All Forum Posts by: John Maynard

There is a building in the center of the old downtown portion of my city that is for sale. I haven't looked at it yet, but it's 3 stories and about 5K sqft total. It's going to need a major rehab (I'm assuming electrical work, heating system, remodel interior, etc). Here is where my mind is stuck: I think I can get the building for dirt cheap, the rehab will cost a lot, but the ARV would be huge. Plus, the downtown area is going to be refaced and redesigned which I think will add to the value of the building. Sounds great, but it's a little city. Old manufacturing area that no longer manufactures really. There is a "new" downtown area that people go to more often than the "old" downtown. My idea was to make it a vanilla building, but update it and make it clean to attract tenant(s). What do you think?

Thanks everyone for the words of encouragement and advice! I haven't given up; matter of fact I'm looking at a multi on Monday. 

@Todd Rasmussen I knew it was going to be hard to find the first deal. I'm surprised though when I'm trying to get a deal done with another investor and I'm told that I have to get creative because no one wants to negotiate. I find it strange. I'm in the Upper Valley of New Hampshire-low income and rough, but I know this area very well. Cash flow is king and that's the problem. I run the numbers and of course the selling investor doesn't consider vacancy, maint., or capex....so they make it seem like I'm going to make a decent cash flow when in reality it's nothing.

I’m starting to find it kind of frustrating that trying to find a deal it’s like finding a needle in a haystack. I shouldn’t have to bring in partners to buy a simple multi family. Sometimes I think real estate investors are trying to get other new investors to do creative financing for something that they didn’t have to do creative financing for two years ago. I don’t think I should have to make no money for two years for athree unit.

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I've looked at the property in person and I like the numbers, but I am new to investing so I am hoping the community can verify the numbers on the deal. I put the purchase price at $135K, but the goal is to get it lower than that. Thanks!

I'm looking at a piece of commercial property that used to be a manufacturing facility in the 70's. Is it wise to request a phase 1 environmental assessment before purchase?

I am looking at a commercial property that I hope to have at least $150K in equity in after the initial purchase. Does commercial work the same way as residential? I want to purchase this property, make some easy updates, and cash refinance.

Can I do the BRRRR method in commercial?

Is there a better method?

Thanks!

I am looking at a pair of old buildings, that are currently not used as anything, but I want to use them as a multi-use property. Do I go get a commercial loan or a business loan? Right now it's just buildings but I want to start car/boat storage immediately....hopefully you can see where my brain is going and why I ask the question...thanks everyone!

@Guifre Mora Thank you

I've been networking with my local banks for loans to buy a few multi-unit houses and I keep getting this from the banks: the deed can be in the LLC but the loan has to be in my name. Is this common? I have a small landscaping business I started and I didn't have this issue with banks. I don't like mixing personal and business cash. Thanks!