All Forum Posts by: Scott Mac

Hi Mindy,

Like this?

https://www.greenhousemegastore.com/hardware-diy/fasteners-cables/tek-screws-rubber-washer-10-16-x-1-1_4

Scott...

Hi Ryan, 

Just be yourself, because there is no way to know what he will ask you.

I'll give you some tips:

1. Just be yourself
2. Seem reliable and ready to do ANYTHING he asks at ANYTIME. No excuse like I have a school dance and can't do it tonight. Be Reliable when he NEEDS you!
3. Early on in the meeting ask him about how he got started.
4. Ask him if he has any investments (if not what are some of his client's most successful investments). Do this to demonstrate your LIMITED knowledge of HIS business, and to show your high level of Interest in HIS business.

Good Luck!

Hi Joshua,

You could always put on some nice respectable clothes and go talk to the Mayor in person and ASK if there is anything he/she can do to help you.

AND when you go to rent this place, if the party house is still in operation, what kind of tenant will want to stay there? 

In possible sketchy neighborhoods, before buying, during due diligence, always drive by at 11pm several nights to see what's going on.

Good Luck!

Hi Daria,

If all else fails call up the closest Home Depot, ask for the contractors desk and ask them if they have a few phone numbers of people who might do this for you.

Good Luck!

Hi Jason,

Your kind of asking what's a good C area, and what's sliding into a D.

If it were me, I'd do a boots on the ground. 

Fly in on a Monday, rent a "small-nondescript car" and spend a few days driving the main roads of the area. 

Drive it once in the morning (see who is going to work there) and once again at about 11pm (see who is not going to work there). 

For the daylight drive turn down into some of the neighborhood feeder roads and note the condition of the neighborhood properties. Some areas will probably be better than others.

For the later drive, focus on rolling through fast foods, gas stations, business districts, and see if the buses are full or not.

The people you see on these two drives will be your pool of applicants.

Take a paper map and make notes on it, and don't appear expensively dressed, or lost.

You can take a friend (co-pilot) and have some fun there too.

Just my two cents.

Good Luck!

Hi Michael,

That sure is a good looking structure. You could really polish it up if the rents would work to do it.

I'm not looking for anything like right now, that but my thoughts are this:

1. Neighborhood...how much crime? (is it a gem in the middle of a war zone).
2. Why is it 100% empty (functional obsolescence, or lender required upon takeover)?
3. How long has it been empty (deferred maintenance items like roof leaks, broken windows destroying lath and plaster).
4. Is it lath and plaster or has it been redone in sheet rock.
5. Lead Issues related to renting to families with kids (if that is the demographic for it).
6. Structural (the condition of the mortar and the structural integrity of the overhang fascia.

I also see upstairs doors in the front that would have probably led to a cast iron set of dual balconies, like in New Orleans. If the rents (and neighborhood type) would support that and the city would allow it I think that might be something worth looking into.

Another thought would be offices (if zoned for that, but parking looks tight).

Hi Derek,

If the stove moves at all, it might be the metal flex pipe that feed gas to the stove in the back.

Also maybe there is a gas pressure regulator on the house inlet feed that is malfunctioning.

If it were me and I smelled gas (and it wasn't immediately obvious where it was coming from),  I would evacuated the house and call the gas company immediately to come find it right then.

For tenant safety Home Depot sells "combination Carbon Monoxide and Natural Gas Alarms" that mount on the wall.

Good Luck!

Hi Richard,

Estoppel Certificates signed by the residents are used to prevent this.

Good Luck!

Hi Shane,

Re: "Have you dealt with this situation?" 

No, but it seems like a huge headache.

.....

Hi Shane,

You should talk to your tax CPA, a QuickBooks certified setup CPA, and your attorney.

If setup correctly QuickBooks should not be able to be held hostage by a book keeper (there are levels of permission to do things).

You can find a QuickBooks setup person here: 

https://quickbooks.intuit.com/find-an-accountant/

Also, your CPA may find more issues than you already have.

Good Luck!