All Forum Posts by: Kenneth Garnett

Hi All,

I have a vacancy in an automotive service facility with a half-dozen hydraulic lifts. The previous tenant was a local repair shop business that closed down because the owner is retiring. The property currently has multiple automotive-industry tenants, with this one new vacancy.

I'd like to fill the unit with new tenant operating a national franchise - something like an Aamco, Midas, Maaco, Jiffy Lube, Goodyear, etc.

Are there any brokers out there who provide a "match-making" service for a need like this? Not buying or selling, or interested in running a franchise - just want to fill this vacancy with an appropriate tenant.

Any referrals or advice will be greatly appreciated!

Thanks in advance!!

Hi All,

I have a vacancy in an automotive service facility with a half-dozen hydraulic lifts. The previous tenant was a local repair shop business that closed down because the owner is retiring. The property currently has multiple automotive-industry tenants, with this one new vacancy.

I'd like to fill the unit with new tenant operating a national franchise - something like an Aamco, Midas, Maaco, Jiffy Lube, Goodyear, etc.

Are there any brokers out there who provide a "match-making" service for a need like this? Not buying or selling, or interested in starting a franchise - just want to fill a vacancy with an appropriate tenant.

Any referrals or advice will be greatly appreciated!

Thanks in advance!!

March 19th is the same day as the monthly meeting of the Capital City Wealth Builders REIA.

Interesting - I checked them out and they have great investor programs!

But I'm in northern California. Do you have any insight on companies in our area that offer similar programs?

Thanks!

Just a quick update on this deal...

We now have 90% financing in place for acquisition, rehab, and holding costs. All we need is a $100K cash JV equity partner, in exchange for majority ownership of the project.

A complete executive summary and pro forma showing expected ROI and IRR is available to any interested party.

Please contact me ASAP to learn more.

Thanks!

- Ken Garnett

Hi Everyone,

We have a great joint venture opportunity on an unfinished residential housing development. We have construction financing lined up but need a joint venture partner with cash to acquire the property. We're offering a significant ownership stake in the entire project.

The property is platted for 100-plus homes, fully entitled, and all utilities in-ground for about half the lots. It's in a suburb of a major western city that is currently experiencing good sales on new homes.

The bank holding the non-performing note on the property is willing to let it go for 10 cents on the dollar. The prior developer who defaulted on the note is out of the picture.

The current partner in this deal is a residential housing developer with over 30 years in-depth experience. A local team has been assembled and construction can begin almost immediately upon acquisition of the land.

Needed: $500K cash to acquire the land
Upside: Profit potential of $1.95 million in 18 months

An executive summary and other details available with a signed NC/ND agreement.

Anyone with interest, please contact me ASAP.

Thank you!

- Ken Garnett

Very good point. I am, however, quite confident in that $130K number. We had a contractor with 25 years of multifamily rehab & construction experience walk the property and provide a repair estimate. The roof and parking lot are in very good shape.

Hi everyone,

I have a good joint-venture opportunity on a 24-unit apartment complex in northern California. We need a cash partner to seal the deal. Offering majority ownership in the project. We can do the rehab and the property management to lease it up after repairs.

The property is 87% vacant due to mismanagement and bankruptcy of the owner. Repairs are all cosmetic in nature. The property is under control of a BK court receiver

Purchase price: $900K
Repair estimate: $130K
Holding costs during repair & lease-up: $60K
ARV, based on market occupancy NOI: about $1.7 million

Property is under contract and we need cash to close.

Anyone with interest, please contact me ASAP.

Thank you!

- Ken Garnett

Hi Joshua,

Answers to many of your questions here can be found at the U.S. Census Bureau, 2010 Statistical Abstract of the United States:

Housing Units & Characteristics - Census

There you will find lots of tables of info with data as recent as 2010. For example, in 2008 the estimate is 75,566,000 owner-occupied housing units and 35,843,000 renter-occupied housing units.

Also, for housing costs data, see:

Homeownership & Housing Costs - US Census

Hope this helps!

- Ken G.

Very interesting and useful data. Here's another article that corroborates this info:

http://www.housingwire.com/2010/03/23/home-prices-continue-decline-as-economist-sees-accelerated-double-dip/

The article discusses how recent declines in existing home sales and increases in the excess housing supply portend further price decreases. The article also predicts that the next wave of foreclosures will push the excess supply to 21 months.

- Ken G.