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Commercial Real Estate Pro Network

Commercial Real Estate Professionals who work with Investors, Buyers and Sellers of Commercial Real Estate. We discuss todays opportunities, problems & solutions in Commercial Real Estate.
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Now displaying: Page 1
Dec 30, 2016
It happened, our First Deal!   We listened and learned.  We asked questions, listened some more, took notes and did the exercises.  Today, I am happy to report, we bought a 12 unit apartment building. The First Apartment Building In December 2016, we purchased our first 12 unit apartment building.  The property is an older, well maintained two story block building that is not in a flood zone!  The rents are well below market, and we have a strategy in place to increase the rents to market and reduce a couple of expenses to improve the cash flow.   Goldilocks and the four properties This was the fourth property we had under contract, so if you are hunting for a property, don’t give up too soon! The first property we had under contract, the seller sold out from under the listing broker. The second property under contract, our broker walked through, and told us it was a piece of junk, thank you. The third property was a four unit vacation rental with less than two years of rental history.  The deal breaker was financing.  It qualified for residential financing, but got complicated.  A commercial lender offered a quarterly adjustable rate loan, which was no good.  The fourth property was just right.  The Seller had a prior sale fail due to financing.  So, before we made our offer, we engaged a lender and included a commitment letter with our offer.  It helped. If you are looking for your first deal, I’m here to cheer you on.   For more information go to: http://commercialrealestatepronetwork.com darrin@jdarringross.com
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