All Forum Posts by: Ash Patel

I have read a couple commercial RE (non residential) books and didn't think much of them.  You will get a better education by reading posts on this forum.

You can list it for both for free on co-star.

You can call co-star and they will list it for you for free.  Make sure you incentivise the brokers.  I've given free vacations, several thousand dollars etc to someone who brings me a buyer/tenant.

You have no money, little income, no track record and at age 25 probably a very small network of potential investors.  The only thing you can offer is relentless hustle!  Find someone at the top of their game and offer to work for FREE.  Impress the hell out of them and the rewards will follow.  As others have mentioned, get your RE license to prove your passion and work ethic.  Spend ALL of your free time educating yourself, erase the social media apps from your phone and live on BP, podcasts etc.  I have personally seen this type of hustle lead to enormous success.  

Your main problem isn't just that you "don't have much capital to invest".  

Get a copy of the leases. Many NNN leases require landlord to pay the expenses and tenants will pay a pro-rata share each month. Landlords can also be responsible for snow removal, upkeep, landscaping with tenants reimbursing expenses. I like paying the property taxes and insurance myself for all of my properties.

Don't stop, keep moving forward and soliciting advice!  Don't be afraid to make mistakes and learn from them!

What is your development/build out background?  Looks like your slab is in with drains everywhere?  Have you advertised for tenants yet?  You can also try to go steal some high profile tenants from older strips.

We have been in similar situations and I think there is a pretty simple way to find a solution. Fast forward 10/15 years and see what each scenario yields. Try to take into account as many factors as possible, future value of property, total lease payments, NNN expenses and don't forget tax implications for each scenario. A lot of it depends on time frame. If you are getting out in 5 years, a sale leaseback may be great. If you will be around at this location for 15+ years, maybe investing in the ground will pay off.

@Alan Smith - Financing for these types of properties can be quite challenging.  You can forget most big and regional banks.  You may have to get creative but definitely pursue every local lender in the area.  Once you purchase it, see if you can get people at the City level to help you apply for grants.

How much of your own cash will you be putting in for down payment/rehab?  

This sounds very similar to my first property.  My building was about 120 years old needed a lot of work.  I think your numbers are very good.  Hopefully you don't spend the whole 250k on renovations but there are always surprises with old buildings.  Get to know the zoning people and inspectors if possible.  Let them know you are trying to better the community and they will be on your side.  My exit was to sell the building on land contract to the retail tenant.  Total win/win.