All Forum Posts by: Jon Sirkin

I am looking at a property, 69,900

2 unit 2 /1.5 rents 725 1/1 over a garage rents for 525.

Says units need updating.

It would cash flow around 600 a month.

At what point is updating both units to expansive. The 2/1 is top of the market here, maybe 600 for the 1/1.

Would this be a deal if you need to update kitchen and bath etc, that would set you back a few couple of years. Just thoughts I know in 2 years gain equity.

Something to jump on?

@Thomas S.

So to reply to all there is no rent control market is 600 to 700. Sqft is all pretty equal, business been there 15 years. I honestly don’t know why they are so low. I figure 410 to 500 was not a major move. I need to review the lease. Then extend. the lease a few years for them. Having them move I don’t want. But there well under current market value.

Thank you every one I appreciate any feedback.

I am purchasing my first mixed use commercial property. Average rents are 6-7 one tenet is 4.  Once lease is up what would be accepted for a lease adjustment in price. would 5 be over the top? 

I have been trying to get into the mobile park business, just missing the down payment to get in. Where are you from? Love to talk if your near Rochester ny 

Jon

@Mike Gruttadaro

I am sorry I missed your message long ago.

Right now still trying to get one, I just don’t have the available cash to get one. So we will see what this year will bring. It is sad that I can get s mortgage but get one for a park that need to be turned around good luck. If you ever get this message someday I would really appreciate some kind of mentor not get my self I trouble.

Still looking

Respectfully

Jonathan sirkin

The market sell off base only begun, I will call 1000-1200 Es who knows , we will will end up but loans are being canceled, this will be worse than 2007. If you are holding on not knowing what to do going to cash it a great option. Then just buy back in. Fear of missing out, holding you back. Cash in a 401 of anything will not be tAxed as long as it stays in”seek professional advice not a tax guy” hate being PC people need to take ownership of things go wrong market goes down, they blame the market they lost all there money. No ever said you couldn’t cash in profits. You own rental properties are you prepared for the economy if 1 or more of your tenets has a job loss. Things can get really ugly. If need buy etf SH is the inverse of the SP500, so you can hedge your long position. But either way things will get really ugly soon. Good luck with this year and the next I hope for a soft landing but not putting my head in the sand hoping all will just magically get better.

@Daniel F. Harb. Then buy SH as a hedge, he 2007 crash did break even till 2014

sorry that from the ROC

Matt. Troy , I live in marion, 20 min east in wayne co.  I am interested let me know if and where the meets will be look forward. 

if you can get a purchase agreement, with the seller to locked it up, that will give you time to get your ducks in a roll,  the agreement, should have a few escapes, to protect yourself incase the due diligence, shows major issues.