All Forum Posts by: Casey Miles

Thanks for the reply @Joel Owens.

I'm aware of the variables to look for when purchasing something like this. To your point, the devil is in the details. Not that it relates to my original question but the location I purchased is in a small town and not in the middle of "nowhere" where land is cheap and I did buy one with a brick exterior.

I was looking for actual owners as my question has more to do with the processes and contacts within DG for certain items.

Thanks,

Casey

Hi Ronald. I did find that site. The 10+ stipulation put me off. I'll probably reach out though and see what they're about.

Thanks,

Casey

Hello Everyone,

I bought a DG leased property last year. It's been a great investment for the most part and DG has been great to work with for the most part. I have a few questions that really only an owner can answer for me. It has to do with CAM reimbursement and contacts within the DG organization.

If anyone owns a Dollar General and doesn't mind answering a few questions could you please send me a message here on BP?

Mods - I assume this type of post is okay? I really don't want to detail anything here as it really is a question only actual owners or prior owners of DG leased properties can answer.

Thanks in advance,

Casey

Hello BP,

So I have a small office building in Mesa, AZ. It's roughly 6k sqft with a chiropractor renting 1500 sqft and 4500 sqft is vacant. I bought the property with a year to year tenant who rented the 4500 sqft but was way under market value so I anticipated I would have a large vacancy when it came to renew their lease. Needless to say they moved out.

I have a Church that is looking to rent roughly 1800 sqft, modified gross. They are interested in a 5-year lease. I don't know about the tax reporting for a church so I told them I'd probably need someone to personally guarantee the lease.

My question is who here has rented to a church and has it negatively affected your values at all? I assume a typical “business” is a more desirable tenant but I’m not sure why. What other potential negative impacts am I missing? I figure if the guarantor has strong credit and I get a 5 year lease it can only help the property value. I’m asking these questions because when talking to the potential tenant I asked how many other spaces he’s looked at and he mentioned one potential landlord got cold feet when he found out it was a church who was looking for space.

Thanks,

Hello BP,

I'm looking at purchasing a property in NC, specifically a MHP. I'm trying to gauge the "friendliness" (or unfriendliness) when it comes to landlord/tenant laws. Obviously, I’m looking at from the landlord perspective.

All of my investing to date is in AZ. For the most part I’d say the landlord/tenant laws favor the landlord. I can evict within 30 days if needed and I've never had a judge not grant an eviction, Constables usually act pretty quick if/when it comes to that. No rent control, etc.

Thanks in advance for the help.

Casey

I like the idea but what expectations would you have beyond what's in the lease? Tenants barely read leases.... Maybe shorten it to one page on bright paper? Laundry room etiquette, where to put cigarette butts, outdoor furniture rules, etc.

Scratching my head trying to remember if I've been a "sucker" or not? If I have it was only after I bought my first investment property. Most of my knowledge has come from actually doing the work. Found my lawyer and one insurance agent from the investor I bought my first fourplex from. Found my insurance broker on BP. I asked a question and he probably had a keyword setup, responded to my question, and reached out afterwards.

I'll respond to questions here and there. I've been to a few meet ups and always find talking to those just starting out rewarding and I find I actually like talking about real estate. I'll freely share stradegy and answer all the "how'd you do its" but I only share actual docs or contacts with other true investors. That or I wait until someone has really committed to something and they need info. No info for tire kickers.

That said, I'd rather "help" 10 people and only have 1 utilize the info than to cross my arms and share nothing.

Good Thread!

Hi Alan,

People around here are very analytical and the difference in your numbers between one post to the next is what's possibly keeping them from responding. In one you indicate 11.5k in NOI and the other just $6400. Which is it? What is "drop in balance"? Is that principal paydown? It appears your adding it to you "rent profit" which if it's simple paydown you wouldn't add it to NOI.

Maybe try cleaning things up and see if we can help. Hell, I could very well be the only confused here :)

Casey

Got rid of ALL my monthly non-essential payments (nice truck, motorcycle, quad, etc.) Literally sold everything I had of any value and bought one $42k SFH. Kept working and buying. I had the advantage of a buyers market in Phoenix at the time. I also worked a 9-5 that is the best capital generator you have, like it or not.

The BIGGEST thing I suggest to any young investor is get rid of the monthly payments. Unfortunately most people like new cars, toys, and big houses. My eventual goal is a modest income for me and my wife. We're fine with 10 year old cars and a decent house. We'd rather be wealthy in our free time and travel.

At the the very least if you want to buy a new car find a property that will pay for it.

Good luck,

Casey

Hi Gem,

Unfortunately I haven't worked with any HMLs. So I can't help you there, sorry. Have you consider doing a JV deal first being that you just started out? You want someone in the mix that has experience. I'd thinking that a HML would want you to have a little experience too.

The long and the short if it is that if you find a property that truly fits the bill in terms of LTV, ARV, etc. you'll have no problem finding money to fund it.

Good Luck Sir,

Casey