All Forum Posts by: Dustin S.

Take a look at mini splits they are very efficient but only heat down to about -15 degrees. If the property is in an area where it doesn't get too cold that may be an option there are also rebates from some power companies to install them.

So first thing is you need to make sure that when you refi it gets recorded as a sale. Then each of you will be responsible for your own gains. IMO ohim requesting half of the appraised value is fair since the appraiser should assess the home in it's as is condition. That being said I think if you were buy him out there is a strong argument for half the appraised value less his share of the closing costs had you sold the property.

So I ended up going with a TSA Transactional Site Assessment. Like a mini phase one. Coat me $1100. My biggest concern with the property is that I will be able to finance it within 2 year to avoid the balloon in the financing.

@Brant Garner typically I am pretty risk adverse my main concern is that I will be able to finance it conventionaly down the road and sell it to another investor.

@Jay Hinrichs I was thinking around $1000 for a Phase I considering the size.

Thank you all for the input. Maybe a little more info is needed. So first off the property is vacant and is a project property I expect to put $70k into fixing it up. Also was built in 1900. I am very sure that the property used to have a boiler and assume an oil tank in the basement. Title shows that at some point it was owned by what looks like Chinese restaurant or similar but don't think it could have been used as an actual reasturant. I talked to one inspector he quoted me $2000 for a phase I. This seemed expensive for the size of the property.

I have a 3000sqft 7 unit apartment building under contract. Do I need a phase I, how much should it cost and what exactly do they look at? Can I use a residential home inspector instead?

@Brian Levredge I appreciate you letting us know about your Chattanooga property but I really would prefer bigger units and for my first commercial property I want to stick with less units rather than more. I have had smaller residential mulits for several years now and I just feel like its a little to big of a jump at the moment to go to 26 units. If you come across anyting else please let me know.  

 I'm looking for B/C class properties 5 to 15 units preferably mostly 2 bed units with pitched roofs in MSAs with good job and population growth purchase price between $400k and $900k and a cap rate of at lease 7%.Markest I am particular interested in are Fresno CA, Bakersfield CA, Chattanooga TN, Minneapolis MN, Des Moines IA

So I am buying my first commercial property. I have been investing in 1-4 unit properties for about 10 years. Now its time to step up to the next level. I am closing on a triplex that I own in 2 weeks and have started my search for a replacement property. I'm looking for B/C class properties 5 to 15 units preferably mostly 2 bed units with pitched roofs in MSAs with good job and population growth purchase price between $400k and $900k and a cap rate of at lease 7%. Also Looking for commercial lenders that would finance this type of property. Any advice or tips would be greatly appreciated. Anything I should watch out for.