All Forum Posts by: Brad L.

I've done a few FSBO, did flat-fee mls listings for $350 and offered 2% to the buyer's agent. This way everyone that would normally see it, still saw it.

I'd argue that maybe this is a sign you should not sell, at least not until other properties start being developed.

Depends on the property class, but I have and still do leave them in the unit in these situations.

"Washer and dryer are provided as a convenience and landlord is not responsible for maintenance, repairs, replacement or damage caused by these appliances. Tenant understands and agrees that any and all costs or damages pertaining to washer and dryer are tenant's responsibility."

Each month, the amount going towards interest will decrease and the amount going towards principal will increase. Once you get to the end of the loan term the payments will be almost entirely principal with very little interest. Did your lender give you an amortization schedule with your closing documents? This would show month-by-month how the breakdown between principal and interest changes.

 Don't beat yourself up about it, common sense says the Seller should run it by you and it's hard to imagine why they felt like they didn't need to

I normally include a contingency which states something like "Buyer to review and approve any new tenants or leases beginning on or after the date of acceptance of this offer", otherwise the Seller does still have the right to operate the property as they normally would. Seller obviously should have spoken to you about it but the reason we have contracts in the first place is because you can't trust someone you don't know to do the right thing.

 I was just quoted last week and I don't have the numbers with me so I could be a little off, but here's how I think it broke down:

Wood frame buildings erected - $21/sf

Ashpalt for drives - $3.50/sf

Concrete slabs - $5.50/sf

Site work at this property is negligible and electrical will run me a couple thousand.

No fence or gate because that's not necessary or common in my market, and the existing buildings have wireless solar security cameras which I'll add to the new phase also. I was told that all steel construction would be about double this cost. There are other expenses of course, but what's listed above is the vast majority cost-wise. This will be our first time building though, so someone like @Henry Clark can probably be more specific and accurate.

I self manage, but I wouldn't necessarily say I do so remotely as I still live within 10 minutes of our facilities. I do have systems in place so I don't have to go to them often, but if something went wrong I do have the advantage of being able to get there quickly as opposed to someone that's actually managing remotely from hours away. I'd rather not discuss cash flow on an open forum, but I value my time and expect cash flow that pays me accordingly.

We use combination disc locks and give tenants the combination, and instructions on how to change the combination, after they have e-signed a lease and paid the first month's rent and security deposit online. We do not have gates/fences at our facilities. We have multiple tenants that have rented at this facility for 25 years and running, my wife and I have owned it for 7 years. Some tenants stay for a couple months and others stay for years, really a mixed bag for the most part. 

I haven't physically been to the facility in months and it's only 10 minutes from my house. If you have systems in place and enforce your rules it can be a very hands-off business.

35 units here. I gave my 14 most time consuming units to property management and continued self-managing the other 21 that I basically have on auto-pilot. Some will say you should go all in one way; either self-manage all or give all to a property manager. This has worked well for me though.