All Forum Posts by: Kenneth Blacow

This may be to general, but I have inherited a position in a commercial property and I am looking to buy out a family partner. It is a cash flowing property with no debt and I want to approach some lenders. I would like to go in looking like a professional with a package to covers all the requirements. I’m looking for examples of packages or suggestions on good commercial lending resources. 

@Byron Scott I don’t have a suggestion on how to proceed with reno work and closing, but I would suggest you read the book written by @Brandon Turner and Heather Turner about Rental Peoperty Managment. It helped me immensely when I took over my mother real estate rentals. It will help you with your new tenant. Good luck, what part of the city is the property? How did you find the deal?

@Brenna Wood All the advice offered here is solid. I want to second what @Sergio Aguinaga said, read @Brandon Tur

@Brandon Turner's book it was full of perfect advice. You can even get it in Audible if you are like me and don't like to read.

I add my vote to the cash out refi and find a multi-family property. Look for a 30 year amortization. 

@Martin Pulrang I can’t view your link to that other post for some reason can you try and post it again or inbox it to me via PM?

Thanks, Ken

Edit - Nevermind it had something to do with the BP mobile app I was able to view it via the web browser.

@John Hyre,

In a nutshell, a modified gross lease is where the tenant pass our management company the the base monthly rent and their pro rata portion of taxes and insurance and the money is then passed to the LP that we hold. Our bookkeeper pass all the different taxes and insurance. We also manage and pay all maintenance on the building.  If repairs or maintenance is required we locate the person to make the repair and pay that person.

The article is very interesting and right on point to the discussion here as a solution to NNN.

Ken 

@Shanae Williams Check our SCORE in your area. https://www.score.org/resource/business-planning-financial-statements-template-gallery?gclid=EAIaIQobChMI-cuu0uyT3QIViozICh3GXgbREAAYAyAAEgKM5fD_BwE

@Peter Fennig I haven’t used Cozy yet, but I plan on starting collecting rent on Cozy in October and for future vacancies since I’m 100% occupied right now.

@Branden Sewell I was thinking if you want to use your Self-Employement income you will need to show how much you have generated over the last two years. Hey admittedly I’m new to learning this whole financing thing also. The books I am listening to right now are the Rich Dad author Garret Sutton all his books are great about REI. Keep it up I’m doing the same.

@Branden Sewell Be sure you are keep tight records on your business, so you can go to the bank with sharp financials in hand any try your best to put some money in savings to show the bankers. FHA is your best bet to get that house hack. Look at BiggerPockets.com/events and listen to the BiggerPockets podcasts they will help keep that drive alive.