All Forum Posts by: Jailen Holt

Your agreement should state that if the tenant does move out, he is responsible for restoring the property to how it was before his modifications.

Since he will be utilizing more of your space, you also would have the right to charge a higher rent (typically his current rent + the cost of rent that the vacant unit was going for).

I think the surrounding tenants might enjoy the added features of his business. You could do a survey beforehand to support this assumption. If his business is successful, you both will more than likely reap the benefits long term.

Best of luck to you both!

Amazing summary of your personal experience. Alot of good points from a consumer's perspective.

Foreclosure auctions is a great way to find cash buyers. In my state, it his held early in the morning on the second Tuesday of every month. This can also be  a great place to network in general and at least hand out and receive a few business cards.

Another option would be use ListSource to find the individuals who have been cash buyers in your area. Typically these people are investors and narrowing the search to a specific radius around that property will give you good idea on who to start contacting first. You may have to do some further digging and/or social engineering to get in contact with them, or at least send a few postcards to each of their properties.

Goodluck out there!

Hey Stephen, I think that you should consider consulting with a real estate attorney about this..

But having the property rezoned might be worth it. The application fee should be around $1,000 as long as the property total size is less than one acre. Go to the county's office of planning and building and ask for a petition of rezoning. They are typically very strict about the time limit of submitting documents so try to have everything in order before hand such as existing and intended use explanations. Also reviewing the County's Master Plan might also work to your advantage depending on what the long term goals for the area are.

Asking for a variance rather than rezoning might even be easier.

If you don't want to go that route, have you tried getting financing from a few different lenders instead?

Also i understand that you would like to purchase it, have you considered asking the seller to sell it to you using owner financing? Depending on the numbers, it would still be possible to cash flow without going through the headache of the other options.

Best of luck!

Welcome to Bigger Pockets, Denise. What did you learn while attending the Fortune Builder's seminar?

Welcome to BiggerPockets, Elizabeth. I think your goal is a great way to start! I would like to do the same thing. 

I'm also a Real Estate Agent for Keller Williams focusing on the Atlanta market. Depending on your investment criteria, I may know of some areas that might interest you.  If there is anything you need or questions you may have, feel free to message me.

Best of luck with your investing!

Hello BP. I'm 22 years old and from Atlanta, Georgia. I have a full time job and still live with my parents. Today I've finally decided to jump into the forums and get active after listening to over 100 episodes of the BP podcast. I started with episode 160 a few months ago and realized afterwards that I'd be better off starting from the very beginning at episode one. Back before Brandon Turner upgraded to a better microphone and before they upgraded to professional jingles for the famous four and quick tips. I am newly licensed Real Estate Agent as of September 16, 2016. Today I also acquired my very first mentor/business partner who has been rehabbing homes and self managing their rentals for 20+ years. I have a list of goals I keep next to my bed as well as in my phone. I'm adding new things to it almost daily. To summarize my short term goals for the next few years is to focus primarily on fix and flip properties in my local area with my business partner. My plan is to use the profits to acquire my buy and hold rental properties. My long term goals are much more extensive. I would like to eventually acquire land in upcoming areas after analyzing the Master Plan for that county and develop apartment and town home communities as well as some multi family units.The reason for this is because I personally believe that my generation will prefer to be in these type of communities as opposed to a house on a hill. We are unfortunately a generation of renters. Just my opinion and hypothesis. Eventually I would like to become a hard money lender while investing in notes and liens. I'm Jailen by the way. Sorry if my intro was too lengthy. I look forward to getting to know each of you :)

Sounds great, would you be willing to post any of the details?

Welcome to BiggerPockets!

I too am a new investor / real estate agent.