All Forum Posts by: Justin S.

it is zoned commercial.  the area is a nice area with the gas station being a brand new Sunoco Station/convenient store.   I was planning on renting out the houses and holding long term.  The gas station is on the corner lot and we are directly next door .  If something anything larger than the station wanted to be there they would have to purchase my lot.  I know that speculative but its definitely in the back of my mind. 

They have accepted 110,000 and it appraised for 130,000.  It doesn't cash flow great but I think it will be a good long term play. 

How do you guys feel about purchasing based on appreciation?

Its two single family homes on one lot and a second vacant lot  

how do I test for that?

Ben

I appreciate the feedback.  I agree with your thoughts on a partner.  I also agree that hard money will be cheaper.  

I have a meeting with my lender tomorrow.  Im definitely going to find out about the Refi requirements. 

Thank you for the offer on the contract

Justin

Should I have any health concerns or resale concerns about buying next to a gas station?

Probably doesn't help right now but once I hit  5 units I went commercial with all of my loans and pulling money out is so much easier than residential.  (at least in my experience)

I have not used any money out of my pocket for down payments and repairs on my last two purchases which I closed on 3 months apart.  

I would look for a smaller local bank as opposed to the Big Guys.    

sounds like you paid the right price to me! 

Positive Cash flow is positive cash flow

I currently own 18 units in Upstate NY and am running out of capital to invest in my next MF property.  I've never used a partner before and am honestly a little hesitant.  I like to have control and do not want to feel the pressure of having a partner.  I don't mind the pressure on myself but bringing someone else into the risk is what is holding me back

I'm wondering if I should look for an equity partner or if just going hard money is the better way to go? 

Also, what would a good split be if I am willing to manage it and split repair costs?

What ROI is decent for hard money?

Any suggestions would be greatly appreciated.

Thanks,

JS