All Forum Posts by: Glenn McCrorey

I like Hiawatha Bank... ask for Tim Vipond and you can mention my name.

I have never done a deal that way so not the best person to ask.  The seller will have to be in the second position meaning that if the bank forecloses, the bank gets all their money first and it there is anything left, the second position, in this case the seller holding a note for 20% gets paid if their is anything left over.  Most people won't loan you money if they are not the first position.  It will be intersting to hear others' opinions.  Like I said, not something I'm experienced with.

I rent to companies like that.  Usually, the company is on the lease not the individuals and your electronic payment comes from their finance department.  If you are not interested in renting to them, PM me their contact info and I will see if I can help them.

Make sure they pulled permits to replace the rooves and didn't do it themselves.

@McKensie Hogstrom  I'm just taking your numbers at face value but the fixed costs you calculated seem high.  

I wouldn't buy anything that only made $169 a month.  There's no upside.

@Craig McLaughlin  We should go to lunch sometime.  

@Kristin Caras Listen to Kevin Bupp's REI for cash flow episode 159. He let me focus on the special needs niche so I think it's pretty informative. I don't know anything about your market but the numbers work well in the midwest. Feel free to ping me any time.

@Louis A Buono Jr  Congrats on getting started.  I started at 40 and retired from my day job at 50.  There is a lot to learn buy being business minded and having some experience in the trades per se' I think you are in a good position.

@Dana Carmon  That is what I do.  Have the company on the lease, not the individuals.  In the lease say they can sublet, which is the opposite of what most leases say.