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All Forum Posts by: Matt Gilroy

Matt Gilroy has started 13 posts and replied 62 times.

@David Clinton III Good ol WA State!

@David Clinton III Thank you for the reply!  I would not have set the leases up this way but I am not able to change any terms or conditions based on the current environment.  I'm trying to follow the lease of the previous owner but not pay more than I have to.  For future tenants, I will include either increased rent that includes w/s/g or a flat fee per month.  

Hello BP,

I have a duplex in Washington State (Spokane City/County) with inherited tenants.  In one lease, it states the landlord will pay up to $100/month for water & garbage specifically.  In the other lease, it states the tenant is responsible for all utilities.

When breaking down the utility bill from the City (water/sewer/garbage), my thought is to pay for 1/2 of the water and 1/2 of the garbage based on the "pay up to $100/month" for one unit.  Also listed on the bill is sewer and water/wastewater capital.  This charge is for capital improvements and upkeep on the water/sewer systems.  I plan to break the charges in half for both tenants and then cover 1/2 of the water and 1/2 of the garbage based on the current lease- not any of the sewer or other related charges for capital improvements.

Thoughts?  Concerns?  Would love to hear your input!  

@Peter Bras @Lisa Thoele @Jessica Freesia. Peter and Lisa, thought of you when reading this.

If they have paid on time throughout the year, I generally reduce either their December or January rent (their choice) by $50.  I've had a good response and know the $50 off rent is appreciated during the holiday season. That seems to be more impactful than a gift card and also reduces my taxable income for gross rents.  Win for them, win for me. When my last tenant moved out, I told myself I wouldn't do any reduced rents for the holiday season (for reasons mentioned already) but I'm a softy so when we got close to Thanksgiving, I couldn't help myself.  Great tenants are hard to find and definitely worth far more than $50 off rent.

Post: CC&R's/Road Maintenance Agreements and neighbors

Matt GilroyPosted
  • Spokane, WA
  • Posts 63
  • Votes 44

Hello BP!

I currently have a parcel of land under contract. The land is in a small development with a private road built to County specifications. There are modest CC&Rs that outline the road maintenance among other things.  There are 10 total properties that currently have access to the private road.

Once I close on the land, I will do a lot line adjustment to change the layout of the acreage (two 10.5 acre parcels).  Once that is complete, the parcel I am purchasing will be only accessible from the private road with the CC&Rs.  I have gained agreement from 9 out of the 10 homeowners that adding one more lot to the CC&Rs and road access is fine, especially since that will be one more parcel to add $ to the maintenance account.  The CC&Rs do not include any language on how to amend, add or delete parcels to the CC&Rs.  In conversation with the original developer of the land and CC&Rs (current homeowner included in them) he said I would only need a simple majority to make the addition of one more parcel.  


Since there isn't any language outlining this, what should I do?  I have a 6 days left on the feasibility period and would not purchase the land if it becomes land locked (obviously). 

Let me know if more detail is needed or any additional questions!

Matt

Post: Ultimate BPCON2019 Discussion

Matt GilroyPosted
  • Spokane, WA
  • Posts 63
  • Votes 44
Originally posted by @Shiloh Lundahl:

Overall, loved the conference. Here’s my feedback:

Things I liked:

1. The hotel was amazing. It was like it’s own little sustaining city. Very high class, very beautiful. I will absolutely stay at the location of the conference next year rather than a cheaper hotel somewhere else.

2. Lunch on Monday was really good. I would have been happy to have eaten that both days.

3. The venue posters and decorations were aesthetically pleasing.

4. The BP staff were super helpful and accommodating to everyone there. They were prepared and helped things run smoothly.

5. The speakers during the second day taught more advanced concepts and their presentations were more meaty. I liked the more advanced topics.

6. Liz Faircloth gave a wonderful presentation focused on their successes and failures that gave a great realistic view of what real estate investing is really like and it made me think large failures or setbacks happen to investors and, rather than just stewing in a failure, I need to get up and keep moving forward.

7. David Greene gave a wonderful talk on out of state investing that I wish had been recorded because I would watch it again and again to soak up the concepts.

8. Question and answer panels. I know know how to write a book thanks to Brandon Turner.

9. Meeting @Joe Splitrock and @Nathan Gesnerin person and getting to know them.

    Things to improve:

    1. Defiantly the name tags. They kept flipping and they were super low. They made it difficult to read the person’s name and see where they were from. Either having two connecting points on the name tag or having people’s names on both sides would have been helpful. Also either color coding by region or having add on stickers would be helpful to at least easily identify which region people are from.

    2. Cheaper hotel prices for the night after the conference is over in order for investors to stay and network.

    3. Guidance and spreading out during networking moments. It seemed as though networking happened in a very small area making it very difficult to hear people. There was more room to network if people had spread out more.

    4. Beginner topics and more advanced topics.

    5. Breakfast selection had no protein and it would have been better with protein.

    Things that made it worth every penny:

    1. Networking and meeting people from other areas and learning about the way they invest.

    2. Personal 15-minute conversation with David Greene. This man exudes success.

    3. Personal 10-minute conversation with Jay Scott. This man has a brilliant mind.

    4. Dinner with friends and having Mindy Jensen join us. She is hilarious. But seriously, she has a really interesting take on Robert Kiyosaki’s Rich Dad, Poor Dad book. Something worth asking her about.

    5. Lastly, David Osborn’s keynote speech at the end. Ground game versus air game. Making and reviewing goals. It’s not about being perfect at achieving one’s goals, it’s about keeping them in one’s mind and constantly moving towards them. One on one time with kids having adventures.

    These things made it worth every penny. It wasn’t the things I learned as much as it was the experiences I had while being there that I will be taking away with me.

    @Mindy Jensen I'd love to hear your take on Rich Dad, Poor Dad.  Is there somewhere you've recorded this that I can hear?  

    Post: Ultimate BPCON2019 Discussion

    Matt GilroyPosted
    • Spokane, WA
    • Posts 63
    • Votes 44

    @Alexandra Hughes Pailet I saw the agenda on the back of the name badge but it wasn't overly helpful since the breakout sessions were not listed.  I used the app.  That being said, I was fortunate enough to read something about the Yapp app the day before the event.  I spoke with several people who didn't even know about the conference app and were looking on the BP app for information. Promoting the conference app during the event next year will be helpful for some.

    Post: Ultimate BPCON2019 Discussion

    Matt GilroyPosted
    • Spokane, WA
    • Posts 63
    • Votes 44
    Originally posted by @Joe Splitrock:

    @James Wilcox I know keeping it short is hard, haha. I missed that tenant proofing presentation unfortunately. @Darren Sager is that material available for download by chance - if you are willing to share? That was one of those slots where there were two good ones and I picked a different one unfortunately.

    Same here!   

    Post: Ultimate BPCON2019 Discussion

    Matt GilroyPosted
    • Spokane, WA
    • Posts 63
    • Votes 44

    From the speakers that provided information vs. general philosophy or surface conversations, here are my takeaways.

    1. Anna Myers did an excellent job explaining opportunity zones.  My takeaway was it's best to find land in an OZ unless you have a major pile of money from a capital gain to spend.  the 1:1 ratio for building value / improvement cost required was nice to know.

    2. Jillian Sidolti also did an excellent job explaining the process for raising money for a fund.  Her presentation was very helpful for me, along with the free chart she provided. For those interested in syndication or raising money, DM me and I'll share the email address and you'll see what I'm talking about. 

    3. Nobody said don't take risk.  Sometimes fear is paralyzing but every successful person talking/presenting acknowledged that you've gotta believe your gut and move forward.  Easy, not new knowledge but something I needed to hear (again).