All Forum Posts by: Matt Nolan

I use Cozy for both rent collection and tenant screening.  It hasn’t given me any trouble and is extremely user-friendly. 

I’m looking looking at $15.98 per $1,000 assessed on both of my properties, putting me at about $10,000 or so a year on each.  

First, last, and security are expected in this area. I wouldn’t so much as consider a tenant incapable of meeting that criteria.  If they can’t afford it, there are plenty of other apartments out there they can look at. 

Not owner occupied. It was exclusively purchased as an investment. I put 25% down with a conventional loan. 

I've used a HELOC as a down payment to purchase a duplex and it requires absolutely no seasoning period at all. The down payment was something like $180,000 or so.

I would never consider renting to someone with a past eviction. The tenant pool is too wide and my apartments are too nice to even consider the potential headache. 

I'll give another thumbs up for Cozy. It's super easy to setup and makes rent collecting a breeze. I highly recommend it. 

2012 F-150 Supercrew. The crew cab is great for my little man (7 months old now), and the bed is a lifesaver when I'm doing work on any of my rentals.  Only 50,000 miles and runs like a champ. 

It's also 4WD which is an absolute must for a truck in the North East. 

I can't imagine owning anything without a bed at this point. It's just so handy. 

The wife drives a Mazda CX-5 which is a great family mobile. 

Hello Scott,

I appreciate you taking the time to respond. I'll do my best to clear up some of the confusion. 

Our operating agreement states that all assets are sold and the money evenly divided in the event of a dissolution. My concern is whether or not the flooring would be considered a leasehold improvement. While I understand something like hardwood flooring or tile would be a leasehold improvement, I can't imagine non-permanent rubber flooring being such. 

My partner is the one that voted to dissolve, and with his father owning the building, he's essentially bought me out without actually paying me a dime. If the flooring can be sold, I'd stand to make a much larger sum of money in the liquidation process, and my former partner would at least have to go through the process of rebuying the flooring before reopening.

While I would be fine coming up with a credit and meeting in the middle, I can assure you that my partner would not. Our relationship is extremely strained as you might imagine, and communication is not as pleasant as it once was.  

Not to overshare, but I offered to purchase the business for five times what he had offered me.  He declined my offer and voted to instead dissolve. In doing so I don't get any money from a purchase, I don't get to acquire the company like I had hoped, and my former partner is free to open right back up without me. It's been a pretty good punch in the chest to be honest. With his father claiming the floor as a leasehold improvement, it just adds insult to injury. 

Long story short:

I went into business with some friends (we started a boxing club), and things have gotten sour. We've moved to dissolved, and in doing so plan on liquidating our assets. Here's where things get hairy....

Our landlord is the father of one of my former business partners. He's claiming that things such as the rubber flooring we laid in the gym would fall under leasehold improvements. This flooring is not adhered at all and can easily be rolled up and removed. In fact, some of it was purchased used and we did just that.

My partner is essentially moving to dissolve, and planning on keeping nearly all our assets so he can just reopen in the same spot. He'd retain our clientele and not have to pay me out as part of a sale.

I was under the impression that anything purchased by the gym that could be sold off would be fair game within reason. We installed garage doors and door openers, and I understand that those would clearly fall under leasehold improvements. The rubber flooring though? That seems like a real middle finger.

Any advice would be greatly appreciated!