On 2010-09-14, Spehro Pefhany wrote:
On Mon, 13 Sep 2010 08:11:44 -0500, Ignoramus20659
wrote:

But in any case, while I am considering making a low bid, I want to
make sure that it does not become an expensive educational project in
how not to invest in real estate.

Any thoughts on this situation?

i

Iggy:-

From all of what's been said, personally, I don't think there is too
much downside on this deal if you get in closer to the starting price
than the asking and can easily afford to carry it for a few years
without tenants.

Most likely you will have decent income and a nice capital gain, and
will to some extent protect yourself against a further decline in the
value of the dollar as the economy improves. The neighborhood looks
decent working class-- trimmed lawns, cars in decent shape etc. The
size and condition look good to me too.

One factor if you've not been involved with commercial/industrial real
estate is that any kinds of repairs etc. seem to cost several times as
much as what residential work costs. It's not hard to drop $5K (or
$10K or $20K), even on a small building if there's a heating unit
failure and/or the parking lot or roof needs work. This can work in
your favor if competing properties that are on the market for tenants
are not in as good shape.

OK, good to know, thanks.

Good luck, and please let us know what happens!

Thanks.

P.S. I notice the demographics show a rather large surplus of females
compared to males (100:87). Is this typical in that sort of place?

Those missing males are in prison.

i