All Forum Posts by: George Hoover

Hi Everyone,

I am excited to announce that I have moved into commercial real estate and property management! We will focus on working with buyers, sellers, lessors, lessees AND those companies that need property management services for their commercial property.

Our niche in the industrial space will be:

• Office buildings
• Retail strip centers
• Medical arts buildings
• Warehouse space
• Certain multi-family apartment buildings

Please reach out to me if you need our services or if you know someone who does. We will service the Greater Cleveland area.

I look forward to hearing from you.

6 Unit Apartment Building For Sale in Cleveland

Great investment property for those that want to venture into commercial real estate.  Here are the specs:

• Sale Price: $269,000
• Address: 4650-4654 Pearl Rd, Cleveland, OH 44109
• All Brick Apartment Building 
• Fully Leased w/ Long-Term Tenants
• Newer Windows 
• Newer Glass Block Windows 
• (6) 2-Bedroom Units
• 6 Individual Storage Units
• Large, paved parking area in rear. Additional street parking also available. 
• Coin-Operated Washers & Dryers 
• 6,963 Total SF 
• Annual Tax: $6,072.04
• Financials available upon request
• Rents are below market rate and expenses could be reduced, so this is a good value-add opportunity
• Cap rate could be above 10%

Let me know if you are seriously interested.

Thank you.

Hi Jason,

Congrats on getting this far!  Great job!  Here are my thoughts:

1. Talk to your banker(s) and run the scenarios by them. Ultimately, they control the money today in your scenario. Talk to a few or more to get different perspectives. It is my experience that most banks are more concerned about the "now" rather than the future. They use the debt coverage ratio formula to determine if your rent will cover your note and then some. The formula is NOI ÷ Debt Service (payments). If you are greater than 1.25, you are in good shape. The higher the better.
2. You should look into buying @Michael Blank 's Syndicated Deal Analyzer Excel spreadsheet.  It runs about $120 but it is fantastic and gives you all sorts of scenarios and numbers to consider.  The formulas are locked in for you.  You'll need to watch his videos on how to use it, but the knowledge is priceless.  http://www.themichaelblank.com

I hope that helps.  Let me know if you need anything else.  And don't get analysis paralysis!

Cheers!

Thanks Jeffrey.  That one has been on my radar.

Jeffrey,

Which PM book did you just finish?  How did you like it?

Thanks

Hi Everyone,

I am excited to announce that I have moved into commercial real estate and property management! We will focus on working with buyers, sellers, lessors, lessees AND those companies that need property management services for their commercial property.

Our niche in the industrial space will be:

• Office buildings
• Retail strip centers
• Medical arts buildings
• Warehouse space
• Certain multi-family apartment buildings

Please reach out to me if you need our services or if you know someone who does. We will service the Greater Cleveland area.

I look forward to hearing from you.

Hi Everyone,

I am excited to announce that I have moved into commercial real estate and property management! We will focus on working with buyers, sellers, lessors, lessees AND those companies that need property management services for their commercial property.

Our niche in the industrial space will be:

• Office buildings
• Retail strip centers
• Medical arts buildings
• Warehouse space
• Certain multi-family apartment buildings

Please reach out to me if you need our services or if you know someone who does. We will service the Greater Cleveland area.

I look forward to hearing from you.

Hi Everyone,

I am excited to announce that I have moved into commercial real estate and property management!  We will focus on working with buyers, sellers, lessors, lessees AND those companies that need property management services for their commercial property.   

Our niche in the industrial space will be:

• Office buildings
• Retail strip centers
• Medical arts buildings
• Warehouse space
• Certain multi-family apartment buildings

Please reach out to me if you need our services or if you know someone who does.  We will service the Greater Cleveland area.

I look forward to hearing from you.

Jeff,

Welcome to the BP world!  I hope you get a lot out of this website and the forum pages.

As far as your question goes, I would agree with @Jeffrey Gagne and @Chris Lopez - talk to your current manager and see what he or she thinks.  It's best to keep the lines of communication open.

Also, just keep being a sponge on the industry.  Maybe try to read a book a month regarding real estate/PM.  

I'm not an expert, but let me know if you have any questions.

All the best!

Adam,

I haven't purchased his course yet, but may do so this year.  However, I have purchased his Syndicated Deal Analyzer and I like it a lot.  It seems very thorough and I need to refer to his videos on how to precisely use parts of it.  

Let me know how it goes with the course.

Thanks