All Forum Posts by: Philip LaRoche

John,

I would think that any financial institution would want to appraise the value of the assets held by a company. In this case it is real estate.

The other issue that come from a lender loaning money to purchase a company would include business plans, viewing the statements of cash flows, balance sheets, and income statements from the selling business for whatever period of time they want. In any case borroughing money from a bank or credit union requires a lot of work regardless of type of loan. As the seller to ensure that your sale goes through ensure your end is well organized and taken care of.

In my own experience I have never been successful at boroughing money from the bank for business purposes. My businesses have always been to small and considered to be risky in the eyes of the bank.

Good Luck.

I hope this helps.

Phil

Gentlemen,

Thank you for your great advice. I am glad I stumbled onto this site. I have been reading and reading and reading. Like I had said I never purchased investment property so I am going to approach this a little slow. I have a list of contractors I know and several handymen that I have used in the past.

Jon, I hear what you mean about a partner, however, my partner and I have been partners in several other ventures in the past. We also are partners in another business and we are looking to expand. We have been successful so far.

One last question on average how long should I expect a property to be vacant between tenants?

Thanks again everything you all shared has been benificial.

Phil

All,

I have been watching the housing market for the last few years and it has always been something I have wanted to dive into. I have owned other businesses and I had clients that owned rental property. They gave me some advice and I like what they had offered, but they bought their properties 30 yrs ago.
I would like to hear from some of you that have been doing this a while about weather or not it is worth it. There are a ton of properties where I am that I can them pick up cheaply, they all need various amounts of work, but I am pretty handy. I won't be taking out any loans as I have a partner and between the two of us we can provide the needed funds to purchase 4 properties to start.

If you had the chance to do it all again would you?
Has it been profitable for you even dealing with a tough tenant?
How much time to you spend on each property per month, once it has been rented out?
Do you have any advice for a green horn starting out?

Thank you for your comments and advice.

Phil

Bienes,

Child support is not considered income. I can not claim my payments on my taxes nor does my ex-wife have to claim it as income on hers. At any time either party can pettition the court to raise or lower their payments based on a significant change in income. I my self would not count on it in todays market. Not to mention those payments have an expiration date. In FL it is 18 or 21 should the child attend college. Other tidbit is the court order is to provide support in the amount of X number of dollars, it does not say make a payment of so many dollars. In my case should my son attend college my ex will no longer receive payments from me as I will be paying for his living expenses at college. There are other issues to also look at when looking at child support payments. If the minor child spends extended time at the non custodial parent that parent may not have to provide payment during that time frame, thus reducing the amount of income for your tenant during the time the child is away.

Just my 2 cents I hope it helps.

Take care
Phil