All Forum Posts by: Michael Bowie

Yes, I've talked with him. He has been denied twice a couple years ago to rezone his office property to commercial. I believe he said MPC wanted a turn lane. Which my property does have a turn lane in front of. 

MPC has already told the previous owners they would be willing to rezone it for apartment buildings, but Mr. 8521 and I want it to go commercial.

What do you estimate office property would sell per acre for?

Thank you, @Victor Jernigan. I hope I can attend.

Do the principals who own property management software have to have a real estate license also? 

Do the principals who own the company who owns Appfolio or Buildium have to have a license? 

I'm curious how this works with software solutions. 

Victor Jernigan 8509 and 8517 Middlebrooke. Just outside the city limits. Yes, Knox County.

Robert Smith great advice!!

Which do you think is better.... A 30yr mortgage that cash flows? Or A 15yr mortgage that just pays down the loan, but avoids 15 years of interest. Looking forward to your thoughts. MichaelB

Great idea on the controlled burn! I hadn't thought of that. Ok. I'll start reaching out to developers. I'm trying to think of ways of soliciting mom and pops who want to build. There's the commercial MLS. Any other ideas on soliciting potential tenants? Thank, btw! I really appreciate it. I need to hustle for tenants/developers bc I found out the city wants a proposed use instead of just blindly rezoning. We have the best attorney in Knoxville on the case, though.

Cap rate is yearly net operating income dived by purchase price. Net operating income equals gross income minus expenses before debt service. So ($1325-$410) times 12 divided by $110,000 equals 9.98% cap rate. Since I'm on mobile, those numbers were from memory (can't see your post as I type), but you now have the equation.

Joel Owens , Perfect. Thank you. The first acre, closest to the road is flat with three buildings on it (needs to be torn down). Do you know if people will buy the house and have it moved? One is in decent condition. Or possibly sell pieces out as scrap? The rest of the acreage rolls slightly downhill. There are currently utilities on the property. But, thanks for the heads up to check capacity. The existing use is SFR, but it's a part of the one year plan as showing Commercial zoning. It's also part of the sector plan as Mixed Use. This is another plan the city/county has to turn certain neighborhoods into a mix of commercial and residential with shopping centers/restaurants/etc. So, I know the zoning is in the pipeline. Again, thanks for the advice. Anything else you can share is greatly appreciated.

Hi BP, I just signed a contract to buy 1.7ac on a main "artery" (I wouldn't consider it quite a highway) road. It is four acres away from a gas station and McDonald's and a shopping center on the same road. But sandwiched between agricultural zoning. On one side, the owner also wants the rezoning. The other side does not. The 1.7ac currently has an outdated zoning of agriculture. We are working on rezoning the property to commercial which will sell for $200k per acre. A considerable profit. Does anyone have any advice or experience with rezoning property to commercial? I am aware of the standard process, but looking for any additional experience or advice. Thank you! MichaelB

Thank you @Brett Snodgrass! 

What are you invested in?