All Forum Posts by: Tyler Faison

Yeah, man. Sounds good. I'm around and happy to chat more.

@Lance Lewton Yeah, it's still going well for us here up in Dallas. We were very concerned when the pandemic hit in March. We didn't know what to expect. However, we didn't lose any tenants due to it and were very proactive in our handling of it. We did shut down our Hourly Studio for a couple months until we felt it was safe enough to reopen it under the right protocols. Since we've been back opened it has been going well. I'd be happy to talk to you more about what we're doing. Who knows, maybe there's a way we can work together on it? Our facility is musicboxrooms.com if you want to see a little more about it from the customer-facing side of things.

I’m under contract for a commercial building in a designated historical district. It’s also in an Opportunity Zone. I have some options on what to do with it, but one of the main mysteries is how the tax credits work in Louisiana. I have gotten conflicting info from brokers, independent consultants and government officials. I’m curious if anyone here has experience in receiving any such benefits in Louisiana.

Are these “tax credits” in the form of a check after the work has been completed and approved?

Thanks in advance!

From a solution-oriented standpoint, I would present them with some options for a band rehearsal space. These are dedicated rehearsal studios where they can drum as loud as they want, be it alone or with a band. In your area, there should be a lot and all should off hourly options in the $25-$50/hr range. Buy them their first session so they use it and hopefully they use it more. Then you can get into noise violations, which are usually around 90db from a certain distance away after a certain time. You could buy one, but pretty much all cops have them, too. So call the non-emergency line and report a noise violation if it’s that bad. I’m not sure it will be enough to register though. Consider having something in your lease next time that restricts their activities. 

Though I do like the music rehearsal space business (I have a couple), this would not be a good demographic area for it IMHO. I would guess that it shouldn’t be too hard to find a generic warehouse tenant for it/them. Auto body, lawn care or other industrial type and offer month-to-month. You could always try your luck in the short-term rentals as well, like AirBnB. 

@John Cornelius one thing we did years ago when we were under some severe time constraints (I’m also in the tv biz and my wife is an accountant with a busy season), but still wanted to eat good food at home was actually a personal chef that came and cooked 5 meals in one day. Put them in the fridge/freezer, etc and she writes directions on everything for heating/cooking. Limited thought and time required, and a lot more practical. You supply the itemized list of things she needs (she brings her own cookware) and cleans up nicely. You’ll never know they’re there aside from the delicious smells when you come home. This worked well for when we needed it and you can do fewer than 5 meals if you prefer. I honestly don’t remember the price, but was probably around $500/wk. She did the shopping, too! Even easier now with all the online grocery ordering with pickup and delivery. I’d suggest a combination of of these strategies, but be efficient with your grocery shopping by doing it online, even at Sam’s! Or at least don’t go shopping while you’re hungry!

Our broker actually mentioned specific performance as an option, but neither she nor the title company had any direct experience with it. Interesting. 

I should mention that this is a $1.1M contract. Not sure if that changes the circumstance at all, but our thought is that we’ve put a lot into it up to this point and have passed on other opportunities because of it. 

We close on a property next week on a deal I was certain the seller would never sign the contract on to begin with, for emotional reasons. If he doesn’t close, obviously he’s in breach of contract. Just curious how others have handled litigation after something like this.

I’m looking at going into a deal with someone that already owns a piece of property. We are essentially supplying the tenants in exchange for equity in the property as opposed to a percentage of the income. We have a few other reasons to do it this way as well.

My question is simply, is all I need to do is have them add us to the deed and an attorney provided contract of the terms? Is there anything else you have found to be prudent in equity deals, paperwork or otherwise? We’re all in Texas FWIW.