SPONSORED: GiganticWebsites.com: We Build Sites with THOUSANDS of Unique and Genuinely Useful Articles
30% to 50% Fastlane-exclusive discounts on WordPress-powered websites with everything included: WordPress setup, design, keyword research, article creation and article publishing. Click HERE to claim.Join over 90,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.
Free registration at the forum removes this block.
Man I get this "happy" feeling every time I read about my fellow fastlaners succeeding in their businesses!
Just lease it up. I was already negotiating leases for all the empty space before the close of escrow. An orthodontist and nail salon are in line.
That's awesome bro.
How do you make this cash-flow with 57% occupancy? How do you get financing with 57% occupancy?
That is the beauty of this deal. At 57% occupancy, it pays the mortgage and bills. The lender loved the location. I am close to finalizing the leases on both of the empty spaces. That will all be cash in my pocket each month.
Assuming some cash to make the purchase possible ?
Purchases and sales fall out of contract regularly. Apartment deals and commercial type projects have due diligence periods that give a buyer time to look. One of the properties that I was selling fell out of escrow twice this year. The second time made me think that I was going to need to step out of this purchase or bring in investors to fill the void. Another buyer came along and offered cash to close the apartment. I had to sell at a discount but with no lender, he was able to close the transaction in short order. He almost pulled out at the end which would have been bad news for me. Fortunately, everything closed and the transaction went smoothly.
Thanks Eskil. It was a great meeting. Sounds like you got some information and homework out of it.Congrats on the deal, Steve.
And - it was a pleasure having lunch with you today!
Hey! When can I have lunch with you!
Sent you a pm.
let's sync up sometime soon
I am using a leasing agent that is in the trenches. The "good ol' boys" network works very well in this side of the business.
How much do they charge? I finally have a vacancy after a nine month long eviction.
Our market is decent here as long as you are in a strong area. This property is less than .5 miles from the Esplanade and Biltmore which is the place to be for business. It is a very dense area. There is a lot of large retail in the area but not many little strip malls. I feel that this will be relatively easy to deal with.
They charge a lot. I am paying 6% for the term of the lease. But I budgeted this into the calculations. It is a necessary evil.
Crap, that's what I thought. But, I was expecting more like 8-10%. Damn, I hate waste.
Join Fastlane Insiders.
