All Forum Posts by: John C.

@John C.

Tenant, not 10 inch, sorry, lol

@Cole Fleishour

Doctors or not, I know some who are on drugs and alcoholics, they are human like anyone else.

If they have violated at least two items of your lease agreement. I would have already given them a quit or cure. Stop what they are doing or leave.

Right now they are running your operation not you.

I recently had 10 inch move-in 3 days later they had a cat the next day they had a quit or cure issued, pay the pet deposit or leave.

@Steve Morris

Sonia, Steve has good points, I can't speak for the business itself. But I would get a good CPA and audit the business thoroughly. Good luck and keep us posted !

@Sonia Tal

Are you buying the real estate that the liquor store rents from or just the liquor store?

@Jalaj Punn

It should go without saying, but make sure you vet them with background checks. Regardless if it is insurance money or not that will be paying the bill.

@Jalaj Punn

Ask them to sign a 6 month lease and go MtM after that. Doing that will get you through most of the winter. Keep higher extra rent money for holding cost through the rest of the winter if you can't rent it.

Damage will be done and cost you money regardless if it's a one-month lease or a 24-month lease. Manage the property, keep it clean, keep it safe, follow the lease and state laws and regulations if you find damages.

@Ernie Grafiada

Can you rewrite the lease to restrict him to the apartment only since he is on a month-yo-month lease?

That is if the only access to the apartment isn't through the shop area.

Depending on your local laws you could have the shop advertised in two months.

@Travis Lawrence

In my opinion, you said a couple of times, safety net........

Keep the cash, work and add to it. Your current mortgage is not going to drop if you pay that mortgage down.

Equity is not free money, you pay for it. You can have 10 mil in equity, to me, it means nothing, if you want it you have to sell the asset or pay someone to borrow it.

You have a rental that pays for itself, you have a W-2 income, take the income from both of those and add to your cash. That's a safety net, that rental can be empty for a month or two and you are not stressing how to pay the mortgage.

Get yourself to a safety net you can be comfortable with. I like my 40% occupancy to cover all holding cost. If I don't have that, my W-2 can cover it.

Again....you said it, SAFETY NET, find yours and stick to it until you feel comfortable raising the bar.

I'm sure me comments will cause a firestorm here but from one small owner to another, stick to your gut feelings for the time being.

JC

Hopefully you will have enough to pay cash for your next rental in cash and not have to worry about a mortgage. That rental can be collateral for your purchase after that.

@Jonaye Barnum

It is always in your best interest to spend a few dollars for an inspection.

Surprises are not always good....

@Mark Passerelli

Double check SimpliSafe I think it uses cellular data not Wi-Fi.