learn, especially about commercial.  

We have 3 main investment properties. A multi-tenant in Indio, CA (5 doors), a retail franchise tenant in Laredo TX, and a Dollar General in North Carolina. The lease on the Dollar General will expire in ~6 months, and it looks like they will be leaving to build a new store. This is my biggest headache right now. The area is very rural. I'm sure many of you have heard this story before. The $4k / month rent will be missed, but it's not catastrophic. I am not optimistic about what the property will be worth though, sale or lease, once DG is gone.  

Anyway, thank you all for sharing your expertise on Bigger Pockets. I am trying to soak up as much as I can as fast as I can. 

Gregg

@Gregg Park If I can help with the Indio property let me know, I live 20 minutes from there, own properties in Indio, and have good contacts with tradesman and contractors.

Thanks for the offers of help, John D. And Jonathan. I'll keep your contact info handy!

Robert, on the possible purchase of the property by Dollar General now that the lease is 8 months out from expiration, I suppose it's worth a shot. I'm not terribly hopeful though. DG seems to have picked out a new location, and this seems to be typical DG way of business. We probably need a good broker in North Carolina at this point.

It's in Columbia NC, on US 64 / Scuppernong. I'm wondering if it is too late to ask them about extending the lease. We don't have official notification from DG that they are leaving. We were told this by our maintenance man, who apparently heard it from the store employees. A lease extension even at a significantly lower rent would be our best option.

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