All Forum Posts by: Joseph Garner

@Will Fraser

Totally agree with you there, fortunately there are a few manufactured homes in the area already.

I’ll try to keep the thread posted as I go.

I own a property in Indiana. Really it’s just over .3 acres. Imagine the shape of Utah.

The duplex sits in the bottom left corner. The right bottom left, and top left Section has nothing there (minus a shed).

I’ve been thinking of ways to utilize these areas as it seems like wasted ground.

Long story short, I’m thinking of a couple ideas. 1- Sub dividing (if capable) into three lots, and putting in two Mobile homes (cheaper then building another duplex).

2- Making a self service storage facility

What are your thoughts, tips, and reactions?

@Markus Shobe

Now could I just open them under my own name? Or would I open a business and each rental set up as a "DBA" under that business?

Hi guys,

I currently have 3 properties which together is 7 doors. Currently I have all of them under my name, is that fine or is it something I should get with a CPA about and get them under an LLC? Mainly for tax and liability reasons.

Secondly, I use personal credit cards/bank accounts for most of, if not all transactions. Should I also change this into

A business?

Any suggestions would be awesome. Thanks

@Bjorn Ahlblad

I feel we are a little off topic. This is all hypothetical, I understand if that roof isn’t new, it’s going to need replacing soon.

When calculating the NOI, what should I look for as far as expenses go?

Do I look for current expenses the owner share in a P&L spreadsheet, or do I factor what I feel expenses should be. Like vacancy, repairs, etc?

When you figure how much to offer someone, what would you include?

@Eric C.

Hypothetically speaking, let’s say... 37 years. I. Am just trying to make sure I am putting all expenses in, so I’m not low balling someone and at the same time not screwing myself over.

@Bjorn Ahlblad

So what else would go in for expenses?

Would you put in your vacancy, cap expenses, etc?

Keep in mind I’m just trying to figure out what I would over someone.

As far as what I would make monthly, I would factor in vacancy, cap expenses, repairs, prop management, debt. I just don’t think I would factor those in to figure out the purchase price. That would significantly reduce the price, and sellers would tell me to pound sand, right?

@Nicholas Covington

That essentially is what I’m looking for,

On the appraisal side do you know what factors they take into consideration?

@Etai Gil

Yes, the owner of my company is willing to be my private money so I can get into

A deal with cash down, rather than have to

Wait for the loan process of a bank. At that time I would have a 3-4 month window to refinance out.

The terms are negotiable depending on how much money I need up front. However he isn’t looking to have large amounts of capital out for a 5 year time frame.

@Etai Gil

I guess the good thing is that I have private money to secure the deal. I am looking for options/ideas/guidance if you will on how to do the refinance out after 3-4 months.