All Forum Posts by: Ed W.

@Andrew Bernthold There will be a meeting posted (probably by Monday)  in the Network / Events section of BP.  It will be on Thursday, Nov. 16th and it's usually well-attended (40 - 50). Look for the announcement next week.  Not very convenient from Lancaster (it's in Dublin) but it's not unusual for it to be attended by investors from Knox, Ross, Fairfield, and other counties.

@Juan Sanchez All you have to do is show up.

@David Roberts

6 PM  Tommy's in Dublin on 161 near Oakland Nursery

Sorry the October had to be canceled but November's meeting is scheduled for Thursday November 16th, also at Tommy's

@Jonathan Kessous

If you are a very experienced, strong and knowledgeable real estate investor, moving into notes can sometimes be a logical next step that allows you to build upon your knowledge and experience base.  If you are relatively new to real estate I personally believe the "wild west" of notes is no place for a newbie.  At a minimum, you need a solid base upon which to analyze the collateral (the real estate) to make absolutely certain you have enough equity to protect your investment.   You have to buy notes for considerably less than the price you would pay if you purchased the actual property because you may end up with the property and, if so, will have costs related to foreclosure and other issues. 

Then, as @Eric Hyde  suggests, there's a whole other level of complexity and law and procedures related solely to notes that have to be learned and correctly applied.  He just scratched the surface.  Again, notes are not for newbies to real estate.  

If notes are right for you, I do know a knowledgeable and experienced attorney here in Columbus who has worked with and continues to work with note buyers/holders around the country.  PM me if you need his name.

@Sebastian E.    

@Andy O'Neal

While the general STR concept is not in my "toolkit", it's clear that you and others who have responded to this thread have pretty solid ideas. I've enjoyed the thread. Thank you.

In the context that I have no real familiarity with the concept and I'm using only general business principles in these suggestions it seems to me that:

1) Sebastian's concern, while legitimate, can probably be dealt with by way of options to renew within the lease (perhaps extending out 5 years or so); and,

2) Andy's comment about extra security deposits between him and the owner being limited by law (though I'm not advocating that you should provide higher deposits than you are suggesting) may be worked around via a lease that, while similar to regular residential leases in wording, is designated as a commercial lease (a business-to-business lease) which it surely is anyway. THERE MAY BE REASONS UNRELATED TO SECURITY DEPOSITS WHY THIS MAY BE A BAD IDEA but, depending upon how Maryland (and local) laws impact STR you may be able to choose which lease type you prefer; i.e., which laws you want to fall under (of course, if a dispute ends up in court the courts will have the ultimate say in what kind of lease you've actually created).

It's scheduled for THURSDAY, October 19th.

@Anna Watkins While you've mentioned some of the major causes of higher water usage, if you haven't already done so, you may want your son to check for water leaks.  When he's sure that all the taps are closed and no is using toilets, etc., he can take before and after readings of the meter after an hour or 2.  If no leaks, the readings should be identical.  If that's not practical for some reason, he can get an inexpensive stethoscope, hold it to pipes and listen for flow.

@Jake Newman There is a meeting this Wednesday evening where you can both learn and network.  If you get there before 7 PM, you can ask the question about money.  Click on Network above and then Events for the details.

@Lisa Ruby @Kyle Schlosser

There's a meeting this coming Wednesday evening in Dublin.  It's listed here on BP under Network / Events