All Forum Posts by: Vic Reddy

Hello BP

Did anyone buy land with Ecolab credits? We are considering buying land which has Ecolab credits. It seems to be a common practice to apply for Ecolab credits to reduce Property tax. How easy is it to remove these Ecolab credits and are there any implications on future land use.

Any insight would be helpful

Hello BP

Did anyone buy land with Ecolab credits? We are considering buying land which has Ecolab credits. It seems to be a common practice to apply for Ecolab credits to reduce Property tax. How easy is it to remove these Ecolab credits and are there any implications on future land use. 

Any insight would be helpful 

@Israel Garavito - pls share ur due diligence check list? Do u ask for Tax returns and bank statements?

@Dalton Dykes - You are young and can take chances. I would recommend to find a mentor and follow them for 3-4 weeks to see u really want to be a RE agent. Offer to help out ur mentor by doing whatever you can for free

Don’t quit ur day job until you get your license, select a broker and hustle for a few months. Start by doing Open houses for ur mentor or other high performing agents. There is a Facebook group to host Open houses on other listings. As others pointed out, have 1-year savings and $10k-$20k for ur business expenses

I am a RE agent in Dallas and took 3-years to transition from part time to full time RE agent and cross my full time job income. Now I am a developer too. Feel free to reach out to me

@Sean OToole - do u have plans for TX market in near future?

Hi,

We are looking into building a 40-unit multi-family apartments and are in due diligence phase. We visited few existing near by apartments to find out occupancy, rates, amenities etc to compare with our proposed project. 

What do people use to find historic rents, occupancy in a zip code or city's apartments? I want to see how rents and occupancy rates in the area for past few years to see if this would be a feasible project. Any advice/suggestions?

@Amir Khan - Typically lower cap rate properties work for investors paying in cash or doing 1031 exchange. With finance option, u r pretty much banking on future appreciation!!!

Dallas Commercial market has been hot for last few years and it is hard to find properties with decent cap rate & long term leases.

Banks will most likely ask for higher down payment as they look for DSCR (debt service coverage ratio) greater than 1.25 ie annual NOI/Debt > 1.25.

@Kirsten Ostby - Just curious - how much did u close for? Looks like u learned quite a few things along the way :) Good luck

@Devin Gladstone - Family Dollar/Dollar General do well in small towns or areas where Walmart or other Discount stores arent close by You need to consider who could be the next tenant if they bail out. Can this be split up into multiple retail units? Does it have good street frontage?

What would u do if u were the tenant & ur furniture was damaged? Take care of ur tenants and this will make them not to lookout else where. If your tenant is prompt on rents and taking good care of the property, I would definitely consider giving them a break for the damages.

Does your tenant have renter's insurance? We always make it mandatory for all tenant to carry renters insurance to cover any such damages.