All Forum Posts by: Will Barksdale

@Alex Bekeza Thanks for reaching out.  I'll run the deal across you when we get to that point. Looks like you have a good thing going judging by your website. 

@Shawn K Hicks thanks for the recommendation also.

Greetings BP,

I've done a search with minimal results, so I'm looking to see if anyone in the Gainesville, FL market has a recommended lender? I prefer to work with local lenders where we buy property, and commercial lenders have consistently been our favorite to work with.  I am a buy and hold investor purchasing Duplex and larger size properties.  If anyone has someone they enjoy working with and are willing to share, I'd be greatful.

Thank you,

Will Barksdale

[email protected]  

Hi John,

  I've noticed the same effect happening, and here is my prediction:  Out of town investors are snapping up property left and right at the inflated prices, local owners are refinancing because they can and taking on more debt.  Fast forward a few years when inventory is back up, rents will fall, and there will be people scrambling to offload their inflated properties.  I'll be investing elsewhere until that happens, then I'll be back buying in my own backyard again.  Good Luck to you!

Is that 4x income Cashflow before taxes, or NOI?

Hello BP. One of the triplexes I own in Panama City needs to be gutted after Hurricane Michael. I have a good tenant that I want to keep who wants to stay, and doesn’t want to vacate so we can do the work most efficiently. Any ideas on coaxing him out? Keep in mind there is no surplus housing available nearby. Thanks, Will Barksdale

@Kevin Wattenbarger We are in a similar boat, but your have more going on that I do. Only 3 properties for me, 12 units. Like you, I’ve never filed a claim before. We will see how it goes!

Get hurricane insurance. Just treat it as a cost of doing business. If the deal doesn’t support the cost, it isn’t a deal. Having gone through Katrina, and now Michael (2 of the three most powerful on record) I can tell you that hurricanes are like a 100 mile wide tornado, and don’t care about ten miles inland.

I’m going through this process right now with Hurricane Michael. 12 units in Panama City. Damage runs the gamut from a few trees down at one property to a roof completely gone off of a triplex. My biggest challenge right now is communicating with my property manager (I’m not local). All the cell service is down. I’ve started the insurance claims and the adjusters are starting to arrive, but I can’t figure out how to connect the adjusters with my PM. I’m open to ideas and suggestions! To answer your question: I think the answer is good insurance. Not just on the property to cover damage, but interruption if business use insurance also, so you keep getting rental income paid by the insurance company until your property is back online.

We are absolutely going to consult an attorney and CPA, but wanted to see if what we are trying to accomplish is within the realm of possible before spending the (well worth it) dollars to consult the pros. What’s driving this arrangement is a lenders requirement for personal financial statement from an owner of more than 40% of the LLC. The partner doesn’t want to go through the hassle of preparing the financial statements, tax returns,etc... annually. Thank you for the responses so far.

I want to have an operating agreement where party A owns 60% of the LLC and party B owns 40%. Additionally, we want to split all profits and losses 50/50 in a buy and hold rental business. Here’s the question: -can the paper losses of depreciation, interest deduction, and other write offs be split 50/50, or would they be required to follow the ownership percentages instead? Thank you for being willing to share your knowledge!