All Forum Posts by: Adam Craig

 Thanks for the tips. I am probably overthinking it but I've been reading up on fluorescent bulbs and I think you're right LED is the way to go. I initially thought replace everything with can lights but same-day expense might not be worth it since there are already a decent amount of can lights in the office. There are so many bulbs these days do concern yourself with not bright enough or too bright? I assume the ones that say daylight are appropriate

 There are 4 small units which wont be ideal for a lawyer but one large unit with 5 offices and large copy room that would be great for a lawyer/cpa/insurance. The guy who sold me the building had his law firm in there and is retiring. Target rent for the big space is around $1800.

Thanks Karl - this is pretty much the route I take. My previous PM would let 10 days go by without contacting them. The opposite of proactive but it took me 5 years to learn NO property manager is going to give my tenants the same attention that I do - naturally so I guess...

Our rent is due on the 1st and we offer a 3 day grace period. After 3 days a $25 late fee is applied and $10/day after that.

We recently switched off our property manager and we are managing all 32 properties in house. Since then, I have been emailing any tenants that have not paid by the 3rd just giving them a friendly reminder that rent is due or a late fee will be applied.

My question - Is this too proactive? Its only 2-4 tenants a month I need to drop a message to. I know my old PM would never do this probably because the property manager got to keep the late fees so they didnt mind them paying late. I like to keep good communication with my tenants but is this necessary?

Should I be more robotic and let the management software do its work?

Thanks for the tips! I initially thought I would ugrade lighting but when I started to look most offices do have long florescent lights with some can lights mixed in which is pretty much my setup. I will most likely get brighter bulbs and call it a day.

Just closed on 1852 historic office space and we are starting rehab. ITs 4-6 different sized office units that will most likely house businesses like CPA, Attorney, Graphic design. I am going to keep the character but want to brighten it up - it needs it! The plan is to paint,carpet, improve lighting, landscaping, and possibly replace the sign for starters. 

Can you review pictures below and give me your thoughts on 

• 1. The sign.  Should we clean it up with paint and keep it? 
• 2. Lighting - Its florescent lighting - I want to go brighter bulbs for sure but should I upgrade the lights themselves?
• 3. Wall paper - The plan was to remove all of it and paint grey walls with white wainscoting (already there). Most of the wallpaper needs removed its old and stained. But any sense in keeping it where its in good shape? I dont like it but wanted other opinions.

Do you think that is common? I am going to be renting 2 of the 6 units to myself for 2 separate business. If they are going to deduct it I might try to rent one of the units to someone other than me.

I learned from a previous BP question that the 6 unit office building I am buying will likely be appraised using NOI/Average cap rate for the area.

How does the appraiser verify my NOI? Are they just going to look at tax returns on the building or do they want copies of leases/utility bills ect?

Thanks all - I will do my best to make my NOI strong before I refinance. I initially thought after i get a couple tenants I would take it to the bank but now I might wait for full occupancy to get the best value I can

@Caleb Heimsoth

Are you sure every appraiser would value it that way? That would probably be the best wait case for me but I spoke with one commercial lender before I made the purchase and he said they would do a combination approach so they would be looking at some more buildings was my understanding