All Forum Posts by: Kameron Patterson

Hello BP,

I don't have the specifics of the deal yet so I am looking for general information and tips right now. 

I am looking to lease option a commercial property. The ground floor of the property is currently and has been leased for the past 8 years by a bar (my brothers bar as a matter of fact).  The building is located about 8 miles from a major army base. 

There is a two bedroom apartment above the bar that needs complete renovation. A similar apartment across the street rents for 700 a month. My brothers lease is 750 a month. The building is for sale for $45,000. 

A contractor looked at the unit and estimated $30k in rehab. The building appraises for $87k. 

I'm looking for ideas if I should pursue this investment. I know with a lease option I have the ability to walk away after the designated time. The tricky part is I'm overseas for 9 more months and this would also be my first deal. 

The seller has been trying to sell for a few years. I was thinking I could do some work on the upstairs unit then. When I am able to put the building in my name I could take out the equity to rehab the upstairs unit completely. 

Any thoughts or suggestions? 

Thanks,

Kameron

@Pavel Reyes Valdes 

Everyone feel free to invite anyone. The more the merrier. 

@Raven Parmer @Marina Sud @Pavel Reyes Valdes 

Well let's just shoot for the 21st if Sundays are good. 

@Marina Sud yes in Louisville.  If weekends are best for everyone maybe we can make one work. @Pavel Reyes Valdes 

The 22nd after 5 could work for me. @Pavel Reyes Valdes 

What do you think? @Marina Sud @Raven Parmer @Account Closed ?

@Marina Sud @Pavel Reyes Valdes @Raven Parmer  @Account Closed 

What does your schedule look like?  I'll be in Nashville most of the first week of September and as you know bg wouldn't be too far of a drive if you have free time then. 

@Jon Holdman thanks for the heads up! 

@Jeff Heflin @Nathan Beach you're probably right. I'm in the navy and I'm off from sep 1- oct 20 then I have less than a year before I get out so I'm free pretty much anytime other than the 9-16 as I'm going to Florida to visit my mother. I'm just trying to network and get a better grasp of the market before I get out. 

@Nathan Beach does the 8th work for you? @Jeff Heflin 

@Mark S. 

I've never attended a meeting because I've been in Japan for he past three years so thanks for the heads up.   Are you still good to meet up sometime?

@Paul Timmins 

Thanks for the information I'll definitely look into that.