All Forum Posts by: Cameron Lange

@Victor H nieves looks good!  Would be curious to hear more about your experiences with this property, and lessons learned, if you have the time to share.

As an aspiring TK OOS investor, this thread was an AWESOME read.  Thanks for sharing your journey @Victor H nieves.

Will your next property also be an out of state purchase?

My end goal is to control how I spend my time.  

@Anton Ivanov thanks for sharing your story!  As a newbie just starting out, it's tremendously motivating and inspiring.

Would you mind sharing with me...

1) Your questionnaire for PM's? and

2) A link to your Reddit post?  I searched Reddit and couldn't find it...

Your course on turnkey rentals also looks like a great value!  I'll be signing up for it and working my way through the modules.

@Olena M. great idea, I'm in!

Just wanted to chime in and say that this was an AWESOME Webinar!  Props to Brandon for knocking it out of the park.

I've been crunching numbers continuously since it ended....

Hey Pearce, a few thoughts for you (I've been in the solar installation industry for about 4 years).

Make sure you put that question to any installer you are considering.  Quotes for removing and reinstalling panels can vary substantially (from a few hundred dollars, to several thousand).  Also make sure that whatever price they quote you, that you get it in writing in your final contract. 

The technology is unlikely to change that substantially in 15 years, and panels typically have a 25 year warranty.  You would likely want to keep them on your roof.

Happy to field any further questions!

It should be very easy to get.  

The electrical panel will have a red placard on it.  Typically that placard will include the name of the company that installed it.  The company that installed the system either holds the lease agreement or knows who does.

Been in the solar industry for 4 years.

Typically the sellers options with the lease are:

1) Transfer it with the sale of the property (which assumes the buyer is qualified and willing to accept the lease - qualification usually based solely on FICO score).

2) Pay off the lease (usually according to a payment schedule, which may include early termination fees).

Option #2 can be really expensive.

How old is the lease?  Keep in mind, costs for solar equipment have dropped precipitously over the past 5 years.  If you have to pay off a lease that is 5 years old, you could end up paying 70k for something that you could buy today for 20k (I've seen this many times).

If the property has multiple meters, and one solar system, well, things get complicated.  I'll spare you the technical details, but this is a situation you'd want to avoid.  Ideally the property would have one meter that all the units share, and one solar system that feeds that meter.

Lastly, leasing is increasingly less attractive to new solar customers.  Keep in mind, if you assume the lease, and you go to sell the property in 10 years, you may be the one paying an exorbitant amount to get out of the lease.

https://www.greentechmedia.com/articles/read/its-o...

I'm happy to help with any further questions, either via this thread or direct message.

The first step would be to get a copy of the lease contract.

Just as background for what's about to come, I have worked in the solar industry for the past ~3 years in sales/design/engineering.

The research shows that solar add's roughly $4 / DC watt.  So a 3.6 KW system will add roughly $14,400 to the home's value. Source: http://www.nytimes.com/2015/02/22/realestate/solar...

In practice, it's hit or miss and depends HEAVILY on what market you operate in.  Here in San Diego, where we pay some of the highest prices in the country for power, solar panels are very desirable for new owners.  I can't speak for other markets.

Also, it should be noted that the above figure of $4 / DC watt applies only to owner owned systems. In other words, this does not include leases, PPA's, or other third party owned forms of financing.  I've had several customers get hit with nasty lease buyout charges when the buyer decided they don't want to assume the contract.  No matter what, if you intend to sell the home you should be buying the system outright.

@Roland Brown I see you are in Texas.  From what I know Texas has one of the more complicated setups in the country.  Meaning how exactly you are credited for the solar you produce will depend on the local utilities net metering policies.  Also, Texans tend not to pay too much for solar to being with.  Also note that if the home is not your primary residence, you may not be able to claim the solar investment tax credit on your installation (though you may be able to claim accelerated depreciation).  Let me know if you have further questions on this.