All Forum Posts by: Bryan Snyder
Bryan Snyder has started 7 posts and replied 30 times.
Post: Is there a lender that anyone can recommend?
- Posts 34
- Votes 3
The property is currently bank owned. I think that if I had to go more than 20% I would have to consider other options.
Post: Is there a lender that anyone can recommend?
- Posts 34
- Votes 3
It is a retail location with an established long term tenant.
Looking to hold for the long term.
Post: Is there a lender that anyone can recommend?
- Posts 34
- Votes 3
Thanks for the quick reply. I should have been more clear. I do not know for sure if repairs are needed, I just wanted to be able to keep a reserve for rainy days.
The property APPEARS to be in good shape but until I get a building inspection done I can't say. The current tenant reports no known problems.
Post: Is there a lender that anyone can recommend?
- Posts 34
- Votes 3
There is a property I am interested in. It's a small piece of commercial property in my town. I REALLY like to deal with my local credit union for everything I can as their rates and customer service is fantastic. They are quite stringent with commercial and investment property loans.
If I can find a lender than will require less than 20% down I want to take this to the next step by getting a building inspection and making an offer if the inspection is good.
I can make the 20% down but don't want to tie up that much if I don't have to so I have some mad money for improvements/repairs.
Is there a lender that anyone can suggest? My credit is good so I don't think that will be an issue.
Thanks
Post: Once you decided what a property is worth, how hard do you lowball them?
- Posts 34
- Votes 3
Just curious really. Once you determined you want to buy the property and have an idea of it's real worth, how much under will you offer just to see if they will take it? How successful have you been with it?
Do you often counter offer if they refuse or stick to your guns and see if they come crawling back?
Post: How do you avoid so many credit inquiries?
- Posts 34
- Votes 3
Originally posted by Bryan Hancock:
I wasn't aware that one could have the inquires removed? Who does this and what is the average cost?
Thanks
Post: Awkward first visit
- Posts 34
- Votes 3
DO NOT GO IN. Depending on the age of the kids, CPS should may have been called. What were the approx ages of the kids?
I worked for CPS in my county and it is not uncommon for parents to use their kids to answer the door so as to not deal with other "issues".
Post: Give me your thoughts on this property...
- Posts 34
- Votes 3
Originally posted by Joel Owens:
If it is an older building and you are responsible to maintain it and pay taxes it could kill your future cash flow.The point that it is priced that low but has been on the market for a year is a bad sign.
If the numbers are solid and the price is low it shouldn't have been on the market that long.
So for almost 6,000 sq ft of space they pay 1,500 a month?? That would be unheard of where I am at but your are is probably different.
Is the property located on a high traffic corner or near one?? You could demo the building and sell the lot to a corporate company for big money.
Walgreens and CVS will pay about 1 million to 1.2 million for a 1.5 to 2 acre corner location.
If you take the gross income of 18,000 and take away expenses of taxes,ongoing repairs,etc. and you self manage you might be at say 10,000 NOI.10 CAP value would be 100,000k on resale.Take away resale costs and there is not much equity upside in this deal at all.
How much is the current rent under market??Anytime you can improve rent and the cash flow you can improve the sale price upon exit.
So you have the land and the building and multiple exit strategies.Again would have to be there and see it to properly evaluate the deal.
Good luck
Business is on a low traffic corner in a town of about 15000. I imagine that has alot to do with it. It is ideal building and location for the type of business in there but a bad spot for a business that would survive on soccer-mom business.
Thanks for the feedback.
Post: Give me your thoughts on this property...
- Posts 34
- Votes 3
Originally posted by Joel Owens:
That would only be 3.67 a sq ft. Industrial and Warehouse space can sometimes tread around that or higher for really large shell spaces but what you are talking about sounds way under market for the rent being charged.
I don't know your area so couldn't give a yae or nay on the deal.
The 2nd story part is about 6-700sqft. It is a retail business that does walk in and delivery of equipment and supplies. Are you saying that the rent seems to be under the norm? 6 months ago, the rent was $1250.
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