All Forum Posts by: Robin Ferrier

Thanks folks much obliged . There are some really good ideas and thoughts there. Knew I could rely on you to come up with the answer.

Hi Folks,

I am looking at the possibility of expanding my portfolio via leasing a B&B. I am well aware how much work a B&B involves and whilst I am only too happy to do the work in the short term (months ) to get the thing moving the way I want it (exisiting business), I dont want to be held down 24 hrs a day seven days a week.

I am looking to employ a person or a couple to look after the BandB for me and I act as marketeer/strategist for the business whilst they do the day to day running. Has anyone ever empoyed anyone other than family in a B&B business that they could then operate at arms length?

How did you find them?
How did you pay them?
How much did you pay them?
What are the down sides/dangers?
Did you have an exhaustive contract of employment or back of an envelope agreement?

I'd love to hear from anyone who has done this so i could learn more. Many thanks in anticipation.

Thanks Jon, I'll move my question and see how I get on

Brandon mate, I am on the verge of taking out a lease on a B&B but am wanting to make it an extension of my property investment rather than start a whole new career. I haven't got to the negotiation stages yet but am getting close and would like to have my stategy in place before the haggling starts.

I reckon, not based on anything other than what I see as logic, that if I can procure the B&B, I can get some good people to either live in or live out and manage the place while I live my other life.

In the mean time i can be strategist, marketeer and facilitator.

Need someone who has done it to tell me it really can work though and what the down sides are.

Thanks for all the help folks.

Robin

Hi folks,

just put a post on "out of topic" about Bed and Breakfasts and how to manage them. Can anyone help?

Brandon was kind enough to contact me to get me to put my ugly mug up for the first time and so i have done so. I also just wanted to say thanks to all who have helped me so far over the years at BiggerPockets and I hope you can help me some more. I''lll try and reciprocate when I can.

In the meantime, any B&B experts out there please get in touch, I have a lot to learn.

Robin.

PS. Any sign of green shoots in the non resident alien funding for residential remortgages in Indianapolis?

Hi Folks,

I am looking at the possibility of expanding my portfolio via leasing a B&B. I am well aware how much work a B&B involves and whilst I am only too happy to do the work in the short term (months ) to get the thing moving the way I want it (exisiting business), I dont want to be held down 24 hrs a day seven days a week.

I am looking to employ a person or a couple to look after the BandB for me and I act as marketeer/strategist for the business whilst they do the day to day running. Has anyone ever empoyed anyone other than family in a B&B business that they could then operate at arms length?

How did you find them?
How did you pay them?
How much did you pay them?
What are the down sides/dangers?
Did you have an exhaustive contract of employment or back of an envelope agreement?

I'd love to hear from anyone who has done this so i could learn more. Many thanks in anticipation.

Hi Folks,

I have had a property in Indianapolis for three years now and the management company has been ok ...ish. But now things have gone critical and I need a new company to look after my property. The problem is that I come from over the pond and would like to make this change by remote control so to speak.

Can anyone reccommend a good property manager in Broad Ripple, (North) Indianapolis or at least someone that covers that area. I basically need them to handle the whole move from one company to the other (with possible hassle from the original company).

Does such a person or persons exist? I would love to hear from you if you know someone but could you please identify if you have a vested interest eg own the company yourself. Really looking for a happy landlord who can share his good fortune.

Thanks

Chaps, apologies for being so slow to respond.

You all refer to needing 'enough money up front'. How much is enough and why.

If I had a cohesive business plan would you be prepared to accept less up front money?

Just looking for percentages or how you would calculate your feel good amount.

Robin

Guys, than you so much for you reply.

Jon, thanks for the heads up. I'll see if I can find some info on how these type of lease options vary from what might be considered normal residential lease options.

Jay, I am so sorry that these weak minded fools left you in the lurch. From your experience if I was to do business with someone like you regarding multi family units, what would you expect of me? Where you have been I am certain (unfortunately) others have been too and if I can give sellers what they need straight up I can avoid a lot of heartache on both sides.

Finally, is there no-one out there has obtained multi family units/apartment buildings using lease options?

Robin

Hi all,

out of curiosity, has anyone obtained multi family units using lease/puchase options. Anyone gained control of apartment blocks with LO s?

What were the main issues for you and was it successful. What made it successful or if it didn't work out, what was the fatal flaw. Do you have to own to profit from multi family properties?

I can imagine that there will be the suggestion that if a seller is willing to hand over his 20 unit to an investor on a LO then it has to be as rough as a monkeys a..! Or does it? I'd love to here from any who have done it, nearly done it or those that thought it all through and didn't do it.

Thanks in anticipation.

Robin

:D

At the risk of asking what may be the dumbest question ever, are there any hard money lenders lending for single or multi family properties in Indiana.

People and strategies change all the time and maybe things have changed since I enquired quite a few months ago.

Just to add to the fun, I am non resident alien (Brit).

Anyone know any Brit friendly angels out there.

Robin :D