All Forum Posts by: Tim McClary

I tend to agree with @Joel Owens in that it depends on the scope of your responsibilities. If you have to make sure the janitors show up, the drywallers do good work and are negotiating leases with national tenants you may be selling yourself short if you charge a flat fee based solely on rent and NNN charges. I'd come up with a few different options that work for you and the owner and see what they say.

Take what you can get.  A paying tenant in a rural commercial space is rare.  I'd guess $500-$800 per month for a 1000 square foot space.

I've invested in Old Town, Maine.  It's an Opportunity Zone.  With the mill opening back up and 120 new jobs headed that way, I think it's ready for a moderate boost.

I've had good luck with First National Bank and Machias Savings Bank.

I haven't used it but there's something called "Pay Near Me"  It lets people pay at a few retail locations.  There is also Pay Lease that has cards or website integration.  Both charge a small fee that's paid by the customer.

It really depends on the deal you bring to the bank.  If you find a cash flowing property that you're getting for a steal, the bank may look more favorably on it and analyze the deal more than the borrower.  Going to a smaller local bank or credit union may be useful too because they have more flexibility.  

Good Luck!

I'm a fan of in person classes when it comes to this sort of thing.  The people that you'll meet in class and the information you'll get can't be replaced with an online class.  Unless you are going to read every word of every page of an online course, I'd suggest a live class.

I think that @Chace Fraser and @Dayton Komarek hit the nail on the head.  Let's be honest, you're going to live in an apartment at this point in your lives.  Why not own the apartment?  Once you have enough equity in it, you'll use that as your down payment for your next property and fill your old unit with a tenant.

It can't hurt so send them to collections.  They may try to buy a house someday and have to clear up their debts.

I'm on the other side of the country, but I've seen anywhere from 5.50% to 6.25% with 20%-25% down for 5+ units.