All Forum Posts by: John Leake

I do not have first hand experience but a few companies that come to mind are Foremost Insurance which I have used for non occupied property as well as USLI Insurance.

Unfortunately if they are refusing to leave it will be an eviction regardless of the lease terms. I would reach out to an eviction attorney and explain your situation. The answer to your question is going to depend on your state laws regarding the matter and an eviction attorney will know the inn's and out's to give you specific direction based on your situation. Good luck!

If I could go back I would have purchased a house hack as my first property. In the area you live in, it being expensive it may make more sense to keep renting and buy out of state like you are thinking. It will honestly come down to the deal and thinking of it from that perspective may make the most sense. Look for a deal both in your area as well as in whatever out of state market you are considering. I would then go with whatever deal makes will work best for you. Some additional challenges with out of state is you will be more limited on what you can do on your own vs hiring out. It can be a huge benefit starting out to be able to get some sweat equity in your deal. Best of luck!!

@Joel Houston It's hard to go wrong over the long term with a broad market index fund, I like the Vanguard ones they have several different ones. I am currently in VYM which has statistically preformed decent and pays a dividend. When the market is this red I try to lower my cost basis in stocks that I'm long or forever in.

I would try looking up the tax information as to where that bill is sent hopefully that will give you some clues as to who is responsible for that. Then I would see what they need to sell it you can just start with a conversation. As far as taking the emotion out of it listen to Bigger Pockets Podcast 260 with Chris Voss its one of my favorites and should give you some assistance. Good Luck to you!

Currently all of my commercial loans are 15-20 years with the rate adjusting every 5 years and 20-25 percent down. You may want to shop around for other lenders that might suit your needs better. I also am not sure if the shorter term and 30% is based off of presumable a much large amount than I have financed in the past. Our largest purchase so far was 330,000 that included 4 properties. 

I live in a rural area and neither of those are fantastic options for me. In doing some quick comparisons today on the two and looking at properties I have rented the BP was closer but still off by a little over 100 dollars. I use listed rentals for comparison as you mentioned in markets I'm not sure exactly what is fair. In addition to Realtor check Zillow and Facebook and that hasn't let me down yet! 

I hope you can find what you are looking for! I have not had luck finding lenders for less than the 20 percent down. I think I may be able to develop this with my current local lender but it will take some time and more deals completed. I think the loan you are looking for is going to be relationship and track record based so if you already have that relationship I would look into that. I specifically went with my local credit union in order to build my brand with them. It's been a great relationship for both of us! 

If I were looking at it I would want to evaluate it on a cashflow basis as it is. Then I'd try to determine a value add situation, can you add additional storage space/does the market support it, what are current rents compared to competitors, can the units be resized to better capture your markets need, what is the current security situation, and are their other things you can offer such RV parking or boat storage.

For the laundromat:
What is the current income at the laundromat, are the machines leased or owned, what are the prices for using them, how far is the nearest alternative location if you decide to raise prices, and is the laundromat the highest and best use of the property. 

These are just general thoughts that come to my mind and you may have already considered them all but wanted to put them down in case you hadn't.

@Leigh S. Now that I think about it since switching to my current lender I have purchased something every year so they wouldn't need to ask to run my credit. As I'm requesting funding and that's part of the process. Actually the last deal was low enough purchase price they didn't ask for anything. I will have to ask that next time I talk to my lender. Is this a bank local to you? I know small banks tend to be a little more on top of things.