All Forum Posts by: Jonathan Bolano

@Graham Francis I use this strategy for my business account and swear by it. The bank allows you to name your accounts and I even put the percentage in the account name too. This way on the 10th and 25th I can easily transfer from income to various accounts. Each account then receives a rule as to when you can use it, otherwise, you don't touch a thing. The book has really helped me since I grew up with little to no money management skills.

Depending on how much you have or make can determine which bank works best for you. I like credit unions because they don't have a ton of fees and/or are willing to work with you on these things.

My percentages are different because for my business I have marketing and petty accounts.

Lastly, I use an assortment of savings and checking accounts. If an account is "holding" and does not require frequent transfers then its a savings, otherwise, its a checking. Take time and read profit first, you won't regret it.

Quote from @Terrell Owens:

Rhode Island area

Hello

24 years of age and my gross income is around 50K annually and I plan on using a conventional loan, I thought possiblly 3.5%-5% on an down payment.

I have about $15,000 that I wanted to use on a Duplex and I have a few $1000s for closing close and other needs.

However I'm worried. Between a single and Duplex, within my price range (300k) the duplexes aren't in the best condition compared to single family homes, I haven't been viewing the market for that long but from what I see now, I think "I want to renovate." In order to get my best chances to rent out the other unit(Most likey living in the other one).

Is my best option just to save more for my down payment, possibly a price range of 250k(which will be hard for a duplex) or perhaps my problem is that I assume I'll have a vacant for a long period of time, which it's possible but I think the more someone puts off something, the unlikely chance that they'll commit to it.

I also do plan to get my real estate license (currently studying, Massachusetts area) and I understand I probably won't get rich from it early on but being able to add to my down payment without waiting two weeks for a check from my hourly wage would be helpful, so should I wait for that?

Any advice would be appreciated.

Good evening,

I cosign what everyone is saying. This month alone, interest rates jumped a quarter of a percent. I am a Realtor in RI, MA, and CT and you are 100% correct about what 300k and less can afford you. If you are able to partner with someone, that may be a better option to get your foot in the door and start building "some" equity to get yourself started. RI has an investors meeting that is extremely helpful to folks trying to get into Real Estate Investing. It's once a month in Warwick. I don't know the exact day and time but I'm sure someone reading this will reply with it. Inbox me if I can be of any help. 

Quote from @Ronald Rohde:

What is their online marketing? These days buyers want to see what IP assets come with it, delivery options, grubhub success, margin, etc.

Awesome! Thank you for this.

Originally posted by @Scott Mac:

Hi Jonathan,

Just off the cuff,

One way to look at kitchen equipment is (new) (new-ish) (older-used) (very used with obsolete (or hard to get) parts but still in service<--possible reliability issues).

The equipment setup dictates what can be cooked. For instance one deep fryer means fries but not fried fish, etc.... No griddle top means not going to be serving griddle food. Typically its a space issue in the kitchen, if 100% of the space is used, to get something new you have to eject something old.

Hopefully the buyers understand the business and can due diligence this kind of stuff.

Good Luck!

Thank you for your help!

Originally posted by @John McKee:

The most common question I get it is does it have a hood and what size is it.  The other one would be a liquor license.

Thank you for your reply. 

I'm trying to get as much information regarding the sale of a restaurant, current business, and its assets. I have done as much research as I could and want to get any additional "special things" I should know. I am going to be listing one soon and want to make sure I'm not forgetting anything. Thank you in advance for any guidance you all can provide. 

In the north east we normally see Gas, Oil, or Electric. All heating sources depend greatly on how much you use them, price fluctuations, and how "dated" your system is.

Maintenance: Electric is your hands down easiest with Gas in runner-up and Oil last. Electric requires nothing to my knowledge so it keeps things simple. Also, one bill. Gas is cleaner than oil so your utilities won't need to be serviced as frequently, saving you money.

Cost: New electric baseboards I have heard are now more efficient. Some new ones have a gel substance that gets heated up and allows electrical to shut off until it needs to be reheated again, unlike old electric baseboard that would radiate for hours wasting electricity. Gas and Oil fluctuate sorta closely so it doesn't matter too much. 

Long term: Electric is probably the way to go as it seems much of the US is leaning towards enforcing renewable energy as a means to power anything at all, ie, solar, wind, hydro, etc. 

Other things to note: Dryer, Water Tank, Furnace, Stove/Oven all can run on gas or electric. These things can also change how your bills run. 

@Dan Barli exact answer I was looking for. Thank you!

I'm wondering what happens when you get n offer accepted and go under contract but cant secure financing with a HML. I am not in this position but just wondering what happens. In a normal sale with a lender the P&S protects against financing not being secured. What happens in the event of a cash deal?

@Anthony Thompson I think I worded my question incorrectly. My mention of Real Estate was just to say that from our standpoint it made no sense. My question was meant from me as an investor and if I ever did practice this way of submitting offers, how could this 'entice' the seller. I think you and everyone else did a great job at responding to this and I appreciate all the help. I feel more well informed regarding this practice and will follow-up down the line as more questions arise.