All Forum Posts by: Melissa S Vrobel

Hi BP community,

I love my neighborhood and have two SFH and my primary there. I found commercial building on LoopNet and want to explore buying it. I read their NOI statement and know that it is not correct. Living there I happen to know several tenants aren't paying and there is no restaurant currently there and hasn't been for years. I am looking for some advice on how to move forward. I have a few commercial realtors that I reached out to, but thought that this community would be great to reach out to as well.

It is over 2M so I am guessing that a small bank won't take it on.  Half of my net worth is in the equity of my two rentals.  The rest is mainly 401k.  I also would be interested in partnering, but not even sure how to start.

Any articles, blogs, info welcome!

Cheers,

Melissa

I would first create a separate account for expenses both Capex and small things (need new faucet, lawn sprinkler, etc.). I would recommend meeting with plumber, electrician, hvac, and handyman and give them a code for jobs under $200. I then print it for the tenant with the required maintenance for the property and who to call.

After that, I would pay down the mortgage.  It is guaranteed savings account that is more difficult to tap.  When you return you may find that you want to live in a different home.

Hi Teresa,

Let me know how I can help.  

Have a good day.

Melissa

Thank you everyone for your input.  Very Helpful!

 Thanks Eliott but I already have long term tenants in other properties.  Not what I want for my primary and I am in a great position that I don't have to have renters.

 Thanks Lauren.  I didn't think about that.  I will look into it.

Thanks for the input Jonn but the home is in Florida not Kentucky. I may get around the STR with living in the home but not interested in that many coming and going.

 Nope