All Forum Posts by: Mike Hurney

Chris O'brien Sounds like typical parents with all the cautions and concerns here:-(
Chris the first thing I'd do is find a building similar to what you have in mind then study every aspect of it, contact the Owner, Zoning and Building Departments.
With an example, those folks (and us) can be specific with you!

Good Luck Investing, Mike.

Hey Ray, you are workin' it, man!!!

I agree with Jon Holdman, Shaun Reilly and Brian T., No negative cashflow. (I even use the Fannie formula and derate the Rental income to 75% for vacancies and expenses).

I'm still waiting for my first Tenant to start the repairs we agreed on (and I'd hate to tell you when we agreed on them).

My experience in the Mass Courts is that a Lease Option has to be two separate documents, otherwise a Judge, when (and if) hearing the case, will consider it a Lease and advise all funds beyond 1st, Last, Security and Lock Fee be returned.

Walk away offer and Next...

2002 Chevy Silverado Pickup.
I like to buy brand new Cars/Trucks on the lot when the new models are out and they're dumping them for a discount.

Rob K You know how lucky you are!!!

Should've bought a Lottery ticket also;-)

Mr. X called and asked if I could give him a ride to his apartment from the State Hospital.

(Police had trashed his apartment and checked him into a Psychiatric unit for Observation, when other Tenants complained he was a sex offender and had been stalking their children)

Hey Steve,
It's usually the deal first, area second, got an APOD or Summary?
Good Luck Investing, Mike

Ann Bellamy, Kyle J.
You guys have any rejection letters we can see as an example?

"When you rejected a potential Tenant:
What were your standards?
Did you charge for the Application/Credit check?"

Between MCAD and the Fair Housing testers this is a big deal in Massachusetts.

You guys in the Windy City know a friend of mine Jane Garvey? http://www.ccia-info.com/

Hey David!

Bryan K. Those houses in Frisco?

Bill Gulley
"BTW, say you had two companies, one screwed up and you lost, they run through that piercing your viel and hit you personally, ..."

Hey Bill, take it easy, there's a lot of people on these Forums that are convinced an LLC gives them absolute Asset Protection!

Wait till they get served that first "Slip and Fall registered letter" at home;-(

Deborah B. How's the income treated, passive? and taxed at?

Good Luck Investing, Mike