All Forum Posts by: Dave Chapa

I have the opportunity to buy a small 1100sf house used as an office. A local real estate company is renting it now and will sign a  2 to 3 year lease when (or if) I buy the house. It's located in a small booming town on one of the main streets. It a very nice looking remodeled 1955 house and is sounded by other businesses and some residential house. 

Anyone own commercial/residential zoned houses used for businesses? If so, how has it been for you? 

Looks like it would be a nice long term deal.

I own an 8 unit in Old Town Katy and it's tuned out great after rehab. I also look in Richmond/Rosenberg area. Both great locations.

What is FIG?

Gross:

The top of a refrigerator was covered in dead German roaches, to the point you could barely make out the color.  

I was checking out the electrical box on one of my units on a service call, the box is in a closet. When I turned to leave the closet, there was a shoe rack with an adult toy sticking out of one of the compartments only a foot from my face. EEEEK! 

Useful:

A wine/drink refrigerator is great shape. 

I went all out and liquidated my IRA. I am fully invested in real estate.

What I gained: 

- Tripled my net worth. 

- Passive income.

- I now have more in my bank than I had in my IRA.

All within 2.5 years. 

I will invest back into an IRA after I buy some more properties.

This approach is not for everyone. 

@Vijaianand Thirunageswaram, good information, thanks for sharing.

@Account Closed I have a great relationship with a local banker (VP of commercial leading) that does commercial loans, business and Multifamily.

I also have a great relationship with a mortgage broker that can help with something like what you are trying to do.

Send me a PM 

@Tony D.

I have some tenant that wont use the dishwasher. It all depends on the demographics. 

@Taylor Brugna Buildium has the option to set up an account for tracking overhead, misc expenses not paid through buildium, equity and ect. For an independent rental owner like my self it works fine. However, when I grow my property management side of the business I'm sure we'll use a program like QB.