All Forum Posts by: Frank Mirando

Thanks Ash!

Hello there everyone.  I remember hearing a great show that had a young CPA and Attorney who were discussing an inexpensive way for you to set up trusts and estate planning type work on line.  Please share their information or the episode if you remember them thank you! 

Thanks for taking a moment to read this post I could use some advice.

This potential tenant was formerly my landscaper who moved south with his wife a few years back.  Long story short, she became ill, medical bills turned them upside down and sadly ended up passing away.  He sold home to cover medical bills, and received a 6 figure death benefit after she passed.  To add more sadness to the story, he was diagnosed with stomach cancer which was under control until recently discovering it is back. 

Bottom line- he needs to come back to NY for treatment, needs a place to live with his 2 black labs and is willing to pay 12 months up front.  I am on the fence for obvious reasons.  

So far I know his landscaping business is still open, run by a partner however I do not know their agreement and his income just yet.  He claims to have over 100k in the bank now my concern is how long that will last.  Even with good insurance it could cost a fortune to be ill.  

The unit is 2 bed 2 bath detached cottage with private backyard and we are in the process of renovating it.  It will have new kitchen, new bathrooms and flooring with washer/dryer in the unit.  I have no doubt I will be able to get a good tenant in quickly in my market.   

What would you do? 

Thanks Nathan!  

I thought rather than fight over 500 and deal with her not paying the rent it would be easier to give her the 500. 

Thanks for sharing this guide I am going to take a look and study up for sure. 

Hey I'm hoping to get some feedback from those with more experience landlording than me.

I purchased a 2 family house hack situation 5 years ago.  I live in one unit and we inherited the tenant in unit 2.  Upon purchase the tenant refused to sign a lease but agreed to stay month to month and planned on moving to Florida within 2 years.  She has paid rent on time and has not been too much trouble...that is until a tree branch fell on her Jeep Cherokee ( late model not worth more than 3-5k).  Since this incident she has held rent hostage to cover her deductible.  After not wanting to fight, I told her to deduct the 500 deductible from this months rent and that she will have to leave by the end of March and she agreed. 

Since this is not the first time she as said she was leaving , we wrote up a notice to vacate as of March 31st and handed it to her before the end of December 2018.  She seemed ok with it, until I went to collect rent today and she's claiming she cannot find the letter and that since we spelled her name wrong she doesn't know who that person is.  She did promise to leave by the end of March again claiming...she is a woman of her word. 

Tomorrow I will be sending the notice certified mail, however I am not sure how to proceed with this eviction.  Any help from you guys would be greatly appreciated! 

Tom Kroll has been going nuts about closed code Violations.  Im sure many of you have heard him on the pod cast however it has been difficult to find this list.  I have been to 3 different town halls here on Long Island and have gotten the same answer.  

1. Municipalities are only required to search for specific documents requested- ( someone hand wrote - "in existence") 

2. These Records  not maintained in this manner.

Does anyone know what manner or specific type of document I should ask for?  

Thanks!

Frank Mirando 

Hello BP,

My family owns and operates a successful trucking company.  We found a great piece of property with the proper zoning for our business and need some financial guidance.  There is a huge demand here on Long Island for vehicle storage. 

We have some cash but would need bank, bridge funding, private money to get the deal done.  

This is our first commercial deal so your opinion is greatly appreciated.  

Basic info on property:

1. Vacant with approved permits in place.

2. Construction Cost- site work, pave the whole lot plus access road 250,000 ( We will office in a trailer.)

3. Purchase price - 450,000 est.

4. Purpose- Owner occupied-  terminal with storage for 200 + Vehicles 

5. Expenses- Not much overhead on a parking lot.  Im figuring 25,000 a year.

6. Income- 140-150,000 a year.  

Please let me know your thoughts! 

Thanks

FM

@Brian Compton yes my direct mail was a success.  Most of the calls so far have been desperate short sale leads that I am working on.  I sent out 2000 pieces, have 2 short sale deals and 1 wholesale deal.  The wholesale was one of my hand written letters to a house I pass every day for my whole life.  The house has been in bad condition since high school.  The town condemned the house and they needed to sell quick before the town demo'ed.  from all of the stories I hear on BP, sometimes it takes months before you get your first deal.  I feel blessed I found mine on the first mailer.  

Door knocking has been interesting.  Nobody comes to door, they are all scared.  The more I think about it the more I realize the home owners mind set is hiding.  They are in trouble in most cases and are difficult to contact.  I have not had any success with this but I will continue to hang my door knob flyers to let the numbers play out.

Cold calling people has been similar in success or the lack there of to door knocking.  Intellius has been mostly wrong numbers but this is expected.  I have dug deeper and called the individuals family members and have had success contacting them indirectly.  However no closed deals from skip tracing yet.  

In conclusion the psychology of someone picking up the phone to call you out of their own interest is a very powerful thing.  Remember these people are mostly in a negative mindset, hard times, and sometimes in denial.  They decide to pick up the phone and this is their first step toward reality.  They know they need you.  So although I will continue to knock and call to hone my skills and get comfortable with sellers, I am projecting my biz to be strictly mail focused.  Make the phone ring and give people solutions when THEY realize they need one.   My next piece goes out in a week and I am looking forward to seeing the results.  I have added about 1000 more names from Driving for Dollars and others who drive for me and give me leads.  Good luck out there guys.  

Hello BP Pro's,

I could use some advice in the commercial space.  My father owns a successful trucking company here on Long Island and we are looking for property to call home base.  We found a great property which has about 1.1 acres, 11,000 sq ft indoor storage, office space, and plenty of outdoor storage for cars and truck parking.  The building is run down and yard is not maintained.  Here are my issues:

1. How to Determine ARV. I know after renovations, this will be a beautiful property. I know that commercial property value is based on income however im not sure how to arrive at the actual number. should i still look at comps?

2. Commercial Banking- my comm RE broker told me SBA loans are easy to get financing up to 70-80% of deal.  Dad's biz has a long track record, however not a lot of biz credit established.  he has an 800 credit score but does have a lot of open trade lines, and a few mortgages on the credit. He is also buying a new construction condo and selling his primary residence within the next 6 months.  What is the best way to present a commercial rehab deal like this to a commercial lender?  should I be looking at bridge loans? then refi after repair is complete? 

3.  Private Money-  I have a few private money guys I have done residential flips with, however I have never done a commercial deal before.  I would like to present this idea to them for the remaining 25-30% of funds for this deal.  Interest rate and equity ownership can all be negotiated, however does anyone have a guideline to follow that is fair?  

Hey everyone. Has anyone used rapidoffergenerator.com?  Looks like an efficient way to send a lot of offers.  Let me know!