All Forum Posts by: Scott P.

In my area the tenant and I can mutually agree to alter the lease in this way.  It's not a problem.

I agree with @Joe Splitrock; however, If I was was only answering your direction question, I'd do the Electrical license first and learn HVAC 2nd.  I don't disagree with what Mark Fries said but in my experience the electrical would be the most useful.

You seem like an incredibly hard worker.  I have to think you're going to achieve your goals one way or another.

I agree with @Nathan Gesner except that in my current leases gutter cleaning is on me.

I suppose I'd have to ask my tax guy to be sure but I think it's 7 years for me.

In my area 2bd 2 ba would be in higher demand than 1bd 1 bath.

I would google the POD company and/or call them and learn how their service works.

I have a vague memory of a Buyer on one of my SFRs saying that the PODs that he rented had to stay in certain locations for a certain amount of days due to some law that seemed arcane to me but still applies today and has something to do with warehousing and cartage rules.

I agree w/most of the posts so far and I'll add that if shingles are breaking and blowing off during storms, that's another sign that it's time to replace.

I'd like to clarify what you're asking.  You're wondering what would be the most profitable use of the land and also allow you to create cash flow now and also allow you to keep some portion of the land, even it's 1 lot?

I've done similar things but the initial question I think you're asking is one that was decided already each time for me by the other people involved in the development. My part of the work came along after the decision of of WHAT to build for the particular market was already made.

I'll be interested to hear how other people provide information to determine what may be termed the "highest and best" use of the 7 acres.  Once that decision is made, I would know the steps to take in my area to make that Use a reality and I'm happy to share that info.

I lived in my initial multiplex properties, moving from one to the next.

Each time the bank either formally or informally appraised each property.  Interestingly, they liked properties with equity, even if the properties had mortgages, even more than they liked money in the bank in savings or checking.

The LLC question has a lot of facets. I'd like to read what other folks have to say on that one...

Obviously I don't know enough about your situation to make a real recommendation but since you're looking for our thoughts here's what I think:  If you've grown to the point you are at over 5 years (10 would be better) it seems to me that you could be fine adding this property based on experience in the business and the young ages of the boys.

I say this because I would have needed 7 years to handle this many - with or without a PM - and with 3 small children.  (My wife and I have 4 over a 6 year span.  They are much older than yours now.  But when they are small you know where to find them to spend time with them.  So your situation would be manageable for me.  So i suspect it would be manageable for you.)  I suspect taking on the property will mean extra work for your wife/partner also because it will draw you away from the boys some.  So you'll need buy in from that party also.

I suspect you know your market very well.  So I wouldn't even begin to presume to comment on the numbers.