All Forum Posts by: Account Closed

Welcome, Don I lived in the Little Rock area over 40 years ago. Dad was stationed in the Air Force base out of Blytheville.

You have come to a great place to learn from many others. Look forward to hearing some of lessons learned and questions.

Would it matter if the park has another investor working there? You may have something more to offer, the other investor may not have all of the funding. There are a lot of what ifs.

Better to check it out, talk with some of the owners and get a sense for what is going on. Let them talk, you may be amazed at what you learn that might help you and what they might know about others in the park.

If you don't make the effort you will probably always wonder about the park and what might or might not have been.

I'm also an investor in Seattle. Perhaps we can meet up sometime. Are you still active in this area? I'm primarily a buy and hold investor and looking at buying commercial residential property.

You will definitely want an electrician involved. Though a 220v circuit is easy to install that may not be the whole story. It is not uncommon in shops to have several pieces of equipment that might require 220v single phase. I am in the process of building my own shop and will have some 3 phase equipment as well.

Typically, I would suggest a separate sub panel be brought to the workshop that would allow for several circuits dedicated to the shop. Some could be 110 and some 220. The electrician could offer advice as to how many circuits might be needed and could tell you if the main panel might need to be upgraded. There are a number of considerations here.

I don't know what the tenant plans to do exactly with the shop, but if their credit is good and they have the ability to pay for this up front it could be okay.

Welcome, look forward to your posts. Finance and development are areas that many would like to hear more about. Look forward to sharing thoughts on financing.

What area of the country do you plan to invest in and what are your investment plans?

Welcome Sergio, I'm new here as well and believe that you will get a lot out of this site. There are lots of articles and posts related to your areas of interest.

If you have questions, concerns or thoughts feel free to share them. There are lots of investors willing to share and take time out to help new investors.

I understand the Texas market can be quite a ride. Maybe you can share your experiences about the market with us. I'm sure there are a lot of other Texans here as well.

As landlords we need to stay on top of our own state landlord-tenant laws. In Washington a lease agreement converts to a month-to-month agreement if no lease is signed and the original lease terms still apply.

In Washington it is also important to list in the agreement how the deposit can be applied. I usually define a set minimum that will be charged for cleaning. Besides repairs, any unpaid water/sewer is clearly stated that it will be deducted from the deposit. In Washington if a tenant doesn't pay the water bill the landlord will be forced to pay it.

Josh, That is a great deal. Does the report also include evictions or other rental history information?

I will be checking the service out when I do my next tenant screening.

Not sure if you completed your list, but high up on the list of mistakes is considering that any rental agreement might due. Rental agreements are important documents to protect a landlord interests in a property and need to be reviewed regularly to insure that they will be legal and binding.

The tenant screening process needs to be well defined and insure that it does not discriminate, but allows good tenants to be selected.

Treat your rental property as a business. Collect rents timely and always enforce late and nsf fees.

David is right if you receive any cash in the deal it is subject to tax. You will still need to meet all of the other requirements of a 1031 exchange as well.