All Forum Posts by: Matthew Edmond

IMHO I would definitely check the municipality for judgements or liens against the property, particularly for the vehicles. If the guy was hit with zoning violations for an illegal scrap yard, I'd be worried if it was attached to the owner or (worse) the property.

If you're in the clear, there is an LKQ facility in New Braunfels that may take them.

I would be hesitant to include the parking income in any cashflow calcs, which you may not being doing anyways. Unless you can lock the business into a long term lease, it could disappear tomorrow if the business goes belly up.

@Henry R. Forgive me if this is obvious, but your expenses of $18k, does it include the debt service? How does it break down?

p.s. I used to golf in Rotterdam when I worked in Schenectady. Great area!

@Kate Pierse Thank you for the offer. I'll definitely keep you in mind.

@Troy Knight I know Gastonia pretty well. I have a meeting there next week in fact. It's also a common stopover on my way to Upstate SC to meet with customers in Greenville and southward. (The Waffle House next to the Hampton Inn is one of my guilty pleasures). It's a great area between Charlotte and SC and on my radar for places to research, as I'm in Greenville quite frequently. I'll be there for 6 days later this month.

@Christine Glasner Thanks for the kind words. I definitely can't imagine going down this road alone, especially with regards to finding properties and most especially getting good estimates of work required. There's only so much one person can do or learn from behind a keyboard.

Matt

New member from the Research Triangle Park region of North Carolina checking in! I'm a mechanical engineer working in RTP and came across BP quite recently. My real estate goals are quite modest, which is to soak up knowledge and network for the short term (0-5 years), and see where it takes me. Unlike a lot of folks I actually love my 9-to-5 engineering job and in no rush to get out of it, just supplement active income with passive. If you have any recommendations for finding mentors or like-minded individuals in the Carolinas, please let me know! I'm based out of Raleigh but travel extensively in the Carolinas for work (mainly I-85 corridor, but not exclusively) and ultimately see myself working in this area. Like a lot of folks I am looking at all facets of REI (buy/hold..wholesaling..etc) but have a ton to learn.

Thanks
Matt