All Forum Posts by: Felix Sharpe

Hi everyone,

I'm considering (using the term very loosely) venturing into the commerical real estate market. I came across an abandoned brick building in downtown Louisville that's right across the street from our federal courthouse. 

Not knowing the history of the property, i thought it would make a great law firm or insurance agency. Later found out that the place used to be a strip club that got shut down in 2010 after a raid. 

Regardless, i think the place has potential. I sent a letter to the owner asking to walk through the property. 

This leads me to my question: how do you access the market for commercial real estate? Meaning, how can i determine who the property could be let to and at what price?

I've done this exercise with residential, but it seems altogether different with commerical. Any advice the community could offer would be much appreciated.

Felix

Looking foward to it. Thanks Brett.

I don't know how I missed this one. @Brett K. are you doing another one this month or in January?

Felix

Thank you everyone for the responses. And I did mean "market" Mike. Sorry for the confusion. I can't wait to post pictures and my first success story.

Hello BP,

After several months of searching, my wife and I will finally purchase our first investment property. It is a duplex where the units are about 1500 square feet. The property is a total renovation and won't be tenant ready for about 3 months. My question is, at what point can i start soliciting/marketing the unit (owner-occuping the other)? Does anyone have experience selling a unit that's not completely finished yet?

Thanks

Felix

Minh,

Thanks for the suggestion. Thing is, i don't want to wait until I have 20% equity in property no. 1 to do the next deal. My strategy for property no. 2 is a little different because it will be our family home, not an investment property. So i could do a conventional loan with 5% down. 

As far as investment partnerships, I'd have to defer to a more seasoned investor.

Hello BP,

I am a few days away from finally starting my real estate portfolio with my first deal. I used an FHA backed loan and put down 3.5 percent. The property is a duplex and should produce more than $500/month in cash flow (We will be house hacking for a year). That being said, I'm already thinking of strategies for the next deal. I've used my first time home buyer bullet, so now I need a new strategy. Of course, i could save the cash flow from property no. 1 until I had 20% to put down on property no. 2, but i wanted to hear from the community if there are other suggested strategies.

Thanks,

Felix

Hi everyone,

I'm considering buying a Freddie Mac property that needs renovation. Can someone please offer any insight on what I should be offering in relation to the asking price? I've read about the bidding process and the timeframe to receive offers. Simply put, I'm wondering if I can get this house for $50,000 (or even less) when the asking price is $80,000.  

For background: The property was auctioned in March of last year and has been on the MLS for about a month and a half.

I didn't say it already, but thank you @Clay Smith, @Diane Bartley, @John R. @Ned Carey and of course @Chuck B.. I've already starting using your advice.

Felix

i should be there