All Forum Posts by: Maegan Erb

Nathan, thanks so much for the list of suggestions. I have reached out to a few of those places but hadn’t thought of all of them. 
I’ll add those and reconnect with the other agencies with follow up emails. 

Everyone’s suggestions have helped clear the fog. Thanks 

Nathan G. excellent points.  I've used that logic for other businesses and its a great reminder to me in this situation. Thank you! Our clean and sober home has been on the market for 2 months and we aren't getting any inquiries on the listing or from outreach to area agencies.  We've been assured that there is a need in our area but only one tenant so far.  So the offer from the nonprofit (at the right lease price) would relieve some stress related to the house not having tenants.  It seems like it could be a good fit.  I'm new at negotiations and the BP books that I've read have suggested looking for "win-win" scenarios.  Thanks for pointing me back to the logic of giving charity to the people who need it.

 I do the same.  Having a clean and pressed set of linens ready to go makes the turn effortless and quick.  Laundry can run anytime of day at an off site location when speed/check-in time isn't a factor.

Hi Trish, thanks for the suggestions and question about the interest rate.  We put 20% down and have 6% interest.  I was thinking this morning that I might be able to find a few possible grants for them to apply for.  So that would be in line with one of your suggestions.  

Matt Devincenzo thanks for the tip. 

My husband and I purchased our 3rd sf rental in April with the intent of renting it as shared clean and sober house. It is outfitted to serve 6 women. Currently we have 1 month to month tenant. We have received an offer from a respected local nonprofit that runs a clean and sober program to lease the house long term and use it for their participants.  The offer is tempting because it would meet our goals for the house, serve the community, and free up our time for the next investment. However, when running the numbers on BP calculator the requested lease amount leaves us in the negative cash flow of $644 p/mo.

I’ve checked with my realtor and the nonprofit has offered $1,000 below market rate. What are some ways we can engage them in constructive negotiations to pay a market rate lease amount? Thanks in advance for your suggestions.

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Thank you @Moises R Cosme for the questions to consider.  I like the question "What would the impact be on the value of your investment in a worse case scenario?"  I'll have to crunch some numbers and look into how many other owners aren't able to meet the special assessment. Thanks for the feedback.

My husband and I are knee deep in our first REI condo purchase and the HOA is a mess. They let their buildings creep into major water damage over the years and then struggled to pass a special assessment back in 2016. They finally got all the necessary owner signatures for the repairs in 2019. Now in 2020 the repairs are being done. New flashing and siding, windows, roofs and gutters. The seller of the condo we are looking at will pay the lien of $51,000 special assessment from the proceeds of the sale.

I'm wondering if there is anything that I should be looking for as I read the over 400 pages of HOA data and reserve studies?

@Joe Alford thank you for the info. I’ll reach out to her.

My husband and I have two in college at Baylor in Waco.  We are looking for an agent in that area as we seek to purchase a small home or condo for them and then use it as a rental after they graduate.  I’ve looked through the agents listed here on BP but I’m not seeing any active Waco agents.  Anyone have referrals that they can pass on to us?