Portfolio shift (by S i d [MO]) Nov 4, 2021 10:35 AM|
Portfolio shift (by MAP [NY]) Nov 4, 2021 11:08 AM
Portfolio shift (by WMH [NC]) Nov 4, 2021 11:13 AM
Portfolio shift (by Roy [AL]) Nov 4, 2021 11:47 AM
Portfolio shift (by Robert,OntarioCanada [ON]) Nov 4, 2021 12:09 PM
Portfolio shift (by Ray-N-Pa [PA]) Nov 4, 2021 1:02 PM
Portfolio shift (by S i d [MO]) Nov 4, 2021 1:07 PM
Portfolio shift (by Richard [MI]) Nov 4, 2021 1:08 PM
Portfolio shift (by S i d [MO]) Nov 4, 2021 1:19 PM
Portfolio shift (by Sisc [MO]) Nov 4, 2021 1:22 PM
Portfolio shift (by S i d [MO]) Nov 4, 2021 1:42 PM
Portfolio shift (by Sisco [MO]) Nov 4, 2021 2:36 PM
Portfolio shift (by Roy [AL]) Nov 4, 2021 2:37 PM
Portfolio shift (by S i d [MO]) Nov 4, 2021 3:06 PM
Portfolio shift (by Ray-N-Pa [PA]) Nov 4, 2021 8:22 PM
Portfolio shift (by PG [SC]) Nov 4, 2021 8:41 PM
Portfolio shift (by JB [OR]) Nov 4, 2021 9:46 PM
Portfolio shift (by Ken [NY]) Nov 5, 2021 12:17 AM
Portfolio shift (by S i d [MO]) Nov 5, 2021 8:05 AM
Portfolio shift (by T [IN]) Nov 5, 2021 9:03 AM
Portfolio shift (by Roy [AL]) Nov 5, 2021 9:12 AM
Portfolio shift (by NE [PA]) Nov 5, 2021 9:20 AM
Portfolio shift (by NE [PA]) Nov 5, 2021 9:26 AM
Portfolio shift (by NE [PA]) Nov 5, 2021 9:43 AM
Portfolio shift (by Roy [AL]) Nov 5, 2021 9:45 AM
Portfolio shift (by NE [PA]) Nov 5, 2021 9:52 AM
Portfolio shift (by Sisco [MO]) Nov 5, 2021 10:30 AM
Portfolio shift (by WMH [NC]) Nov 5, 2021 10:58 AM
Portfolio shift (by Roy [AL]) Nov 5, 2021 11:04 AM
Portfolio shift (by Oregon Woodsmoke [ID]) Nov 5, 2021 11:21 AM
Portfolio shift (by NE [PA]) Nov 5, 2021 11:29 AM
Portfolio shift (by Roy [AL]) Nov 5, 2021 11:42 AM
Portfolio shift (by NE [PA]) Nov 5, 2021 11:48 AM
Portfolio shift (by NE [PA]) Nov 5, 2021 11:50 AM
Portfolio shift (by Ken [NY]) Nov 5, 2021 1:29 PM
Portfolio shift (by Pmh [TX]) Nov 5, 2021 5:46 PM
Portfolio shift (by T [IN]) Nov 5, 2021 9:27 PM
Portfolio shift (by Roy [AL]) Nov 6, 2021 7:18 AM
Portfolio shift (by T [IN]) Nov 6, 2021 1:22 PM
Portfolio shift (by BRAD 20,000 [IN]) Nov 6, 2021 5:22 PM
Portfolio shift (by Roy [AL]) Nov 6, 2021 7:24 PM
Portfolio shift (by Ray-N-Pa [PA]) Nov 7, 2021 9:08 PM
Portfolio shift (by T [IN]) Nov 7, 2021 10:23 PM
Portfolio shift (by S i d [MO]) Posted on: Nov 4, 2021 10:35 AM
I've been working on my exit strategy from residential SFHs for about 24 months now, moving mostly from smaller, SFHs to larger commercial property. The rent control wins in several major Mid-Western cities (St. Paul) tell me this is a "thing" that like most trends starts on the coasts and gradually makes its way here.
I don't plan to sell out my entire SFH portfolio as they are easily the most profitable, but I am thinning the herd and moving into structures that are easier to manage and require less maintenance at turn overs.
Most of my inventory consists of giant metal boxes with concrete floors and red-steel frame work. Self-storage units, garages, auto-work shops, etc. Tenants take care of all the interior fixtures. I take care of walls, roofs, and major systems.
No one is calling for rent controls on commercial units....yet.
Curious how/if/when any of my fellow SFH land lords are considering protecting your portfolios from what seems to be an inevitable trend of Govt interference in private housing? Are you hearing any calls for rent control in your area?
Portfolio shift (by MAP [NY]) Posted on: Nov 4, 2021 11:08 AM
In NYS, the hideous act of July 2019 has a built in trigger for rent control at vacancy rates below 5%. The scamdemic created an artificial low vacancy rate especially via the eviction moratoriums.
I expect rent control to be instituted state wide at any time, especially if landlord-hating Tish James gets in as gov next year. --174.208.xx.xxx
Portfolio shift (by WMH [NC]) Posted on: Nov 4, 2021 11:13 AM
So far, Rent Control is banned by statute in NC law. Doesn't mean that couldn't be repealed or changed, but it will take a lot longer than just passing a city ordinance.
One reason right here are the tourist homes. If they tried to pass rent control on private annual housing, people would simply convert to AirBnB (or some other form of vacation rental.) They can't ban that without shutting down the entire beach economy.
The sell-off of some annual rentals into private homes and conversion to vacation rentals of others is already in full swing - we had more people come here during the pandemic than at any other time.
The only way to stop that would be to cut off internet access so people couldn't work from home!! --50.82.xxx.xxx
Portfolio shift (by Roy [AL]) Posted on: Nov 4, 2021 11:47 AM
Rent control makes no sense in areas with ample affordable housing which is the case in my state. Also, my state has always been pro LL and I doubt that will change anytime soon.
Last summer, our eviction moratorium only last 6 weeks before the courts re-opened and immediately started evictions again.
I am curious as to why you think commercial is less hassle than SFH's. Do your commercial rentals produce a 20% or greater return? I would not be anyone's LL for any less than 20%
Portfolio shift (by Robert,OntarioCanada [ON]) Posted on: Nov 4, 2021 12:09 PM
The basis of rent control is not control rents but bankrupt private sector rental housing providers then that take over where that day rent control ends. In the province of Ontario there is a single government owned rental unit that is under rent control. In the end tenants are told that rent control benefits them when in reality rent controlled jurisdictions tenants pay above market rent along with rental units are below market units where in some cases only pass minimum building codes and fire codes. Suppose a rental unit or rental house is vacant then there are hundred inquires then what incentive is there to improve where take it or leave it. One time at the residential tenancy commission a tenant was getting a 45 per cent rent increase where the KW housing authority is not under rent control where pay it or leave. Vacancy rates are zero or one per cent on and off where those who get evicted are no longer in the private sector rental housing market. If anyone asks tenants if they would pay higher then market rent along with worse conditions what would they say. The more you tell a lie does it come true. Many smaller rental buildings are no longer owned by individuals but very large corporations who kick out, renovate then double rent. --99.236.xxx.xxx
Portfolio shift (by Ray-N-Pa [PA]) Posted on: Nov 4, 2021 1:02 PM
I protected myself by diversifying the portfolio.
My Natural Gas play some 17 months ago was a grand slam. I bought at a low point and some experts still think that it will still double this winter. So far it has tripled in value for me, a so a double at this point will be six fold increase.
Then again, I bought when the govt ordered everybody to close down. We have a green administration in office that wants to punish new drilling - so what do you suppose is going to happen to existing production.
I have been putting myself into plays that allow me to use the same skill sets with SFH but use them on small franchise operators. Selling options works at all levels
In 2020, not many residents wanted to move, but 2021 that changed. I just keep M2M in place. I might loose ETF income but I gain sanity --24.101.xxx.xxx
Portfolio shift (by S i d [MO]) Posted on: Nov 4, 2021 1:07 PM
Roy, you asked about the hassle factor with commercial. I thought I'd already explained that in my OP, but here goes again.
Giant metal boxes with concrete floors. (*grins)
# of commercial tenants who had punched a hole in the wall? Zero.
# of commercial tenants who spilled water on the floor, rotting it to the joists? Zero.
# of times I've had to repaint the inside? Zero.
# of times I've had to replace flooring material like carpet, hardwood, vinyl, allure? Zero.
ALL and I mean ALL of the interior maintenance is on them. Even if they refuse to do it, that hurts THEIR business if THEIR customers come into a dark space when they aren't changing bulbs. Their utility bill suffers when they don't maintain the furnace properly. Their customers are offended by the dirty bathrooms. Their profits suffering = huge motivation to fix stuff and not bug me.
Turn over is easy. Sweep it, power wash the floor, done. Takes an hour for my handyman. $60. Billed against the deposit.
Do I get 20% ROI? Not at first, but the value-add is tremendous when you take a piece of commercial dirt and can easily convert it to "higher and better use". A house is a house and it will forever be a house. But what if I take an old metal building someone was just using for storage at $700 and I slap two hydraulic lifts and an 80 gallon air compressor into it for a couple thousand bucks and now it rents for $1200 a month? I've done that now...twice. As units come vacant, I will do it again and again.
Also the dirt itself has endless possibilities. I bought a place with about 1.25 acres of unused land. I've rented part of that to a guy who has a roll off dumpster business. $300/month for 1/4 acre of parking space and he puts down the gravel and mows the grass for me.
I've also rented another 1/4 acres to a guy to park his dump trucks. $300 a month again.
That's $600/month just for 1/2 acre of DIRT that the Seller of this place wasn't using for anything and so they didn't value it in the sale. I started using it. It was like getting a free house that takes zero maintenance. If you've ever figured CAP rate, you know that increasing income means increasing value. $600 doesn't seem like much, but even at a very modest CAP rate of 7% that is almost $13,000 of added value.
I've got one more of those little "parking" areas to rent still. It's paved. $400/month easy since it's right out by the main road and has good visibility.
Another nice benefit is savings on insurance. I thought commercial would be more expensive, but it's not. Per square foot, I pay less for commercial than for residential. Probably again because these are giant metal boxes with steel frames. Very unlikely to burn down and much more weather resistant.
You might look into it. Much less drama than managing residential tenants. --108.230.xxx.xx
Portfolio shift (by Richard [MI]) Posted on: Nov 4, 2021 1:08 PM
I'm not hearing about it -yet- in northern Michigan, BUT there is a major shortage of what they call "affordable housing" in my area. The cost of construction has long ago outrun the payment that the low income earners can afford, especially single parents.
I've been reducing my units and should soon be out of the single family market. I agree that it seems only a matter of time until the govt interferes to the point where the smaller operators go broke.
I've looked at and will be moving into other areas - airbnb, rv campgrounds, and others. The commercial/industrial looks interesting too but, to me, only if the customers of the businesses in these places can afford to do business there. Maybe garages/auto repair might be a possibility. Self storage here seems overbuilt. Tourist type businesses, except in rich areas, seem in trouble as there seem to be less tourists as many people are struggling financially. --24.180.xx.xx
Portfolio shift (by S i d [MO]) Posted on: Nov 4, 2021 1:19 PM
Oops, I figured my cap rate only for one MONTH. Annually, which is the correct measure...the value add is $103,000.
Basically, since local cap rates are about 7%, that means people will pay $100,000 for every $7000 of annual net income an asset generates. $600 * 12 months = $7200 with no expenses, so the value add of $103K is right there with what someone would expect to pay for an asset generating that much net income.
Portfolio shift (by Sisc [MO]) Posted on: Nov 4, 2021 1:22 PM
Regarding your value add: if you have 0 expenses, which is doubtful, $600 per month adds $102,857 @ 7%cap rate.
Portfolio shift (by S i d [MO]) Posted on: Nov 4, 2021 1:42 PM
Sisco....so far I've had zero expenses. It's dirt. The guys park stuff on it. They mow it, gravel it, fence it, etc.
Am I missing something? --108.230.xxx.xx
Portfolio shift (by Sisco [MO]) Posted on: Nov 4, 2021 2:36 PM
Management fee? Property tax? I know that the additional time is negligible, but I suppose the management fees should rightly be accounted for. Property tax should be allocated - I would think that a prospective buyer would take that view.
Your post sure does point out how productive it is to improve what we have vs. acquisitions. --149.76.xxx.xxx
Portfolio shift (by Roy [AL]) Posted on: Nov 4, 2021 2:37 PM
Okay, Okay Sid,..you have made your point. I will shut up and go and lick my wounds. --68.63.xxx.xxx
Portfolio shift (by S i d [MO]) Posted on: Nov 4, 2021 3:06 PM
Sisco...fair enough on management. In the "real world" I would be paying 10%, so shall we say $60/month?
Property tax is already "baked in" with the rest of the property. Sorry if I wasn't clear: this is dirt that is part of property that I'm already renting to 6 other tenants (auto repair shops, etc). Me deciding to rent that dirt shouldn't impact the taxes at all.
With that accounting, $540/month * 12 / 7% = $92,500 value increase with minimal effort. This is one reason I love commercial. I can't think of how I've ever had that much success for such minor effort in residential.
Thanks to the others for chiming in as well. Sounds like the winds are speaking "rent control" with some exceptions like NC where the law prevents it and GA where there isn't much need for it. I need to check on my state/local laws to see if we have anything similar prohibiting it. We are not a high cost of living location today, but I figure if the coasties start seeing it more frequently, it's only a matter of time before other tenant's rights groups figure to try it here too. Covid proved that everywhere is somewhat susceptible, even though like Roy's fast acting courts, we too were only closed and unable to evict for about 2 months. --108.230.xxx.xx
Portfolio shift (by Ray-N-Pa [PA]) Posted on: Nov 4, 2021 8:22 PM
NN and NNN leasing is so much easier SISCO.
And one thing I noticed, the bigger players don't want to deal with small single unit operators of franchises because they are riskier.
Because they are risker these are also cheaper.
I am game, can I use the same tools for a residential tenant as I do for a commercial tenant to slowly train them up to be real estate owners?
You make even more doing it on the commercial side of the house than you on the residential.
I think Sid has it right. I might not have a total understand about cash for parking - I have multiple tenants allowing me to be hands off --24.101.xxx.xxx
Portfolio shift (by PG [SC]) Posted on: Nov 4, 2021 8:41 PM
I have been watching a metal box, as you call them for a year or so. It was a garage. Been vacant for about 2 years. 3 bay with a little office - Metal building - probably 30 years old - dirt parking. I am not sure how much land comes with it.
Portfolio shift (by JB [OR]) Posted on: Nov 4, 2021 9:46 PM
"Are you hearing any calls for rent control in your area?"
Yep, we already got that.
But do I trust our govt to AGAIN not destroy thousands upon thousands of small businesses by saying they aren't "essential?" He// no!
Unless you have friends or are personally in a position in the government, I'm not sure there's any safe places. --73.25.xx.xxx
Portfolio shift (by Ken [NY]) Posted on: Nov 5, 2021 12:17 AM
I am interested, i am tired of residential tenants.are you renting to guys with a small business or guys who need a spot to store and work on hot rods or who is your customer for these buildings? How are these guys to deal with? i am assuming much easier than residential tenants with attitudes.What size are these places?I have never bought anything using a Cap rate so explain how a Cap rate is figured. --72.231.xxx.xxx
Portfolio shift (by S i d [MO]) Posted on: Nov 5, 2021 8:05 AM
PG, may a guy who likes to tinker or a shop? I'm not sure about the location so can't tell you much.
Ken, mostly small business guys with auto-repair. One buy is a small car dealer. Another guy uses it for storage for his "fleet" of fun cars. Most are easy to deal with.
CAP RATE is the rate at which capital is being returned. It is calculated as follows:
Cap Rate = NOI / Market Value
So a CAP 7 could look like this...
$7000 / $100,000 = 7
$14000 / $200,000 = 7
Portfolio shift (by T [IN]) Posted on: Nov 5, 2021 9:03 AM
Sid, little over 4 yrs ago when my parents sold some farmground... we went from mainly apts to having a mix. Office space in another town, metal boxes like you describe, retail strips, still have 2 houses, and our apts. When covid hit, business all paid. 95% of apts paid. No talk yet of rent control here. If it does, there is enough real estate investor in INDY to get it shut down quick. I spend 95% of time on the apartments.
Pros to this model: you have multiple baskets. Eggs not just in one. Office space is slow right now. Retail, all full. Evens out in the big picture. with apartments, I'm handing rent increases like crazy to stay up with the inflation.
Cons to commercial: long term leases with built in rent increases. sounds great. But not at 3% increases, when the market is at 5% or greater.
With your shift to metal boxes, the time requirements are much lower. Really, you could have a 40hr/week job and still do this model. With multi apt, no way. Non stop work when you have numbers....
Portfolio shift (by Roy [AL]) Posted on: Nov 5, 2021 9:12 AM
Yesterday you made the statement that commercial investors are willing to pay $100K for $7,000 in net income which produces the 7% cap rate. I realize that commercial investors are buying "streams of income", especially when buying a multi-unit like an apartment complex. My question is,..why are Cap Rates not used in residential SFH valuations?
Example: I have one SFH that has a yearly NET income of $10,000. Based on a Cap rate formula, how much would another investor pay for this one $10K stream of income? How much would YOU pay?
Portfolio shift (by NE [PA]) Posted on: Nov 5, 2021 9:20 AM
Roy, Iíd pay you 30,000 for that. I have a Doublewide on 5 acres that rents for 1200 a month. I have about 30,000 into it cash. Less taxes and ins, I net probably 10k. --24.152.xxx.xx
Portfolio shift (by NE [PA]) Posted on: Nov 5, 2021 9:26 AM
$30,000 for turn key. --24.152.xxx.xx
Portfolio shift (by NE [PA]) Posted on: Nov 5, 2021 9:43 AM
But Iíd probably offer you $17,500. Haha --24.152.xxx.xx
Portfolio shift (by Roy [AL]) Posted on: Nov 5, 2021 9:45 AM
$30K would be low ball and you can't pull the wool over my eyes.,..LOL. This property is a fricking Gold Mine and I would not sell for anything less than $100K. Would that be a 10% cap rate?
Portfolio shift (by NE [PA]) Posted on: Nov 5, 2021 9:52 AM
It might be a gold mine to you NOW but itís no longer a gold mine to a cash flow investor at $100,000 purchase price. You might pull the wool over the new investors eyes with good salesmanship and an offer to carry some of the financing though.
I wouldnít sell my double wide for much less than $200,000 either. At that point, itís not an investment property, itís a retail sale to owner occupant. Probably the same case as yours. --24.152.xxx.xx
Portfolio shift (by Sisco [MO]) Posted on: Nov 5, 2021 10:30 AM
Roy, as you know SFR value is based on comps. I believe this is so because the home buyer dominates sfr sales. --149.76.xxx.xxx
Portfolio shift (by WMH [NC]) Posted on: Nov 5, 2021 10:58 AM
We have a trailer, with an attached ADU over the garage, that anyone else would probably pull down. For us it nets about $20k per year. Paid $45k I think, plus fix-ups of maybe $20k (life was cheaper then.) So is that a CAP rate of 30%? Not a math genius here.
Here's the rent control statute from NC. I notice that rent control CAN be enacted if the housing provider accepts state or county money for various reasons, which makes sense. Which is why I would not accept state funds during Covid if it was offered even if I was eligible - too many strings attached.
ß 42-14.1. Rent control. No county or city as defined by G.S. 160A-1 may enact, maintain, or enforce any ordinance or resolution which regulates the amount of rent to be charged for privately owned, single-family or multiple unit residential or commercial rental property.
This section shall not be construed as prohibiting any county or city, or any authority created by a county or city for that purpose, from:
(1) Regulating in any way property belonging to that city, county, or authority;
(2) Entering into agreements with private persons which regulate the amount of rent charged for subsidized rental properties; or
(3) Enacting ordinances or resolutions restricting rent for properties assisted with Community Development Block Grant Funds. (1987, c. 458, s. 1.) --50.82.xxx.xxx
Portfolio shift (by Roy [AL]) Posted on: Nov 5, 2021 11:04 AM
Each 2/1 house on either side of my house would comp-out at $35K. My house, which has one extra bedroom AND a 2/1 Garage Apartment (ADU) in the rear,...would comp at about $60K. As you know, comps are just for potential homeowners who are willing to pay retail.
I am talking about business minded investors (like Sid) who can see the money making track record of my property and would be willing to pay more for it. The question then becomes,...how much more? --68.63.xxx.xxx
Portfolio shift (by Oregon Woodsmoke [ID]) Posted on: Nov 5, 2021 11:21 AM
Rent control is very unlikely to ever happen in Idaho, but I think there is a very large possibility of a national federal rent control law.
The state of Oregon has it in the state constitution that rent control is illegal, so the politicians just called it something else and insist it isn't rent control because it isn't called rent control.
So far they have gotten away with it, and worse. No one has been able to stop them, or even slow them down. --76.178.xxx.xxx
Portfolio shift (by NE [PA]) Posted on: Nov 5, 2021 11:29 AM
I donít see how a ďbusiness mindedĒ investor is going to look to pay more your the property youíre describing Roy. An idiot maybe, but not a professional. --174.249.xx.xx
Portfolio shift (by Roy [AL]) Posted on: Nov 5, 2021 11:42 AM
I am talking about a turn-key property here that has a 4 year proven track record. The few commercial investors I know who invest in 'income producing properties' use income and expense numbers only in determining the most they will pay for a property. In other words, how much is my $10K stream of net income worth to you? --68.63.xxx.xxx
Portfolio shift (by NE [PA]) Posted on: Nov 5, 2021 11:48 AM
I already told you what itís worth to me as a turnkey investment property. And that is a business minded cash flow investor. So whatever that works out to be as a cap rate, thatís your answer. --174.198.xx.x
Portfolio shift (by NE [PA]) Posted on: Nov 5, 2021 11:50 AM
Roy, a better question would be for you to justify your value of $100,000 to me? For example, I already have a property with $30,000 into it producing $10,000 a year net income. Why would I spend $100,000 cash on yours for $10,000 a year in income versus hunting harder and buying four of them close to the price I paid for my one and have $40,000 net income per year instead? Thatís business minded. --174.198.xx.x
Portfolio shift (by Ken [NY]) Posted on: Nov 5, 2021 1:29 PM
Sid, Cap rate does not take into account expenses like taxes and insurance? or are they more like NNN. I get the big corp understanding they have to pay taxes etc but does the little guy with a lawn mowing business get it even after you explain it or do you send him the bill and he gets upset and tries to say that is your problem --72.231.xxx.xxx
Portfolio shift (by Pmh [TX]) Posted on: Nov 5, 2021 5:46 PM
Ken: cap rate is net operating income (noib4d&a) / asset value. so yes, taxes & insurance expenses factor into the %. for me I will run cap rate for giggles but cash on cash drives my decisions. --107.77.xxx.xx
Portfolio shift (by T [IN]) Posted on: Nov 5, 2021 9:27 PM
Roy- you are comparing to oranges. That house, you have work to maintain and sometimes chase your rent. I don't have to send a rent reminder to Dollar General asking for rent. It's in my mailbox on the 1st. Something happens, they fix it. Don't call me. You accept a lower ROI for less headaches but you have greater control over leases. --76.77.xxx.xxx
Portfolio shift (by Roy [AL]) Posted on: Nov 6, 2021 7:18 AM
So, you think just because you have a commercial tenant, they will not stiff you on a rent payment? That is about as naive and ridiculous as it sounds.
I have had commercial clients before (not tenants, but clients) and they will stiff you just like any residential tenant will. Before becoming a LL, I use to have commercial clients who were commercial RE developers just like D. Trump. These people have a ton of money and several lawyers on retainers and they will try everything in their power to wear you down (via intimidation) after you file for non-payment. Before becoming a LL, I successfully sued 3 commercial clients for non-payment and won each case. --68.63.xxx.xxx
Portfolio shift (by T [IN]) Posted on: Nov 6, 2021 1:22 PM
Roy- there is always a risk. With that said, you should have a much lower risk in commercial vs Joe Redneck.
Also, when I say commercial... im talking fortune 500 companies. Dollar general, fastenal or local business that has been around for 20 yrs. Not Mike's Mechanic who just started out of his garage.
I just know this... 95% of my time is spend on the 51 residential units. The 25 commercial is the other 5$. Right now I have two non payers... all in the apts. --76.77.xxx.xxx
Portfolio shift (by BRAD 20,000 [IN]) Posted on: Nov 6, 2021 5:22 PM
Remt control you ask? Govt moratoriums on eviction is the ultimate rent control.
It worked well and was easy to implement. I suspect weíll see it again.
Portfolio shift (by Roy [AL]) Posted on: Nov 6, 2021 7:24 PM
If I had a choice between suing Joe Redneck and any Commercial client for Non-Payment of rent,...I will always choose Joe Redneck in a NY minute. This is because Joe Redneck can't afford to hire a scumbag lawyer that will try his best to intimidate me into the dropping the lawsuit. --68.63.xxx.xxx
Portfolio shift (by Ray-N-Pa [PA]) Posted on: Nov 7, 2021 9:08 PM
Is your DG NN or NNN?
I have a NNN in Southern Illinois and I am eyeing up a NN next. --24.101.xxx.xxx
Portfolio shift (by T [IN]) Posted on: Nov 7, 2021 10:23 PM
Technically NN. Structure and the common areas are my expense/headache. They pay a monthly fee to help with it; but since it is a strip mall... it's pro-rated based on sq ft. For the strip; getting close to a 9.5% cap. The stand alone DG are down close to 6% now... --76.77.xxx.xxx