All Forum Posts by: Dale Osborn

HS - GED
Associate - Business Administration
Bachelor - Technical Management
Real Estate - at least 500 books self-learning.

I am in the process of having Buyers get a refinance to take me out as the bank. They tried at the 9-month level and were told they need a 1-year history of paying the loan before they could refinance. May be different as you are the Owner and are looking at refinancing with a bank.

Joel Owens we have just started looking for these types of properties. We want to have the absolute NNN single tenant space where we just cash the checks and pay the mortgage. The Tenant pays for all real estate taxes, insurance, maintenance, cleaning, landscaping, repairs, etc.

Under those categories you have some that the rents are guaranteed by the corporation - 7-Eleven is an example. Others are guaranteed by the franchise - Taco Bell, KFC, A&W, Pizza Hut and Long John Silvers are all owned by YUM. The franchise guarantees payment of the rents.

We want to try a small property like those above. Then if things look good - we will look at doing a 1031 exchange from MHPs to larger absolute NNN Leased Properties like Walgreens, CVS or Rite Aid.

Thanks for the input Tiger Mynarcik! One I was looking at was just completed in 2012 so is brand new with no operating history - this has me concerned as I know the number crunchers in the back room at the bank will be looking for income & expense statements of some kind.

I wouldn't need that info, but my guess is that the bankers want that to decide if they want to lend money to me for the property as I stated above.

I know this is a little old, but have just acquired a small interest in learning about NNN leased properties. For those who have experience with these are there any deposits involved that would be held to insure lease compliance or do you rely on a corporation or franchise behind the operator to guarantee the lease? How would you get financing for something like this? Banks would want an appraisal and a peek at the business operating income and expenses. Since you are not involved with these - how hard is it to get the Tenants to provide true info to the bankers? Will probably have some more questions - but will start with these.

Seems like Robert Kiyosaki stated it was a "conspiracy of the rich" to keep the average person poor. Also he seemed to refer to some of the brokers & financial planners as "foxes guarding the chicken coops".

Financial Planners push stocks, bonds & mutual funds as they get a commission from the sale of these and in some cases get a kick back or bonus for selling particular stocks, bonds or mutual funds. They do not get anything for recommending real estate so it is not included.

Also when you set up an appointment to see a financial planner they want you to fill out an informational form that is put together by their industry. Based on the answers on the form they will push certain items.

One financial planner stated I was overly invested in real estate and needed to sell it all and place it into the stock market. Did not listen to that individual.

Way back - I put out a few blogs on the duties of a MHP manager. They may still be around.

MHs are mobile homes - cost less to get into, cost less to repair, then you can rent them out or sell them for a profit. Lonnie Scruggs put together several books on the topic. Main one is called "Deals on Wheels". It makes for some good reading when weather is cold & chilly.