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All Forum Posts by: Jake Thompson

Jake Thompson has started 43 posts and replied 291 times.

Post: Bypassing General Contractor and Paying Sub Directly

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136
Originally posted by @Christopher Smith:

Might also consider if that would be a violation of Federal Bankruptcy laws (e.g., preferential transfers, etc.). Not sure I would be taking recommendations relating to amounts that may be under the jurisdiction of a bankruptcy court proceeding from the very person who has filed or will be filing the bankruptcy petition.

 Thanks, I will be speaking with an attorney just wanted to get some other opinions here as well

Post: Bypassing General Contractor and Paying Sub Directly

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136

Hi all, I have a project that has been completed and just before I was ready to send out final payment, my general contractor told me that they were filing for bankruptcy and I should send the bill  directly to the subcontractor. 

My concern is whether I will be protected if the gc were to come back and say that I still owed him the full amount or if I just need to get some sort of paperwork from each of them and that will be sufficient.


thanks!

Post: Anyone With Experience Boarding Horses/Renting Stables

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136
Originally posted by @Scott Mac:

Hi Jake,

Horses are noble animals. 

Are you going to offer Equestrian Show Jumping, or just trail riding?

Our plan would be to mostly just offer boarding with indoor and outdoor riding areas. It looks like we can offer different pricing depending on how much we do vs the tenants. We may look into offering lessons or guided trail rides in the future if our property allows it. 

Post: Anyone With Experience Boarding Horses/Renting Stables

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136
Originally posted by @Karl B.:

My parents have had a horse barn since the 1970s. Instead of renting out stalls individually they had a barn manager who performed all the work. The barn manager paid the utilities, performed upkeep, paid for the hay and grain, etc. 

A few of the barn managers were shady (one lady owed them money and ended up stealing all the wheelbarrows, tools and even the light bulbs) and the guy prior to her let the place get run down. 

I found them a few potential renters and the current barn manager has been good so far. 

Of course, you could take the role of the barn manager/owner and do the work yourself; barn work is grueling work. I grew up bailing hay twice a summer. Hard work. 

Most of the barn managers we've had boarded a few of their own horses/animals (the crazy light bulb thief had goats in a stall) and rent enough stalls to others to help cover their costs. 

Treat potential barn managers/horse boarders like renters as it's a business and the rate of getting ripped off or short-changed happens fairly often in the horse world as a lot of horse people in my parents' area are like circus carnies - odd folk. 

Also, there are other issues. I remember years ago somebody broke into the tack room and stole all the saddles (several other horse barns were also hit the same night and so it was definitely well-coordinated). And barn things always went missing. We had an old claw foot tub in the pasture for the horses to drink out of and it was stolen. A surveillance system is a good idea. 

 Thanks Karl,

we are probably wanting to manage mostly ourselves, but have a part time employee or 2 to help. It depends on how big of a property we get and how many stalls we are renting.

Do you have any idea what financing options are available for this type of business? I was looking into SBA 504 loan which looks like it may work.

Post: Anyone With Experience Boarding Horses/Renting Stables

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136

Hey everyone, I’m looking for insight from anyone who has operated a horse boarding/stall rental business. My wife and I have been looking to buy a piece of property with horse stalls and an arena (or possibly room to build our own). Rather than pay a premium for this and delay our FI date, we are considering renting out additional stalls to either help cover costs or possibly even make some additional money.

If you have experience with this I’d love to hear any tips regarding what to look out for, what is involved with doing this, etc. My wife has grown up around horses her whole life and we’d likely have her best friend who has also had horses her whole life to help us. I don’t have a ton of experience with horses, but am willing to learn.

Thanks!


Post: How would you invest $1 million?

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136
Originally posted by @John Edwards:

@Katie Miller 100k to charity (store up treasures in heaven!), the rest of the 900k in 4 paid-for SFHs @ $225k each with reserves

 I love the generosity! What if you took that 100k and invested it, then donated the cash flow or investment returns every month?

Post: No Cause Lease Termination For Owner Occupied Loan

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136

Here’s what I found on the Oregon State Bar website:

“To start an eviction case a landlord must give a tenant written notice. One possible type of notice is a “no-cause notice,” which means the landlord does not give a reason for the tenant to vacate. This type of notice is not available if a tenant is in the middle of a fixed-term tenancy. A fixed-term tenancy is for a set period of time, agreed upon by both tenant and landlord. Therefore, neither side can simply terminate the tenancy for no reason; otherwise, there could be financial consequences. The only valid no-cause notice applies when the tenant is in a month-to-month tenancy, and the tenant has not occupied the premises for more than one year. (This is further explained in the Residential Eviction Notices topic.)”

And here's what I found on the VA website:

“Occupancy within a “reasonable time" means within 60 days after the loan closing. More than 60 days may be considered reasonable if both of the following conditions are met:

• the veteran certifies that he or she will personally occupy the property as his or her home at a specific date after loan closing, and

• there is a particular future event that will make it possible for the veteran to personally occupy the property as his or her home on a specific future date.

Occupancy at a date beyond 12 months after loan closing generally cannot be considered reasonable by VA."

It looks like to me that the lender should still be able to make the loan based on va guidelines, as long as I certify that I will move in immediately following the expiration of the lease.

Post: No Cause Lease Termination For Owner Occupied Loan

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136

Looking further into the laws it seems like the no cause eviction only applies to month-to-month tenancies. Fixed term it appears can not be canceled mid term unless there is cause. As far as I can tell anyways.

Post: No Cause Lease Termination For Owner Occupied Loan

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136

SB-608 I meant

Post: No Cause Lease Termination For Owner Occupied Loan

Jake Thompson
Pro Member
Posted
  • Rental Property Investor
  • Albany, OR
  • Posts 312
  • Votes 136

@Nels Norquist thank you! It looks like no can agree. I read sb-804 and that’s what makes me think you can give the tenants notice to vacate during the lease term. But other places say only if it’s specifically written in the lease. Even if it is legal, could be hard to convince a seller given all the misinformation.