All Forum Posts by: Lee I.

What did the warehouse used to be used for and how long has it been vacant?  Why has it been vacant while other buildings have been converted first?  What are you ideas for the property?  Do you plan to convert it or tear it down and start anew?  In either case, you need to determine how much it will cost to purchase the property (including closing costs, due diligence, etc.) + cost to convert or build new.  Using comparables, figure out about how much you can get when renting the building minus vacancy.  Determine if your approximate rent minus  expenses is an acceptable return on your investment.  

There are many reasons one might write a book.  Some people genuinely feel good sharing information and helping others.  Some people like the ego boast of being an author.  Like you mentioned, writing a book can also be good for your business.  Of course, there are also the scam artists and the people who give bad advice without realizing it's bad advice.  

It's a good idea to research the background of the person who wrote the book to see if they (or anyone) have found success with their teachings.  It's also important to investigate the claims a book makes for yourself rather than just accept it because an expert wrote it.  You should also recognize that the author's status is different than yours and techniques that make sense for them might not make sense for you at this point in your life.

With that said, information and practice are different.  A person might be a good teacher, but a poor practitioner (book smart, but not street smart in a sense).  On the opposite side, someone might be a good practitioner, but awful at explaining how they do what they do.  I know there is a lot of controversy regarding Robert Kiyosaki's background and how successful he's really been in real estate, yet you will see many people credit him as an inspiration for their own success.  

Would make a great buy and hold for renting to horror filmmakers IMO.

Welcome Daniel.  Best of luck in both the game studio and in investing.

This is not my understanding at all. Your assets in the LLC are the LLC's not yours. You may be personally on the hook for any outstanding loans if you signed a personal guarantee, but the amount of units makes no difference. You could sign a personal guarantee and own 12 units if that is how the loan you agreed to is structured.

The LLC debts could also be considered personal if you don't treat the LLC as a separate entity by not following proper operating procedure (see your state's laws), such as by co-mingling funds, etc. Also in the case of a lawsuit, a one person LLC might be considered to essentially just be you and then you could be personally on the hook for a ruling against the LLC.

Welcome Gabe

@James Wise has a post about Cleveland zip codes you might find helpful:

Cleveland Zip codes

I'd give them back to him, but not read them.  I'd also make sure to speak to him directly and not his wife since who knows if those are from an old girlfriend from before he met her.

Capital Expenditures (capex).  Basically stuff that will need to be replaced one day rather than serviced.  New roof, new hot water heater, etc.

Welcome Lester.  Best of luck in the new location.