All Forum Posts by: Mark Gibbs

@nataliekolodij

Those are beautiful stories. Are you close to Marysville, if so I have a deal I want to send your way. I can't figure out how to make it work but maybe you can. Senior park though, not sure if this would be attractive to you.

Hello all-

I have a letter of intent for a commercial space I own from a person interested in starting a new business. It has been a long time since I have dealt with a new business for a background check we are currently requesting:

2 years personal taxes

2-4 months bank statements

Credit check on the individual

Business plan

Sit down meeting to feel the person out for their business sense. 

Any suggestions for other things to request above and beyond these items. 

Also, this person is asking for a 5 year term. Nothing I love more than paying a commercial commission on a 5 year term only to have the business fail after 2 years. Any suggestions on this? Structure some sort of personal guarantee with security that should he fail to fulfill the term of the lease the commission payable back to me on a pro-rata basis?

OK, looks like I was able to link the actual picture from my desktop. 

This is the material, the rest of the sheet appears good, only the edges where water has gotten to it look poor. 

Any suggestions on what to do with this? Re-sheet vs. run? I've never dealt with this type of siding, only a few problem areas but the stuff feels like paper. Hoping this image comes up. https://www.dropbox.com/s/92vg75i9wkhrxto/Photo%20Mar%2006%2C%201%2032%2042%20PM.jpg?dl=0

Thanks for the great information on this post. I have been working through questions on setting up a self directed 401k for the last two weeks. Trading emails with both Mark Nolan and Dmitri Fomichenko for this. 

I thought I was pretty close to getting this going then I found this one statement from Pensco Trust's website that puts a big question in my plan:

"Maintenance and repairs must be done by a third party. If the IRA owner provides any “sweat equity” activities – even something as minor as changing a light bulb — there could be significant penalties."

This statement seems to fly in the face of any buy and flip project or pretty much any real estate activity where you would put in any personal effort. Anyone have issues with this?

Hello BP community-

I am hoping to get referrals for a Seattle area attorney who works in drafting rent to own contracts. I'll be carrying the note.

listened to it already. Great show, it will be one I visit again.

Originally posted by @Aaron Ramm:

Hi @Mark Gibbs , welcome from up north in Marysville!

Curious to know more about your story.  Were you working full time and had rentals?

Were you flipping? Did you completely leave the REI game or were you still holding?

Was 2008 a factor?  

 Yes, 2008 was a factor, two large construction projects at that time went south and had a failing contractor where I needed to take over as the GC. Pretty much wore me out. Once the two projects settled down the company I worked for laid off all employees except the controller and the president. Oh well life goes on.

So yes, was working full time and had rentals. We sold off our single family investments and still own a commercial property in Olympia. 

I work up north now so I am practically in your back yard.

Hi everyone, newbie to bigger pockets here. My name is Mark Gibbs, reaching out from Seattle, Washington. I've been involved with real estate  construction and investing for about 14 years. Stepped away for a while to focus on other interests, now looking to get back in and add some additional investments to my portfolio over the next few years. 

Looking to go a little different than the standard buy and hold investments this time, hoping to become more involved in mobile homes and notes.