638 George Street, HAGERSTOWN, MD 21740
Zoning Code: RMED
638 George Street, Nice all brick Multifamily Commercial corner building in Hagerstown, comprised by 3 apartments and a front store commercial, fully occupied with great rental history, recently renovated, replacement windows, plumbing and electric, separately meter
INTERESTED IN SELLING ?
Selling a multifamily property is different!! People who don’t work in real estate are always amazed to learn that finding the buyer isn’t the biggest challenge in real estate.
The biggest challenge is in getting the transaction from the offer stage all the way to closing. This is true with single family homes, and true with Multifamily and other commercial property. Inspections can cause problems, as can appraisals. And with investment properties, the financial information can play a huge role in both issues. Unless your agent knows how to negotiate with buyers over those issues, your promising sale can wither and die.
Inspections: When the inspector finds a problem, you need to know first if it impacts the safety or longevity of the building. Then, because return on investment is the issue for your buyer, you’ll need to re-negotiate the price, fix the problem, or show the buyer that it isn’t a vital issue.
Appraisals: Banks too often bring appraisers in from other areas. Your agent needs to be able to supply that appraiser with true comparable to justify your price. In addition, he or she needs to be able to demonstrate the return on investment. And here’s where experience with tax returns and financial statements really counts.
As an investment property owner, you want income tax breaks. All business owners and Investors do. That means you’ve probably deducted items that were legally allowed, but not actually necessary to the operation of your building. For instance, if you live in a different community, you’re allowed to deduct the cost of travel to check on your property – even if you were going to come to town anyway. If you meet with your property manager for lunch, you’re allowed to deduct the cost of the meal – even though you were going to eat anyway. If you donate to a favorite cause under your business name, you have a deduction – even though you would have donated anyway. You need to separate out those expenses that were legal deductions, but not vital to the operation of your building. Then your agent needs to understand the real bottom line and be able to explain the true operating costs and true cash flow in negotiations with your buyer. Agents who work primarily with single family residences often don’t have that experience – but I do. If you still want to sell your Multifamily property, give me a call. I’ll be happy to sit down with you, go over the numbers, and help you determine what prevented your sale from closing. I’ll also be happy to show you the marketing methods I use to reach the investment buyers who are looking for properties such as yours. The standard residential real estate marketing channels simply aren’t that effective when you’re looking for investment buyers. There ARE buyers in this marketplace – the trick is in knowing where and how to reach them. You can reach me at 301-991-0207 or by emailing [email protected] I look forward to helping you,
P.S. Talking with me carries no obligation, so please don’t hesitate…
|Address:||638 George Street|
|Lot Square Feet:||4320|