All Forum Posts by: Robert Clifford

@Karen Margrave, another idea could be to stage it for sale.  You get the best of both worlds, in that there's furniture in it, but if people don't like it or have their own they can buy their own.  You could also include a furniture allowance.  I'm looking at a similar deal, where the owner is in the process of having it decorated and furnished.  I don't have the cash to furnish it, so we're just including that in the price and escalating it a bit.  

We're finding there are more and more people/companies out there that will stage.  You could also rent some, which we've done as well.  

It's a beautiful place you have there.  We've been looking at owning/managing long distance, but I don't know anything about your area.  Maybe I'll take a look!

Robert Clifford

@Julia Bykhovskaia  Hi.  We have 2, 2BD units in urban locations.  We stick with Queen beds, so that sheets are more universal, and also because we feel we get more singles and couples staying there.  The kids we get share beds, or sleep on a couch.  The couch does not pull out, to limit head count, but we do have an extra blanket for guests to use who sleep on it.  

Our feeling is that either they know each other well enough to share a bed, or they don't and will either increase the bed requirements of the listing, or will bring an air mattress.  We're seen both in our units.

Hope that helps.

@Lynette Guy Thanks for then next door tip. I have one in the area and didn’t want to make a thing about it.  We have a few others, and this is a good free way to market.

@Andresa Guidelli Hi. My experience with traditional lenders is that if your DTI using tax filings is acceptable, banks will lend/refi with rate and term adjustment. Absent qualifying DTI, I've used hard money lenders. Mine only cared about the appraisal. Good luck

@Tyler Kastelberg  This article is helpful.  I made another post this morning, for a little on a property I want to acquire.  The owner is worried about capital gains, and wants some mailbox money.  I'm thinking about a lease from her for the whole property.  I kinda like the ground lease idea as well.  That would fall more in the absolute lease, right?  Have you ever acquired a property or control of a property this way?  Can you give some examples?  

This is my first commercial transaction.  I own several residential rentals, and I know this will be pretty different.  

Thanks,

Robert

I'm looking at a commercial property, 4 units, Industrial/Warehouse, maybe 8,000 sqft total.  The seller is is the spouse of the builder.  She's looking for mailbox money, and to not have to fiddle with tenants.  She's also concerned about taking a capital gains hit.  We discussed a few options, to include a Master Lease, Seller Financing, and the idea of a land contract.  I want to propose some options that help her meet her goals, and mine too.

One thought I had was to purchase to property from her, and ask her to hold a note for a small portion.  Then, partner with her on a couple of more deals where she could utilize her cash via a 1031 exchange, enabling pocket money and no capital gains.  I have a call into a 1031 specialist, but wanted to see if anyone out there had any experience with this type of approach.  

Thanks.

@Account Closed, thank you for checking and following up.  My search continues.  

Hi Aaron, yes, in SC.  

@James Tiu - We do this at a couple of places in South Carolina.  You will probably get many contacts about managing this for you.  It's a great way to increase revenue for you.  I'll be watching your thread to see what you find.  If you have difficulty finding someone local, ours are remote and we have experience managing from afar - just not in San Diego.

@John Underwood - so obvious, and yet not at all to me.  Thank you for the suggestions!  I have a hard time being objective about my own things.  I see you're in Greer - we're not far away.  I'll send you a message and would enjoy talking real estate with a local guy.  

Thanks again for the ideas.