All Forum Posts by: Craig Sloan

@Shawn Burns give them required notice upon closing on property.

@Aman Kaur you didn't mention which state you are in.  That may have some bearing on the issue.  I think you could make a strong case for moving the items if they are clearly in an area not covered by the lease.  I would check with an attorney first just to be sure. 

@Cody Jackman are you happy with the return?  That's the bottom line.  It's pretty close to meeting the 2% rule.  If that is a sticking point for you, is there anything else you could do to increase revenue to achieve the income needed to meet the 2% rule?  Could you add more storage units?  Storage is a great business to get into.  I'd make an offer.  Even if it doesn't work out there are lessons you will learn in the process.  Good luck.

@Demetrius Dillon I think the hard part will be selling the current mortgage company on the idea.  IF you can do that I'll bet they will give you direction on what the agreement must look like.  Other than that, talk to a good real estate attorney.  They should be able to take care of you.  

In most states it is a fairly simple and inexpensive process.  You already have one under your belt.  You should be able to do it yourself. 

@Christian Valencia I don't know that the larger portfolio will impact future loan approvals.  The property is the collateral, especially with commercial properties so your personal finances shouldn't be the driving force behind the loan.  If you don't already have one, try to develop a great relationship with a small local bank.  We use a small local bank and they have been very good to us.  I know several other investors that have a similar story.  

Biggest challenge was just having the guts to make the first deal. A lot of people do all the research but never take the plunge.  I mostly buy-and-hold.  If you do your homework and have good numbers, it really is pretty simple. Run the numbers. The numbers don't lie.

Good advice from Jaysen. Spend your money on acquiring great cash flowing investment properties.  Build your portfolio to achieve financial independence and then worry about your dream home.

The real estate attorney should be money well spent. Make sure you get enough down that the buyer won't want to walk away from it if things get tough.  

if you don't have a reason you need to buy right now wait a little bit. Prices will likely come down. You might get yourself a better deal on a renovated property in a few months.