All Forum Posts by: Tim Polk

@Ron Fletcher Completely agree, I am going to have that conversation with them. The rough numbers don't look great on the property but I do want the option to buy first if they inevitably decide to sell.

@Matthew Osofsky Based off my own experience, the most important lessons learned in life are amongst the most expensive. You now have more education and respect for the market, what's your plan moving forward?

@Richard Sherman I think I will keep taking care of both drives, do my best to build on the relationship and address it with them soon as the timing allows. The neighbors property is also a multi family and relatives live with the owner and a Tennant. A bit of a circus. A lot could change very quickly.. The other option I've been thinking about is letting the owner know if ever in a position to sell I would be interested. Us finding common ground on the cost of the building I predict would be challenging. However, I might be able to turn this potential long term setback into opportunity. I am slightly concerned they would take my sincere offer to purchase as disrespectful. They are a bit strange at times and have lived there for a long time. A lot of the propties in the neighborhood are owned by original families from the 50's and there is pride of ownership.

@Richard Sherman thanks for the idea, I'll look into it. I can improve access to the garage, however it would be very costly. It would involve moving a tile drain, gutter run out, moving the HVAC to the other side of the property and even shortening the walk-up Stoops. Along with pouring concrete.

I have a duplex that I house hacked. It's a side by side long ways and I live in the back unit. So my renters front and rear door are in the front of the property and my front and rear door are on the back of the property. I have a long driveway with a two and a half car garage in the rear. The tenants are allowed three spots in which they access freely from the street. I have to rely on my neighbor's driveway to get in and out of the garage to avoid disturbing my Tennants parking situation. I have been here for a few years and it has never been a problem. I take care of both driveways when it comes to the weeds and snow removal. The owners of the adjacent property and I are on good terms but I wouldn't necessarily say we are friends. To add risk to the situation, you cannot park on the street overnight without letting the police know and its a 3 night maximum. I want to expand my portfolio but I'm concerned long-term especially if I move out and rent the rear unit.

@Daniel Forte Just figured it out. There's "BiggerPockets Podcast" & "The BiggerPockets Real Estate".. Both with Brandon Turner. "The BiggerPockets" being the newer one with the updated episodes..

@Christopher Lane. Not to sound doom and gloom but I personally like being prepared for the worst. If she doesn't believe in real estate investing it might be time to have documentation drafted to retain your assets in the event you do not remain together. No shame in protecting what you built.

@Olu Efunwoye Thanks for finding a solution!

@Jason Belovich Debts are a fiscal drain, including student loans. I feel a weight lifted off my shoulders and able to watch my savings account take on a life of its own. Keep pushing!

Anyone know why the app Podbean stops at episode #295? Trying to listen