All Forum Posts by: Ash Patel

I love how people judge @Peter Schuyler for presenting an idea but no attacks @Curtis McDonald for actually having accomplished what Peter is talking about.  There most be a lot of righteous RE investors on here who only take the proper deductions/write-offs and never "cheat", sorry "exploit" the rules!  

This is called a loophole.  The home office deduction used to allow deducting all of your home expenses before the IRS made you use percentages.  You used to be able to write-off vehicles over 6000 lbs. gvwr because of the farm implement "loophole".  Lets learn from all of these posters instead of judging them.  Peace out.

My childhood home in NJ was in an A area with commuter train tracks about 100 ft from our house (not property but house).  Like some people have stated, you don't even hear them anymore.  You learn to raise the volume on the TV as you hear the horns approaching.  It was odd when people came over and heard the train and felt the shake.  We didn't have an issue selling this house either.  Comes down to area.  Oh and there was an overgrown cemetery from the 1800's next to the house also.

map link   https://www.google.com/maps/@40.4134205,-74.173497...

@Steve L. - Keep in mind that my properties are not as glamorous as NNN with national tenants I just refi'd 4 commercial properties of which one is stabilized. 15 yr AMT - 10 yr fixed at 5%. All are 70% LTV. These are value add or new construction properties.

If these are stabilized properties, I think you should be able to do much better.  

Good points @George Flevotomos.  I will add, this is a very important decision.  A poor broker will list and sit on the property waiting for the magic to happen.  This can cost you a lot of money in lost revenue.  Drive around and write down the contact info for the brokers.  Call them and inquire about the property.  See if they simply give you the info or dig deeper and try to go the extra mile.

Is the foreign investor a Nigerian who recently won the lottery? 

I think it comes down to the competition for your commodity.  If there is a ton of inventory in your area you will have to compete against others who are offering a buildout allowance.  I have done the following for office buildouts:

Absolutely nothing - even for white boxed spaces

2-4 months free rent or reduced rent

reimburse pre-defined materials as a credit towards lease payment

The less you deal with the better.  

My wife and I purchased a church in 2008 that we converted to our home.  I'm not going to sugar coat it but you are in for a tough time.  Most municipalities zone churches as residential so if you plan to keep it that way that is one less hurdle.  If you are going to change the zoning to commercial, you will have to go through the zoning process.  Make friends with zoning.

Your best bet for a mtg is going to a local bank.  The big guys just don't know how to deal with a property like this.  Finally obtaining insurance is another huge deal.  It seems like no one knows how to underwrite churches that are going to be used as residential.

Here is a fb link to our home - https://www.facebook.com/The-Chouse-10577550292608...

Hit me up if I can help with anything.

Thanks @Coleman Nelson !  

I am at a point where if I do anymore residential, I would like to get a property management company.  After searching online and BP, it seems like the Cincinnati market lacks recommendable property managers.  A lot of BP'ers have stated that this would be a great opportunity for someone to start one.  

I am asking again if anyone can recommend a quality property management company.  If not, I would seriously consider starting one with the team that I already have.

Thank you all!!!