Thought I`d post on today`s milestone. After a few other properties didn`t work out, I had my first accepted offer on a rental property today. It`s a 5 door retail plaza that I sourced as a pocket listing. Vendor revenue and expense numbers show a 9.1 cap at price offered and cashflows with 100% financing but due diligence starts Monday and we`ll have to see what comes to light. The numbers include provision for property management and maintenance which I intend to do myself (with the exception of snow). Building exterior looks very good (mostly brick with metal facade around roof) and has new pavement and lines. With a few touchups I think the property will look nearly new. Here`s hoping the surprises are minimal.
The journey has just begun and I have many lessons yet to learn. Thanks to all who have posted their wisdom and experiences. You have helped a lot.
The journey has just begun and I have many lessons yet to learn. Thanks to all who have posted their wisdom and experiences. You have helped a lot.
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Shannon Sandquist
