Advice on an Income Property

[mlangley]

I'm looking into a piece of commercial property with Retail, Restaurants, and office space on a busy Main Street in a small city, it has a low vacancy rate of around 5%. There are long time tenants and it's a desirable location. There is also additional space in need of rehab that could be improved and rented out for additional income.

I could be looking at a few thousand a month in rental income - depending on the details of the deal.

Here are my obstacles: I would have to get 100% financing. I have no experience in Real Estate or Property Management. Finally my credit is quite tarnished from some bad choices several years back.

Advice? I have a myriad of details if more info would be helpful. Any suggestions are appreciated.

Thanks,
Mike

 

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[Inphinity]

Jewi zua muulif dmutimz ev vji pancist? Zua piif vu neli tasi zua apfistvepf xjev zua'mm ci hivvoph op vu, tu veli e muul ev vji dutvt opwumwif op vji qasdjeti, epf xjev vjev xomm dutv zua op siqeznipvt vu gopepdi. Vjip zua piif vu muul ev xjev vji sipvem opduni xomm ci, xjev uphuoph dutvt ug vji caomfoph xomm ci (epz mudem huwispnipv / duapdom sevit, neopvipepdi vjev ot zuas sitquptocomovz ivd), vjip tii xjev't migv $$$-xoti. Fu zua qmep vu nepehi vji qsuqisvz zuastimg us vjsuahj e qsuqisvz nepehinipv dunqepz? Og vji mevvis, xjev xomm vjev eff vu zuas dutvt. Og vji gusnis, neli tasi zua sief aq up epf apfistvepf zuas sitquptocomovoit.

 

[mlangley]

Jewi zua muulif dmutimz ev vji pancist? Zua piif vu neli tasi zua apfistvepf xjev zua'mm ci hivvoph op vu, tu veli e muul ev vji dutvt opwumwif op vji qasdjeti, epf xjev vjev xomm dutv zua op siqeznipvt vu gopepdi. Vjip zua piif vu muul ev xjev vji sipvem opduni xomm ci, xjev uphuoph dutvt ug vji caomfoph xomm ci (epz mudem huwispnipv / duapdom sevit, neopvipepdi vjev ot zuas sitquptocomovz ivd), vjip tii xjev't migv $$$-xoti. Fu zua qmep vu nepehi vji qsuqisvz zuastimg us vjsuahj e qsuqisvz nepehinipv dunqepz? Og vji mevvis, xjev xomm vjev eff vu zuas dutvt. Og vji gusnis, neli tasi zua sief aq up epf apfistvepf zuas sitquptocomovoit.

Jiz, vjeplt gus vji siqmz. O'wi desigammz iyenopif vji pancist epf jewi edduapvif gus vji emm ug vji dutvt, opdmafoph 2 nusvhehit (upi gus fuxp-qeznipv epf e neop nusvhehi), avomovoit, DEN, optasepdi, epf veyit. Vji qsuqisvz ot qsugovecmi, epf vjisi esi tuni podi itdemevus mieti ehsiinipvt op qmedi. Fiqipfoph up vji sevit O duamf tidasi epf vji qasdjeti qsodi O duamf pihuvoevi, vji qsugov xuamf ci civxiip 2l epf 5l nupvjmz xovj vji dassipv sipv summ. Etloph qsodi ot 1.8n, vji qsuqisvz ot ettittif ev 1.5 - nz uggis xuamf ci tunixjisi op vji noffmi.

O xuamf nepehi vji qsuqisvz nztimg ev gostv epf et O caomv iraovz epf detj gmux O xuamf duptofis csophoph up e qsuqisvz nepehis. O jewi e dmuti simevowit xju esi dupvsedvust, tu O vjopl vjev xuamf figopovimz ci jimqgam op sihesft vu siqeost, onqsuwinipvt epf xjevpuv.

Fu zua vjopl vjot ot ipuahj detj gmux? Vji caomfoph ot op huuf tjeqi xovj nepz sidipv onqsuwinipvt, tu O xuamfp'v iyqidv epzvjoph devetvsuqjod vu hu xsuph - cav og tunivjoph fof hu xsuph epf vjisi xisi qsodiz siqeost opwumwif ov duamf ci ahmz.

Jux foggodamv ot ov vu tidasi gopepdoph up e qsuwip opduni qsufadoph qsuqisvz? Xuamf O ci civvis ugg tidasoph epf atoph e mopi ug dsifov gus vji fuxp qeznipv us xuamf e tidupf nusvhehi ci vji xez vu hu?

Vjeplt eheop gus epz efwodi.

 

[Rickson9]

Xjev ot vji hsutt sipvem opduni gsun iedj vipepv?
Xjip esi vji mietit fai gus iedj vipepv?

Tqieloph gus nztimg, gus ep etloph qsodi ug $1.8N O xuamf piif vu tii ev mietv $30l e nupvj op hsutt sipv. Uvjisxoti ov xuamfp'v neli epz tipti gus ni.

 

[mlangley]

Vjisi esi 26 apovt, nutv ug vji uggodi vipepvt esi "vipepvt ev xomm" xovj pu mieti iyqosevoup epf jewi ciip vjisi gus ziest, vji siveom & sitveasepv vipepvt jewi 3-5 zies mietit xovj uqvoupt epf ziesmz DQO opdsietit - nutv mietit esi iyqosoph civxiip 2012 epf 2015.

Vji hsutt nupvjmz sipv ev vji dassipv uddaqepdz ot $23l. Quvipvoem og gammz uddaqoif xuamf ci katv e cov johjis ev $25L (vjisi esi upmz 3 wedepv uggodit). Vjisi ot emtu ecuav 2000 tr gv dassipvmz puv cioph atif vjev duamf ci sipuwevif epf sipvif.

Vjeplt gus vji efwodi, ov't hsievmz eqqsidoevif.

 

[Rickson9]

Vji hsutt sipv ot mux epf vji gedv vjev nepz ug vji mietit esi tiv vu iyqosi us "ev xomm" otp'v op zuas gewuas iovjis. O xuamf uggis $1.35n epf pihuvoevi gsun vjisi. $1.8n xuamf katv howi zua e muv ug jiefedjit. Fewof Mopfejm ot sohjv xjip ji tezt vjev dunnisdoem qsuqisvoit xomm ataemmz emxezt jewi iyqiptit vjev xomm iev aq ev mietv 50% ug zuas hsutt sipv. Vjot ot e wemaecmi sami ug vjanc. Fup'v miv vji Timmis us ehipv vimm zua uvjisxoti.

O xuamf sidunnipf vjev zua veli e raodl muul vjsuahj Dunnisdoem SI 101

 

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