All Forum Posts by: Tiffany Colvert

Typically they need 2,000 SF, .5-1 AC. (In high-density markets they can go in a smaller format) Going to work side, with a drive-thru. Franchise driven model so credit will vary. Retail Lease Trac/ ICSC are good places to find contact info or find out what broker in your market represents them. 

Not USACE, but I have done deals with the Social Security Administration. It definitely is more work (paperwork) than a traditional deal, however, they typically make for good quality paying tenants and will do longer (7+ year) leases. Make sure you find a good contact and follow up often. Do what you can to make their job easier and again follow up frequently.

In this case, I always ask for financials, P&L and Balance Sheet. You want to show the tenant you are willing to hear them out, if they have an okay history of paying it may be a better option than them vacating and then having to release the space with new TI $ and brokerage commissions. 

Without seeing their lease there may be a provision to notify of renewal 60-90 days prior to expiration so now may be a good time to start the discussion anyway. You have room to get creative here. Maybe allow the 5-year option but compromise with year 1 at the current rate as a concession and show of good faith and scale up from there. This is a good time to look at the lease and see if there are other provisions you might want to add or take out as the new landlord. Best of luck.

Defenitely relationships. If there is a specific company you want to work with find out who represents them in another state and give them a call. I have had some luck this way. You may end up paying them a referral fee but it is a really good way to get you in the door. 

I agree, go straight to your local planning department. When you plan to build this is who you will need to go through anyway so it is best to get the information directly from them. Many municipalities offer a free pre-development meeting that will walk you through what all your requirements will be as well as give you insights into permitting, costs, and the overall process. 

I agree with the other comments but will add that you should definitely verify the zoning on the two commercial units to ensure you will be able to get good tenants in. You'll also want to limit tenants with a lot of noise or odors. One property I worked on had a restaurant below the apartments and we always had complaints from the residential tenants. Ideally, you might find someone that wants a live/work situation and can occupy both - could be a marketing angle you can take. Best of luck!

Reach out to your local housing authority- they are the ones who will run the Section 8 program. I've owned a duplex and 4plex that we accepted section 8 on. I think it is worth it, guaranteed rent and you are helping people out. The main downside is the required inspections but really not bad at all. 

Hey! I am a CRE broker/investor and my husband owns an RIA firm, you can set up a self-directed IRA with a custodian that allows for real estate investments.

There are some rules you must follow:

1. The investment must be for the benefit of the IRA, not for personal use.
2. You cannot use the property for personal use, such as a vacation home.
3. You cannot purchase a property that you or any of your family members already own.
4. Any income generated from the property must be deposited into the IRA, and all expenses related to the property must be paid for from the IRA.
5. If you use leverage to purchase the property, the IRA must be the borrower, and you cannot personally guarantee the loan.
6. All transactions must be conducted at arm's length, meaning you cannot do business with yourself or any disqualified persons, such as family members.

These can be complicated so definitely work with an advisor to make sure you set it all up correctly. 

Hey Bart! Love the idea of starting with a duplex as a residence/rental. I live in Colorado Springs, just south of Denver. Lots of growth there and in the surrounding cities. 

My best recommendation is NOT to create this yourself. Hire a lawyer to create one, or buy a template if you need to (and then have a lawyer review it) It may cost you upfront but it will be worth it in the long run, especially if it is something you plan to use it over and over.