All Forum Posts by: Michael Lee

No specific knowledge/experience but based on my reading of Title III of the ADA, a couple things jump out to me that I'd consider: 1) the standard for 'removing barriers' in order to be ADA-compliant is whether doing so is 'readily achievable'. So maybe adding a ramp access outside is readily achievable so you'd want to do that, but completely tearing apart an existing bathroom to create the necessary space is not readily achievable; 2) is the property in a historic district? If so, the law states that it must be ADA-compliant to the 'maximum extent possible' but if alterations would destroy the historic aspect of it, a lesser standard should be applied.

For me, being a newer investor, the most important thing has been having a great mentor. He has taught me so much of what to do in certain situations, but maybe more importantly, what NOT to do in situations as well. I feel like this has given me a huge head start, and I am very appreciative of his support/advice. Not everyone is willing or comfortable being a mentor but for any newbies out there, go out of your way to find a great one and learn as much as you can from him/her.

Hey @Amie D. I'm still searching for that next deal but focusing a lot more on talking to people in my network to find off-market deals as well as sending out letters to absentee owners/landlords. This has led to several prospects, which I take as a good sign, but just haven't been able to land anything yet. But I think this will have to be the way to go in the future especially in this market.

As for the two properties that I mentioned in the original post, they actually recently sold for close to what I offered which is somewhat disappointing knowing that I was in fact close; but also feel good that my analysis is solid, just my execution is lacking. I'm hoping this will improve with more experience.

@Joe Splitrock Nice! Great advice -- I think my preference for a vacant property just comes from prior negative experience as a PM and hearing about such from other landlords/investors. And four months is still a decent amount of time. But I think the plan you outlined makes a lot of sense. Appreciate it

@Ron Fletcher @Cara Lonsdale Both correct and make good points. Waiting wouldn't be a deal-breaker but just more of a Plan C/D here. But thanks for the great responses!

Thanks @Andrew Johnson! This one is somewhere in the middle as both leases end in August, so a fairly significant amount of time left. I think you're right though that negotiating with 'vacant property delivered' is the way to go then if the seller says he/she can't make that happen, try to gain an edge based off that.

@Mike Cumbie Understood -- most (if not all) the transactions I've been involved with for similar situations, it's been included in the contract and the burden is on the seller like you mentioned. I just know this can put them in a bind so didn't know if there was an alternative that I can consider . But thanks for the great response!

@Robert Cheek @Thomas S. Great points from you both. I agree that it may not always be prudent to change out the tenants arbitrarily but in this particular case, I feel like the opportunity to add value to the property is to make some improvements and increase the rents. I just imagine this being difficult with holdover tenants.

Ditto on the fresh start @Thomas S.

Thanks @Michael Huck and @Michael Guzik for the helpful responses. I’ll ask to review the current leases and go from there

@Gordon French Got it -- thanks for the response!