All Forum Posts by: Craig Parsons

Can you rent/lease a space and then sublet that space to someone else as a space share or whatever they call it nowadays?  (this could be an REI deal LOL)
I just read the Washington rules.  Seems to me like they are vague enough that as long as you post a sign somewhere and have office hours  posted  (which by the way they do not specify how long you have to be open. so it could be 6:00 am to 6:01 am The first Tuesday after the last full moon   bla bla bla...    I hope you get my point)   It also says if you share with another "DEALER" you have to have a separated space.  See if there is an auto insurance company you can team up with.   If you were in my town I would rent you a cubicle office for next to nothing. I bet you can find someone hoping to make a few extra bucks a month.

I just bought a 5 unit and they gave me an outline of the financials before I made an offer. basically income and expenses. After my offer was accepted they gave me all info including copies of leases  and anything else I wanted to know

Anybody have any expertise in turning apartments to condos?

I'm working on a deal where the city is encouraging people buying instead of renting. So my plan is to turn the units to condos and sell off 40% or so to help with city goals.

@Edward Moore. LMAO!

I definitely thought it was "squat up" as well.

I have been binging on all of his  content since that episode.   Truly there is tons of free info and he always tells people to "SQUAD UP"  or pair up with his students to learn more.   Im literally watching a free live zoom call right now with real students in training. 

Thanks for the replies all. The plan as discussed with both realtors was to have the current owner collect the November rents  and then hand  those to the escrow company.   We were more concerned that once the deal closed we would not technically have lease/rental agreements with the tenants.  We also thought it would be good to be proactive with the existing tenants letting them know what was going on.  After all we did tour the building last week so they know something is up.

So we are in the process of purchasing a 5 unit multi family property.  I'm told by my realtor that we are gonna close early the first week of November. It all comes down to the title company and how busy they are.   On Friday October 29th  I was talking to my property manager and she asked if I had phone numbers for the tenants.  I told her I did not but I had rental agreements for all of them which had the current owners number and maybe it would be best if she contacted her directly instead of playing the telephone game.  She promptly did this.  To our dismay the current owner got really indignant that we dared to call her in the first place and would not divulge that information.  Then the owners real estate agent called my PM and asked her not to contact the owner again.  And that the day before closing they would notify the tenants of the new ownership with letters on each of their doors.   Is this normal? Did we do something wrong? Should I be worried about something? The PM and I figured keeping the tenants in the loop would be a good thing and help with a smother transition.  TIA!

I really think I would paint the brick at least the front anyhow.  If you only do the front at least you wont have 3 different colors going on that don't match.  You can pick a color that works with the red brick for the front.  or paint it all. I think  re-siding is an extra cost that just is not necessary.

Why do you need an expensive house to do High end work?   Especially if you are learning.   I am not from your area  and did a quick zillow search that yielded a few old Victorian houses that definitely need a lot of work but could showcase your skills and in the meantime have a lot of rental potential if properly refurbished.

Well that sounds reasonable. Maybe others can chime in with other things to think about. For a turn key place it seems a 9% COC return is nothing to sneeze about. Even though you are self managing make sure you pay yourself for your time though even if it is just on paper. So that 9% COC may not be as large as it sounds.

Honestly something still seems too good to be true  but I am definitely a rookie at this a well.  No matter what I think it is worth pursuing even if its just an exercise in learning.