All Forum Posts by: Terri Pour-Rastegar

 That's great advice, @Jonathan Wilks.  I didn't even know a tenant might consider options like that.  See? I already learned something.  As I continue to research, I've already decided the tenants will definitely be required to take care of all interior repair.  I'll handle HVAC and exterior repair to the building itself.  

I'd be concerned to leave the responsibility of taxes and insurance in the hands of a tenant.  That's just the control freak in me.  Maybe it's SOP in commercial leasing.  I will require the tenant to provide proof of sufficient liability coverage and whatever else their licensing division requires.  But I'm sure I need my own coverage as well.  I'll be chatting with my insurance guy today.

Thanks for the tips!!!

If this is a flip or higher-end rental, I'd go with a glass tile, like some of those already mentioned. Peruse the shelves of Home Depot and Lowes--they generally have great selections. You can buy a piece and take it to the property to see if you like it.  Keep in mind, the grout will make or break your choice (so grab a grout sample sheet while you're there).

If this is a standard rental, I would not embellish the backsplash at all--you already have a small granite backsplash.

Just my 2 cents.  Good luck!

I drive a 2006 Toyota Tundra 4x4.  Love it!  She'll haul anything and everything I need for my rehabs, plus she rides like a big fat Camry--comfy.

I do not trade in my vehicles every couple of years.  However, now that we can afford it, I will be trading in my 2006 for a new (2015 or 2016) Tundra.  Mostly because she's gotten up there in mileage, but also, just given her age, it will soon be time for some big repairs. I do not have time for car trouble.  After all, time is money.  Also, I want the 'toys' that I can get on new vehicles these days.  My truck is my mobile office, and it's one of the most important "tools" I own.  I love not having a car payment, but I'll gladly have a payment and write off the interest (along with all of the expenses of the vehicle) because it's registered to my business and used 100% for business.

On the other hand, my husband refuses to let go of his 190K+ mileage, 1994, Toyota 4x4 pick-up.  Even though he ends up working on something every month.  And even though people keep wanting to buy it.  Thankfully, he's handy with cars.

We gave our old 2000 Camry (with 180K+ miles) to my niece when she went away to university.  If we didn't do that, we would have kept on driving it ourselves.  It's a good car, and it will carry her safely for many years and many miles to come. If she'll remember to get the oil changed!

That's my 2 cents.  :)

Hello there.  So it looks like I just bought a daycare center in Charlotte NC.  Being strictly a residential investor, this foray into the commercial side of things is a little scary to me.  I could use any help I can get.

It's a unique property, as it is in a older, established neighborhood. However, I have verified (in writing) with zoning that it is grandfathered in as a daycare/childcare center, so I'm safe.

It is a legitimate daycare, and was run as such by the previous owners/tenants.  It has been modified such that it would not qualify as a habitable dwelling (i.e., residential use)--that's how nicely it's already set up.  County records indicate that it passed its last inspections/requirements for daycare use.  So that's good.

Here are my questions:

• How do I price it?  My research tells me that I can rent out a daycare for $12/sq.ft., conservatively.  
• How/where do I market this?  The realtor who brought me the deal wants to list it for lease for me, but this agent has no commercial property experience.  Neither do I!
• What important items do I need in the lease?  Does anyone already have a solid lease they use for such a tenant?
• Insurance:  My next call is to my insurance agency, but I'd like any input y'all may have on this issue.
• How do I screen a daycare tenant?  Again, I'm used to renting houses to people.  What should I require of a tenant who will be running a daycare business?

Any help would be greatly appreciated.  Thanks!!!

Usually, I make my tenants responsible for yard maintenance, and I think this is basically the norm in my area, for SFH properties. I make sure the yard looks as nice as I expect the tenant to keep it up. They sometimes need reminders of this, as I discover during my regular drive-bys.

In your case, with the sprinkler system and such, I think I would recommend that you include yard maintenance in the rent and pay to have it done yourself.  Adjusting the sprinkler control system is something you can perhaps walk your tenant through each time it needs to be done (or teach your gardener--just notify the tenant when the gardener will need garage access to do so).

Make sure you tack onto the rent the cost of your gardener.

The first place I check for market rents is a google search. Just type in house for rent + zip code, and see what happens. Look at several different websites, and you'll begin to see a pattern. Also, check with the local HUD office--they often have a report which indicates fair market rents in the area. It's often quite accurate, in my experience.

@Joshua Dorkin, trust me, it's a huge compliment. :)

Thank God! And thank you, @Seth Williams. I was beginning to think I was the only one. Or that all my BP peeps thought I'd lost my mind. *Phew!*

Maybe it's just been one of those days, or maybe I'm onto something, but I think Joshua Dorkin looks a little like Adam Levine from Maroon 5. Who's with me?

I linked my BP profile to my now defunked personal FB profile by mistake (no peeking!!!). I want to change it so it links to my business's FB account, but I can't find any way to change it. Help!!!!!