The key lesson from this video is that tenacity pays off. I can’t imagine how irritated and disappointed I’d be about finding underground tanks or having a crappy appraiser. Very inspiring to never lose sight of the goal and keep going.
Looks good. One of the worst things a customer wants to see is a shopping center that looks like the owner doesn't take care of it. Drive on by. But a little stucco and some paint, and viola looks 100x better. Good work and glad it panned out.
I was waiting for the gas pump results, and now I finally heard them. I don't know why that was the interesting part for me, but it was. When you got to the "They look at the net income" part, I saw the board and thought, "net icome, eh?" The good part about you doing the refinancing on this property before using the capital to do the same on other properties is that your office is at this property. So, you got your location out of the way, before doing it again. Rather than still having to find an office location in the future, and still having to refinance for that property's office location. Your office is included in this refinance. So, you got your office location out the way. That's the good part about it.
That's great. Keep making vids, learning a good amount about investing on properties. Bought my first home 6 months ago and going for a refi in the next month or 2 and will hopefully purchase another property and go from there. I appreciate the knowledge that you share with your viewers.
Good deal! Thanks for including old photos the property looks much better now. On a personal level it would have been nice if the restaurant also got a new deck and overhang for outdoor dining, because I'm not eating inside for the next year or two. Landscaping around a deck would increase the attractiveness of the property. I know it would cost a lot of money to do, but it would be nice.
Nice one. In addition, I think vaccine would be available by the end of the year or by the end of first quarter next year the latest. Now is the time to find good deal and prepare for next year's up turn.
good job and great building. its exciting to watch，this is the kind of building people ususlly say：one building could make you rich and set foundation forward. i brought a 9000 sqft plaza about same time as you did on yours，same price， the roof replace alone costed me $100k. im in Canada.
A grocery store, a Mexican restaurant, a dance studio, a little coffee shop, and a real-estate office. All you need now is a dollar store, and a place that sells over priced hair care products, and you've got yourself a filled up strip mall bingo card. 😂😂😂
Awesome job mark! Office looks great. Nothing better then tax free cash out refi money and still getting great cashflow. Now that you've had the property awhile how do you like commercial real estate compared to residential?
Hi, Mark: Your office looks amazing! Great job. Where did so much of the value add on this deal come from? I know you painted and stucco'd the Mexican restaurant and added an overhang/etc to your office... but what else was done that (presumedly) allowed you to increase the rents to increase the NOI so much? Thanks.
Great movies! My partner and I are going through a similar situation with the bank wanting to use the original purchase price! Any tips on finding a bank that will honor a new appraisal? Keep up the good work!
Congratulations. You have to love having negative cash in an investment even after the improvements. In this interest rate environment and with the pandemic, hopefully you can pick up more large commercial properties. Did you ever do anything with that upstairs area above your office? That could provide even more income.
I think I may know the answer to this, but have you thought of adding on to that complex for rental space? If not, could you give a reason why? I am flipping a lot around in my head, of the pros and cons of such a thing, such as space, parking, More exploratory measures. Or just too much a pain in the butt to do that? With all the other stores and gyms, interest renting in it, sounds like the prime place to be.
There is about 4.5 acres of land and about half of that is buildings. There really is not more space available without taking out parking and most of the parking is used
@@investfourmore Ok That was what I was thinking too, just not enough space. I bet you are keeping your eye open for anything that might pop up in that area. Thanks you, Mark
I think I'm gonna need to watch this a few times to get the story... Not your fault I only retain so much without repetition. I'm interested in the environmental fixes that would have needed to happen if the other holes where not dry. Did you have any solutions if the EPA failed you?
$27k a month on a 68k sqft property seems low. I understand the grocery store takes up most of the property. They must be getting a real good deal sqft wise. Roughly $4.76/sf/yr average across the property or is my math wrong?
how much equity did you have in the property as a percentage before you refinanced? so by refinancing you increased the total loan and lost that equity because you used part of your refinance to pay off your previous loan and then took the difference as profit... so what was the initial loan .. the refi was 3.95 .. and now you have no equity? so how does a bank look at you and this property when you want another 4MM Loan to buy another large property? they look at it only as a debt with no equity? its rather complex at that point for me. this is now just a 4MM Debt against your business .. hmm
The key lesson from this video is that tenacity pays off. I can’t imagine how irritated and disappointed I’d be about finding underground tanks or having a crappy appraiser. Very inspiring to never lose sight of the goal and keep going.
Paint job looks great! Really spruces up the building!!
Looks good. One of the worst things a customer wants to see is a shopping center that looks like the owner doesn't take care of it. Drive on by. But a little stucco and some paint, and viola looks 100x better. Good work and glad it panned out.
Thanks!
You make really awesome videos Mark!
I was waiting for the gas pump results, and now I finally heard them. I don't know why that was the interesting part for me, but it was.
When you got to the "They look at the net income" part, I saw the board and thought, "net icome, eh?"
The good part about you doing the refinancing on this property before using the capital to do the same on other properties is that your office is at this property. So, you got your location out of the way, before doing it again. Rather than still having to find an office location in the future, and still having to refinance for that property's office location. Your office is included in this refinance. So, you got your office location out the way. That's the good part about it.
Very interesting. Thanks Mark for the vlog explaining the ins and outs of reinvesting etc!
Nice one, crazy its already been a few years you've owned this one.
I know!
Damn congrats . Cant wait for more bigger deals .
Thanks!
That's great. Keep making vids, learning a good amount about investing on properties. Bought my first home 6 months ago and going for a refi in the next month or 2 and will hopefully purchase another property and go from there. I appreciate the knowledge that you share with your viewers.
Good stuff!
Nice work man very helpful. Thanks for sharing!
Glad it was helpful!
I just love your office. Looks like it’d be a great place to work. 👍🏻
thanks!
Good deal! Thanks for including old photos the property looks much better now.
On a personal level it would have been nice if the restaurant also got a new deck and overhang for outdoor dining, because I'm not eating inside for the next year or two. Landscaping around a deck would increase the attractiveness of the property. I know it would cost a lot of money to do, but it would be nice.
You need to maintain the asphalt and rest ripe the parking and traffic areas. That makes the property look fantastic.
Wow...very educational...I live in stl...wish I could get into real estate...thanks
Any time!
Nice one. In addition, I think vaccine would be available by the end of the year or by the end of first quarter next year the latest. Now is the time to find good deal and prepare for next year's up turn.
Brilliant. Way to fight that appraisal mark!!!
Thanks!
Nice
Thanks
Mark, thanks for breakfast no the refi down, great vid, can't wait to see what's next!
good job and great building. its exciting to watch，this is the kind of building people ususlly say：one building could make you rich and set foundation forward. i brought a 9000 sqft plaza about same time as you did on yours，same price， the roof replace alone costed me $100k. im in Canada.
roofs are expensive!
A grocery store, a Mexican restaurant, a dance studio, a little coffee shop, and a real-estate office. All you need now is a dollar store, and a place that sells over priced hair care products, and you've got yourself a filled up strip mall bingo card. 😂😂😂
Impressive!
Awesome job mark! Office looks great. Nothing better then tax free cash out refi money and still getting great cashflow. Now that you've had the property awhile how do you like commercial real estate compared to residential?
I love it!
Great video, so motivational.
That was great🙌
Congrats on the refinance! Just don't let anything happen to El Cielo! 😀 #firstcomment #HC
That's the plan!
nice contents
Hi, Mark: Your office looks amazing! Great job. Where did so much of the value add on this deal come from?
I know you painted and stucco'd the Mexican restaurant and added an overhang/etc to your office... but what else was done that (presumedly) allowed you to increase the rents to increase the NOI so much? Thanks.
we added new tenants
hello mark ! could you do a video on trailer park investing ?
I have never done it!
@@investfourmore thx for the reply - love your channel
Great movies! My partner and I are going through a similar situation with the bank wanting to use the original purchase price! Any tips on finding a bank that will honor a new appraisal? Keep up the good work!
Just red your blog post how to make 10k a month from rentals, and here you are making 10k a month from a single rental
true! :)
A few more trees in the parking lot would look nice.
Congratulations. You have to love having negative cash in an investment even after the improvements. In this interest rate environment and with the pandemic, hopefully you can pick up more large commercial properties.
Did you ever do anything with that upstairs area above your office? That could provide even more income.
I think I may know the answer to this, but have you thought of adding on to that complex for rental space? If not, could you give a reason why? I am flipping a lot around in my head, of the pros and cons of such a thing, such as space, parking, More exploratory measures. Or just too much a pain in the butt to do that?
With all the other stores and gyms, interest renting in it, sounds like the prime place to be.
There is about 4.5 acres of land and about half of that is buildings. There really is not more space available without taking out parking and most of the parking is used
@@investfourmore Ok That was what I was thinking too, just not enough space. I bet you are keeping your eye open for anything that might pop up in that area. Thanks you, Mark
Thanks for the video. How many videos have you made since you started?
Can you make a video of did you buy you furs comercial real state?
first?
@@investfourmore yes, first!😂😂😂🤣
I think I'm gonna need to watch this a few times to get the story... Not your fault I only retain so much without repetition. I'm interested in the environmental fixes that would have needed to happen if the other holes where not dry. Did you have any solutions if the EPA failed you?
It wasn't quite clear with the new banker you had to get, did you get the 75% LTV you were originally asking for?
yes
How much did this cash out refinance increase your payment by? You said it is now 15 K per month, what was it before?
I think 12k
$27k a month on a 68k sqft property seems low. I understand the grocery store takes up most of the property. They must be getting a real good deal sqft wise. Roughly $4.76/sf/yr average across the property or is my math wrong?
What state in the new loan bank from? I had no ideal this could be done or get pass the loan officer! I think the fees would have scared me off.
Colorado
Net income is minus the loan payment from the gross. I don't know why would you say its not?
When determining cap rate you don’t usually include “loan payments” as an expense since principal goes towards equity and interest can be written off.
Did it work out better as far as the rate, since rates have dropped so much since Sept 19 ?
about the same
update the place with wood/sign shop please?
Why didn't you seek out a bank that wouldn't require an environment assessment?
Most would not do the 75% loan to value
Where did you get the reception desk for your office?
how much equity did you have in the property as a percentage before you refinanced? so by refinancing you increased the total loan and lost that equity because you used part of your refinance to pay off your previous loan and then took the difference as profit... so what was the initial loan .. the refi was 3.95 .. and now you have no equity? so how does a bank look at you and this property when you want another 4MM Loan to buy another large property? they look at it only as a debt with no equity? its rather complex at that point for me. this is now just a 4MM Debt against your business .. hmm
it still has 25% equity. the loan is 3 million and the value 4 million. Did you see the part where I went over those numbers on the whiteboard?
@@investfourmore yeah kinda i don't know .. well its good you still have some equity i guess .. you have done this before so ... good luck
How do you make the videos full-screen on TH-cam? I have tried posting some and they keep having black borders on them. Will appreciate you help
Find the right settings in your video software.
Would u like to invest international?
Sounds like the environmental co. just "found" enough contamination to get themselves an extra 9k.
That is a possibility.
I hope he invested some of that money on straightening his teeth.
so overleveraged