All Forum Posts by: Arthur Banks

@Ramon Jenkins

Ramon, I'm not familiar with this data.

What is New 11, New 12, etc. and 11 vs 3, 12 vs 13?

Thanks!

@Jassem A. Definitely doing due diligence

@John Chapman Good point, I didn't think about it like that. It was mostly larger multi's.

Thanks all.

Did any of you experienced landlords get nervous when you saw a lot of FOR RENT signs in your area when you were first starting out?

I was in an unfamiliar town this past weekend and I saw A LOT of FOR RENT signs along a particular street I was traveling. Made me nervous and I wondered did anyone else get nervous as they began their career in investing.

I think I worded the initial post wrong. She's looking to lease the building which is divided into 19 salons. She would then lease the rooms.

But again, the main purpose of the post was to find a win-win for paying the security deposit.

Thanks for the help!

@Bill Gulley

@Joel Owens

Thanks for the repiles. This building houses and was built out for salons. After talking with her more, the main issue is she's looking for a creative way to come up with the security deposit. The suggestion of a note was brought up. She's been in business for 7 years, I believe, so she's pretty set on marketing to other stylists to fill the vacancies. It was more about offering a win-win to the current owner about the sec. dep.

@Bill Gulley Thanks! I'll pass this on. What other information are you needing in order to further help?

Need a little help here. My sister, a beautician, is looking to take over the existing building where she conducts business. Apparently the owner is non too happy with current manager and is motivated to get a new manager. She's looking to take over but not quite sure how to structure the deal as it is currently not meeting rent and she doesn't have the security deposit. She stated she couldn't do the deal for these reasons and the owner asked her to come up with a proposal. Obviously he's motivated. The current manager is doing nothing to fill vacancy either.

Details that I have thus far:

$6,659.33/mo + utilities ($17/sq ft + CAM + tax + ins)

$500/mo approx current utilities (gas, electric & garbage)

3800 sq foot building

19 rooms + 1 larger room

10 tenants currently

She offered to take over current managing and pay existing rent and utilities. There is a salon in the large room that is moving in upcoming months. With that move, incoming rent will be $4,800/mo. She offered to continue to pay rent at $4,800 - utilities ($4,300) and start marketing to fill vacancies. She requested 6 months to fill vacancy to reach requested rent amount. She presented this to the owner and he said he would discuss with his partner. Sounds motivated to me. My question is, should he reject this offer, I want her to have a counter offer. I know nothing of commercial and am a beginner investor myself, so I'm not strong on creative deals. She's looking for a creative idea to come up with the $6,026 security deposit. I don't know if this is considered actual investing, but thought I'd ask for help here.

@Catherine Corrao co-sign what @Dave Carpenter said. I'd love to hear the details: where/how did you find? How did you acquire? And pics, pics and more pics. I love rehabbing.

Great time, networking, information and location. @Nicole Pettis thanks for organizing. Looking toward to the next meetup. The blog sounds like a great idea.

I'm there.