All Forum Posts by: Brandon Hicks

@Yeshua Williams

Step one...FIRE your accountant or whoever this guy is that’s giving you tax advice. He’s not the one.

I am currently under contract to purchase a single tenant, Advance Auto Parts building. The lease calls for the tenant to have property (and liability) insurance on the property in their name and list the landlord as an additional insured. 

Despite this being in the lease, the seller has his own policy. 

We would prefer to not take out a policy and would rather just be named additionally insured. 

For those of you that have purchased NNN properties...what does that transition look like? Did you have to provide the bank the tenants current policy and get yourself added after closing or did you have to reach out and get added prior to closing?

@Karla Torres

The true expenses may be low due to the leases being NNN with CAM charges to the tenants to cover taxes and insurance and other common area maintenance costs. I'd think that they would still list them on schedule E though.

I don't have an "exit" per se. It's been 7 years since I've had a real job and I'm currently transitioning from residential rentals to commercial. 

I think my exit is more of evolution. Commercial will allow me to continue to scale and shift into higher quality assets in stages. 

At some point I want to be 100% in NNN commercial and syndications on the LP side. Just mailbox money.

But I don't ever plan on NOT doing deals. 

I bought the bulk of my rentals when I was making $13-14/hr using low and no money down seller financing. I went from 4 units to 64 units in a 60 month period. I quit my W2 at 28 units and started a painting business so that I could have a more flexible schedule to continue to build my portfolio. That went on for about 5 years and I was able to sell a few and refi most of the remaining portfolio and ditch the painting altogether. That gave me time to network and figure out what I really wanted to be doing. I'm now using creative financing techniques to build a self storage/industrial portfolio with 3 partners. That will lead into being able to sell off my residential stuff and free me up even more to continue to scale into commercial. 

Search my name on BP along with the keywords land contract and you'll find many posts. 

Nowhere near enough information to give you advice and I believe that these posts are completely pointless for 99% of the people that make them. What you should do vs what I would with the cash (or anyone else here for that matter) would likely be very different and based on our overall situations and experiences. Better questions to ask yourself is what you're looking to achieve and where do you want to end up in 5-10-20 years etc. Then dig deeper on what is the best strategy for you to get you there and then reach out to those that have expertise/experience in that strategy

@Amy Scarborough unfortunately no. We didn’t see away that he felt comfortable with to move forward.

Makes complete sense

@Joel Owens I just tried to find your show on apple's podcast app and spotify using multiple searches but came up empty. Your site says they have it, is it no longer available in those places?

@Daniel Holbrook were you able to pull this deal off?