All Forum Posts by: Gulliver R.

It’s in Indiana 

Hi BP,

I have a tenant that I suspect is dealing drugs but I don’t have any proof. So I can’t evict her from just a hunch. I would most likely need video or photo proof of the dealing happening. But I’m not inside their unit to know. So my question is: can I just not renew their lease? She’s on month to month right now. Can I just post a notice on her door saying the landlord wishes to terminate the lease (which I can because on the lease it says that after 12 months either the tenant can move out with a 30 day notice or the landlord can terminate the lease with a 30 day notice as well) 30 days ahead of time? Can no reason be be given? I just want to make sure that I have the right to do this.

Your thoughts?

Thank you,

Gulliver

Definitely less expenses than apts and less management. I’m going to keep digging and looking for deals. Thanks all!

@Omar Khan why can’t I just buy an existing parking lot that’s in a good market?  Would developing a new parking Lot be more expensive ?

Hi BP,

I was wondering where is some good resources, books, websites, and boot camps where I can learn more about investing in parking lots?

Also, other than Loopnet where can I find some to buy?

Thank you,

Gulliver

Homes made in 1995 in decent shape should be movable right ?

Depending on your state what I would do is after no calls backs, text replies, or responses, then I would post a pay or quit notice on their door. It would indicate who it’s for, the date, what is owed, when needs to be paid, and how it should be paid. If they pay it before the deadline then they can stay. If they don’t then they must move all their stuff out and vacate. On the day after the due date you can go to the court and file for eviction. 

There’s a ton of things to ask. Like just to name a few off the top of my head:

What are the lot rents?

Are there any vacant lots?

Are there any drug dealing in the park?

What is the condition of the roads?

What are the pipes made of? Condition?

What’s the rent collection rate? 

Who are the tenants that I need to worry about?

When was the last time you raised rents?

Do you have a park manager?

How much do you pay her?

What are her duties?

How much do you want for the park?

What’s wrong with the park? I’ll find out anyway later. 

Are there water sub meters installed?

Do you bill back the water/sewer?

Etc. Etc. 


hope that helps. 

Gulliver

Yes, of course save money every month for cap ex. just like you would save up for rainy days in your personal life. 

Cap ex would usually be:

Pipes

Roads

Fencing

Signs

If you owned some mobile homes then that is where a lot of your expenses will come from.