All Forum Posts by: Tommy Carey

@Bryan Cavellier

Here’s a great tip I picked up.

When the tenants lease is 2 months from being renewed, send them a “Happy Anniversary” Letter and offer them an apartment upgrade of their choice. (Within reason) A new ceiling fan, fresh paint, sink, dishwasher etc. This does a few things.

1. Makes them happy

2. Let’s you know if they are renewing.

3. Allows you to inspect the property for maintenance needs. (Or to see the state of the unit)

4. Keeps the property somewhat perpetually upgraded and maintained

5. Makes them feel okay with the pending rent increase.

If they stay for many years and they personally selected their upgrades, they will be less likely to vacate due to obsolescence.

First, congratulations!  Very exciting.  Just some ideas off the top of my head.  

1.  Get a licensed financial advisor.  They will help you make a plan.  You can suggest what you want to do and they will show you how to do it.  You are now business partners as well as life partners.  You need to treat the business like a business and a valued professional will prove essential.  Also when the time comes, I am available to help you or help you find a Commercial/Investment Real Estate advisor to help you acquire/dispose of properties at the best price with the least amount of hassle.  

2. Go to a "meetup" in your area for new investors.  Likely there will be like minded couples that you can network with and maybe even syndicate a deal?  Networking, especially with other married couples, will help influence her, or maybe even change your mind about your path.  The Joneses will likely be there and she will see that most of the Joneses are heavily invested in Real Estate.  It's a Jones family secret.  

3.  Keep sharing here.  There are so many great ideas on this forum.  

4. Make it romantic.  Find an episode of a flip show or someone that she can model and keep it on cue for when she's in a good mood and put it on.  Let it be her idea to move forward.  And do not argue.

5.  Couples therapy is  a great luxury for couples that need help developing communication skills.  It's not a sign of a failing relationship, rather, it's an important tool to establish much needed boundaries early in the marriage before there is an issue.  

You guys will be fine.  Just remember that you are a team, and you have to trust each other.  

@Irene Nash nailed it Irene.

Still looking for Family Dollar?  I have a great one for you in Hesperia, CA!

Are yous till looking at Hesperia?  I love it there.  I've invested there and you should too. DM me.

The meeting did indeed happen on Feb 14th.  Expecting announcement March 21st (ish.)  Fund is asset AND dollar based.  Cash is considered property the first 30 months.  I'm also confused, but I think you can sell at any point and pay any tax due (discount on basis at 5 and 7 years) but full capital gains are due if sold before 10 years.  Substantial improvement (100% in 39 months) is not including the property.  The question is, then what if the asset is just land?  The pros I've spoken with have said they are planning development that at least covers the price of the land 100% in that instance.  That makes sense to me.  

We shall see when all this comes out.

Has anyone considered investing in properties in proximity to developments in or near the OZs?  If these properties have the requirement of being improved 100% in 30 months, your investment will also see, in theory,  a concurrent benefit right?  I've been picking up land listings in these areas near places that I've seen larger funds and institutions purchase property and businesses in anticipation of this benefit.  

Sorry guys... I was off the pro for a bit.  Did you make a move on this?  I have all the info and contacts you should reach out to.

Did you ever make a move on this?   I have ideas (not a legal advisor) on how to maximize this for you.   

Great ideas!   Yes I’m sure it drives residential agents nuts.    I sell commercial and have little to do with the financing as it’s usually cash and corporations with lawyers.