All Forum Posts by: Jim Hlavacek

Yeah, It's a ton of money. my thought would be after installing the solar, separating out the meters and then having the tenant pay their own electric, but I would keep the meter with the solar running thru it and apply the unused credits to electric accounts on some of my other properties, and not offsetting the tenant's meters. That would in turn start to produce $850-ish/mo. since there wouldn't be any more expense for electric for me. I haven't gotten a quote for tesla yet. Maybe I should check them out first. I'm still up in the air. Any yes, that 47% hit we took this year was just ridiculous. 

I'm in RI and have a 10-unit rental property (2 buildings on same lot). I include electric for all tenants. National grid (RI energy) electric is expensive. My electric bill runs $850-$950/month. The property draws 35K Kilowatts a year. I've received a couple quotes for panels w/o battery, and they've been all about $240K for the entire system to cover 96% electricity offset. They guaranty the electric production and the system would be roughly $900/month on a 25 Year loan. It looks to be break even currently, but every year after when the price of electric goes up is where the savings would be, assuming the usage doesn't change much. I have 5 meters, and the usage is between all 5 meters. I would also be looking to separate out the meters after the install and start charging tenants for electric with exception of the one that I'm running the solar thru. I can also put the cost of the new roof into the loan and get the tax incentive on the cost of the roof as well. My only concern is if I have to sell the property, I'd have this huge loan that I would have to tack onto the price of the property?

Thanks Nathan, do you have any contacts or info for collection agencies that will take on individual debts? it seems like they usually only deal with larger companies that have many accounts to offer

Agreed, in 15 years I've never really attempted to go after the wage garnishment, but now I'm looking at the option to see what the process looks like. 

Hello,

I have a judgement from the courts against a past tenant for past due rents due. Is there a process in RI that allows for a wage garnishment to recover those funds?

Hi, Did you end up using the 223(f) loan? I'm interested to hear about the process and how it worked for you

Is it worth it to do a cost segregation analysis on a new property and change the depreciation schedule and depreciate it up front?

Hi There, I'm acquiring a 9 unit residential property and the additional side lot coming with the property is zoned for 13 garages. There are several small 4-5 bay garage storage units in the area that are all sold out running at about $150-$175 for a 8x15. I'm looking for data on construction costs to build 13 units. there's also enough room on the property with the setbacks to build (13) 8x30 garages with roll up doors on the back and front and I was considering partitioning them giving me 26 garages. I'd love some direction on where to look for build out costs.

Hi Clint, I just finished watching your live feed. Lots of great info, thank you. Can you give me some info on the cost for an initial asset protection strategy call, what info you would need for it, and when would you be available? I have 6 multi's and now in process of purchasing my 1st 9 unit commercial property. Thanks, Jim

No, lender wants you on the hook, not an LLC. I just went thru all of this, we have 5 non-owner occupied properties and I wanted to move them into an LLC, but if you do, you run a STRONG risk if the lender finds out that they accelerate the note on a conventional or FHA loan. My fix, refi or purchase the property with a 1st position HELOC or AIO loan. they usually allow the property to be deeded into an LLC from "my understanding". we did this to pull out the equity to purchase other property, but didn't just want to do a cash out and pay on the equity if we weren't using it for another 6-12 months or more. There are other ways too. Clint Coons on BP mentions using a land trust. You should check with him