All Forum Posts by: Tyler Faison

@Jay Hinrichs Wow! Lucky indeed!! Goes to show you experience matters a lot in any industry. What's more expensive...insurance on a vacant SFH or a small plane like that?

@Mumin Abdulla Check it out on your favorite podcast player thingy. I use iTunes, but Stitcher, CastBox and even SoundCloud all have them. Start with Show 1 and hunker down! You’ll learn a ton!! I’ve used a lot of the tips in my commercial investing and various audio and music-related businesses (which is how I found this thread — keyword alerts!) It’ll get your mind right, for sure. They’re pretty good about their shortlinks. Try BiggerPockets.com/podcast

@Mumin Abdulla I’d highly recommend the Bigger Pockets Podcast. It’s a great way to get a grasp on the jargon, concepts, strategies, etc.

@Leland Smith I was in a house that was “optimized” for AirBnB last week where they obviously converted an attic space into a bedroom. I’m 5’ 11.5” with my shoes on and this bedroom was no taller than 6’. Just wanted you to know there is MUCH worse out there :-)

@Stanley Bronstein thx for chiming in, guys. We’re definitely “ok” with the current flow. I hadn’t thought about the advertised rates are for ACH and CC would carry a service fee or something like that. For us, everything is automated so it would throw an extra kink in the system. Still possible though. Looking more to just sway them one way over another.

I first want to start out by saying said obviously credit cards are not the preferred payment method for landlords, but we are operating a business to generate a certain type of tenant for our commercial rentals (musicboxrooms.com). We’re happy with the system in place overall. We currently accept both ACH payments as well as credit cards. I’m curious if anyone here is using any sort of incentive to have customers pay via ACH instead of their credit card. A raffle of some sort comes to mind, but I am sure there are other creative solutions here. We currently spend about $350 per month on CC fees to bring in about $20,000 in revenue. We get good rates, but would love to increase the margin even more. Thanks in advance!

@Francis A. Reviving this as I was searching for investors that have considered music rehearsal space. We actually have two locations in Dallas and I’d be happy to provide any input you might be looking for still.

@Marcus Tukes Where in AL is that? Might be interested. Currently live in the Dallas are but am originally from Gulf Coast Alabama area.

@James Stinnett My question is required by whom. For us, environmental reports have been from the lender. In fact, the last property we acquired onlybrequired a basic environmental assessment, but we chose to do a full Phase I so that we were more comfortable with the property from a buyers standpoint, but also from a future seller’s standpoint. GIvIng an industrIal property a clean bIll of health can be quIte valuable when it comes time to sell it. It’s not a total loss if you do have to get it.

Thanks @Bart H. We’ve been at it for about two years now and have a great formula that’s relatively painless to manage. The key is to be able to own the spaces. One of them we currently own and the other we currently lease with an option. Our current problem is the landlord thinks the property is worth way more than it is. All in due time I suppose...