OfflineI found a great 3 office/1 floor bldg and I finally got the nerve to pick up the phone and call both owners (divorced) and their attorney as well. The ex-wife is willing to assist finance her 50% share of the property and when I spoke to the Mr. he was shocked!! But is willing to cooperate if the price is right.
Details:
3 offices in 1 dwelling, parking for 29 cars,needs at repairs between $25k-$35k, and the asking price was $900k 4 years ago. Asking price is $500k.
The location is a great vicinity in central Florida that is 1 mile from a major hospital and highways, very busy vicinity with offices all around.
Do you have any commercial buyers? The owner also offered me a residential 4bed/2bath as well located across the street from the commercial bldg. I will be looking at both this week.
Thanks
Liz Lyn
~ What you get by achieving your goals is not as important as what you become by achieving your goals. ~ Zig Zigler
~ You have to set goals that are almost out of reach. If you set a goal that is attainable without much work or thought, you are stuck with something below your true talent and potential.~ Steve Garvey
~ I am strong, vigorous, and very courageous. I am not afraid neither am I dismayed, for the Lord my God is with me wherever I go. Joshua 1:9
give advice on a property that I cannot see; but, being that I invest on the I-4 corridor, I would be skeptical in regards as to the asking price is a fair one. What is the square footage of this property? Who said it was worth 900K 4 years ago? How did you come up with the repairs values? Be careful when dealing with divorced couples and their lawyers as their are a lot of financial crosscurrents in valuation of real estate.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
When dealing with commercial properties, things are a bit different than with a SFR...
The purchase price is only part of the whole picture. The main thing you need to fnd out is the Cap Rate (net operating income divided by your purchase price); what are the monthly operating expenses, what are the rents, how many are vacant; what is the lease term on the ones rented...
wishing you success,
Valerie
Valerie
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