All Forum Posts by: Billy Soloe

Hey Sean, 

the building is structurally sound, 2 to 3 feet room below and àbove the floors and ceiling to run plumbing and electrical..located in the tallest mountains of Kentucky next to the biggest atv park in kentucky with a zip line. Atvs are permitted by law to ride on the public streets. And yes, it may take from 1M to 5M to rehab depending on how one does it...and yes..it is free if there is a commitment to rehab it..although there is a caveat...the non profit group that owns it wants a perpetual 3% residual tax from every rental. The non profit group located here in this appalachian town supports the local community in education and recreation. 

I’m looking for someone who is interested in a 100,000 square building to convert into a hotel in Kentucky.. structurally sound and built like a tank from 1937. Formally a high school with cafeteria, gym and elevator. Red brick building, solid floors and walls.

The cost of the building is zero.. but the rehab/remodel about $1m.

No local zoning or permits… I just left the mayors house with his blessings and this could be turned into a 60 room units with 20 commercial units or any combination thereof..

if you know anyone wanting to get into the motel/hotel business or an interested developer into flipping, give me a shout. Pass my number on to call or text.. 606-795-0459

Hi DD...I am in property management...take the money. ..here is why!

If you let the property set 1 more month...that is a loss of $1100. Do the math. You will NEVER recover that lost revenue.

Now, after you lease it out for this period. PUT yourself in a position to have this baby rented out for more long BEFORE the lease expires so you can get this back on the plus side for positive cash flow. IS refinancing an option to bring those payments down in the next 6 months? Rule of thumb is if you cant get the revenue up, then find a way to bring down the expenses out..

KEEP this house generating cash and you will end up on top if you do your work. and not wait until the last minute. TAKE the cash now.

peace.

Hi Dwayne,
When you say distressed, what kind of barometer do you find favorable? price per unit?

so essentially what I am saying SFGiants...if you take the time to find a good tenant that you would take to find a good management company...for 1 house...you will be better off. Work out the details with your new tenant...make sure they will take care of the place and things are written down in the lease. If you need to evict someone, just call southern nevada evictions..they charge a reasonable fee and you move on.

I do manage apartment building properties in Las Vegas but I dont do houses...but as far as looking for a property manager in Las Vegas or a property management company.
First suggestion with just 1 house...dont do it. First off, a property management company isnt going to give you the service that you will need. You just dont represent enough income for them to bother with you or give you any kind of service for just that one house rental and what they would charge you for the representation that you probably want and need. You would be eating into your profit margin too much...and these property management companies in Vegas know nothing about customer service or care about your bottom line. They will spend you out of business. While the housing market for buyers is great right now in Vegas, I would suggest buying but managing it myself by starting out by finding a good sound tenant. You will save money. As far as some of the other advice goes you have, first, if you have to ask a property management company if they have an attorney that handles their evictions, and they do, RUN. Any property management company worth their salt will handle the eviction process themselves...Las Vegas evictions is nothing like California and can be done easily and if they are using an attorney only says to me that they are going to spend and bill you constantly for things.

How did it go Anthony? I have been managing properties in Las Vegas for several years and you cant be afraid as I had seen one of these investors say run like hell. The truth is, there are bad managers out there. I know, I have had to fire several that were raping their owners and fix things. I agree with what you were trying to do and upgrade your tenant base...but remember...everything has its place and timing. Unless you can take on the immediate financial income loss and sustain that loss, I would have suggested slowing down on all the evictions and used a gradual process of upgrading both the building and tenants. Remember...no matter how much you spend, it takes time to build reputation. Do it slowly but surely. Be vigilant. I specialize in distressed properties and so far..knock on wood, I havent found a property yet I havent saved and made profitable.