All Forum Posts by: Sam Green

Michael -

So these conversions occur often? I see warehouses converted all the time into lofts, but I've yet to see a motel conversion, personally.

You need to contact your local board of realtors and subscribe to the MLS through them. Unfortunately, you must be a "Realtor" to do so.

Gary - they've got a great tool that you can use to conduct a property analysis on any rental property for free. Go to: http://www.biggerpockets.com/recritic.html

It will help you calculate cash flow, rate of return, depreciation, gross margin, and more. I've been using it to analyze properties for a few weeks now, and it has been really helpful in figuring out what deals are worth pursuing.

Wow - I was looking at this one on the Property Analysis Tool. Looks like a great deal. I wish I could convince myself to invest out in Montana. I guess this is one of those deals you really want to get into, but dont't because of laziness. At least, that's what I'm thinking here. Oh well. One of these days. I'll start getting out of my comfort zone.

I can't give any legal advice, but I can give some practical advice I've picked up. It seems to me like your property manager was not exactly on the ball here. Why did you need to call in October to see what happened in September. If they did not pay in Sept., your PM should have given them a notice to pay or quit. Did this ever go out? Why did you not find out about this until Oct.? If the manager did not do their job, you should look for someone new. In addition, until you get to trust a PM, you should stay on top of them a bit more. You don't need to micromanage, but I'd call and make sure things are going okay every week or so for a while to ensure things are on track, especially around time to pay rent.

They posted a good post about finding & interviewing a PM on the Bigger Pockets blog HERE

Did the tenant actually leave?

I'd cut my losses here and move on. Get a new tenant. Stay on top of the PM. Report the previous tenant. As long as they did not destroy the place, I would move on. Is it worth the time and energy to sue them here? I don't think so...... just my opinion, though.

I wouldn't count on selling things extremly quickly, as it seems like things have cooled a bit. I would like to know more about what you found out about doing the conversion. What do you need to go through to get this conversion done? Pemits, whatever??

Hey Dan! :groovy:

What end of real estate are you in? Mortgages? Investing? Realtor?

You can door knock as well. If you're a realtor, there is nothing better than walking around the community you're going to serve and get to know everyone. For investors, you can do the same - depends on what you're looking to do.

Give us more info and we'll help you out! :beer:

I heard the same thing about pools. I think it has something to do with the amount of maintenance associated with having one. Pools have many expenses, and it may be a negative to some. On the other hand, there are many neighborhoods where, if you don't have a pool, you're looking at negative implications.

I saw somewhere a graph showing what is best for increasing values, but I can't remember where. If anyone has this or remembers, can you let us know.

Good article Toney - brings more hope to the yongsters here like me! :beer: