Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Lawn Care, Landscaping, and Property Management Forums > General Talk

General Talk If it doesn't fit anywhere else, post it here.

Thank You Steve You Rock.


General Talk

If it doesn't fit anywhere else, post it here.
Reply
 
Thread Tools Search this Thread
  #11  
Old 11-05-2009, 09:50 AM
Edmir Edmir is offline
Junior Member
 
Join Date: Apr 2009
Location: Tennessee
Age: 33
Posts: 21
Rep Power: 6
Edmir is on a distinguished road
Default Rental Properties Suggestions?

Now for the average lawn care business owner who is reading this, thinking to themselves they would like to buy a rental property, where do you suggest they begin?

First, they need to make contacts with real estate agents that they turst. Being in Landscaping business, mos of us, have done business with Real Estate agents, I have several of them, they call me up, and need a full clean up of a property, they want to sell, a property that has been reposesed by the bank, or a property that they bought it an action. My first property was a commercial property. I know the real estate agent for years. So when I meet with her, I told her wat I wanted to do. I wanted to make money. She recommended the commerical property, and the location is within walking distance from shopping centers, from the local city high school, and from the community college where I live. This location enabled me to rent my property quick.
Another sugesstion would be to look in the local newspaper, when the properties have been repossed by the city for back taxes, or for defaulting on a loan. Or go to property action places see how the action the properties and what the procedures are for that?
Being in landscaping business some of us, have mowing contract with bankers, use those connections and talk to them? Tell them you are interested in investing in rental properties, how to go about financing them? Etc. They will help, beacuse they need people who can pay?

How much do they need to save for a down payment? How much can they charge for rent compared with the mortgage of the structure?


My commerical propert that I bought in 2007 was listed for 110,000. I offered $85,000. The owner had purchased the property in 2006 and went to www.tennessee.gov under asessnment properties section. There you can enter the property adress and it will tell you who owns it, and how much they bought it for, and in what year. Based on that I was able to determine how much profit he was trying to make on that property. Then I hired a home inspector before I purchased my property, to fully inspect the house and the property. The bank where I got my property financed appraised the property at $95,000. The house was in great condition. I put $10,000 down on the property and financed it for 15 yrs. My mortgage payment is $760 per month. I turned the upstaris of the house into a two bedroom apartment. I spend about $5000 remodeling the apartment and I did most of the remodeling work myself. That saved me about $3000 worth of expenses that I would have had to pay someone to do it for me. Charging the rent, they have to look at the location of the property, and how much other competitors are charging for a two bedroom apartement in that location. Do they inculde any utilities?
So before I bought this property, I was paying rent in the same location for a two bedroom apartment $450 per month. That didn't include utilities, only water.
My apartment rents for $500 that includes water, and cable. My mortgage is $760. I only pay $250 for my mortgage, where before I was paying rents $450 per month. So I have a positive cash flow of $250 per month. That adds up within a 12month period. Sometime you can look in the local newspaper, and see how much the apartments are renting within the location of that apartment.

It seems like a lot of times, the rent doesn't always cover the mortgage fully and the owner has to pay the difference.

When you want to buy a property try to buy a house that is two stories, or that has more then one unit. That means, you must have two apartments into that unit or house. Therefore, you can use the rent from one apartment to cover the mortgage and profit the rent from the other apartment. Sometimes when you finance you have to look at the numbers on the mortgage deal? You need to let the banker know, you want to have positive cash flow comming in everymonth? If the deal on the mortgage doesn't feet your needs, then don't do it?

What's your view on the types of buildings that are a good first time buy to rent?
With the recent economic crisess, banks have gotten more strict and some of them have tighten the financing options on the purchasing a house, such as now they require a credit score of 700 or higher, when I financed my house before the crises, my credit score was 680. Another sugesstion for a first time buy would be to buy a two story house, and turn the upstairs into a two bedroom apartement. Or buy a lot, where you can put a trailer there and rent that trailer. You can buy trailers for as cheap as $5000 up to $7000 cash. Do a lot of research, and shop around? Buying a house isn't like buying a car, you have to know how the market, works, and what to look for? Read a lot of books and programs, talk to people you know who are experts into the real estate market.

Hope this helped. It worked for me. The downpayment I used was from my savings with the landscaping business. I also work part time as a cook at a country club, I took that job, to make contacts. I lot of rich people come there to eat, and play golf. There I have made a lot of contacts, from attorney's to doctors, bankers, etc.
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #12  
Old 11-06-2009, 08:50 AM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 36,679
Rep Power: 10
Steve has disabled reputation
Default

Lawn care business tipsLawn Care Business Book
That is very interesting!

What made that property a commercial property? From the description it sounds like a residential home. How does it get defined as either residential or commercial?

Can you park your lawn care equipment on that location too?

What do you see as your next real estate investment move? What would be the ideal next step?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #13  
Old 11-23-2009, 02:53 AM
Edmir Edmir is offline
Junior Member
 
Join Date: Apr 2009
Location: Tennessee
Age: 33
Posts: 21
Rep Power: 6
Edmir is on a distinguished road
Default

Hi Steve:

Been on the road lately. Haven't had time to read your posts? Just got back from Memphis. I also, work part time as a translator for Immigration Attorney's. I do this when they need me.

To Answer your Questions:
What made that property a commercial property? Properties have different zoning. My property is B-4 zoning, because of the location. B-4 is considered a commercial property. I have a list of businessess I can operate on my property based on the Zoning. That's why I purchased that property to begin with. The land is worth more then the house.

From the description it sounds like a residential home. How does it get defined as either residential or commercial?
It gets defined by zoning, it is a residental house, but the property is a B-4 Zoning. On my road, I can walk to McDonald's, Arby's, Real Estate Offices, Shopping centers, and Gass stations. Before you purchase a house, it will tell you the type of zoning your property is. You can check the zoning on www.tennessee.gov under real estate property assesment. On that side, you can enter a mailing adress of a property, and it will tell you, how owns it? How much they bought it for, and you can see how much they want to sell it for? That will give you some idea what the sellers profit is?

Can you park your lawn care equipment on that location too? Yea. I can park my lawn equipment, and put my business sign on my front lawn, without having to apply for a permit. I have put my for rent sign, and didn't even have to put an add on the local paper. Because of the location I had my place rented within a week.

What do you see as your next real estate investment move? What would be the ideal next step?
My problem is that I want it all. You can't have it all. I am very competetive, and like it. So right now, I plan on paying off my two cars, and my motorcycle. Then build more equity on my properties. While generating positive cash flow from rent.

I hope that answered your questions.

Hope everyone in this forum has nice, and safe holidays.

Edmir
Reply With Quote
  #14  
Old 11-23-2009, 01:09 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 36,679
Rep Power: 10
Steve has disabled reputation
Default

This is all fantastic!

Keep us posted on all your future updates. You are going to find a lot more continued success!
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Rock 'N' G Enterpises IL mylawnwi Introduce Yourself 5 07-19-2009 11:55 AM
Was a a rock show last night Steve Show Off - Picture Post - Photo Gallery 1 11-24-2007 04:57 PM
What can we learn from Rock? StartALawnCareBusiness Starting a lawn care business. 4 11-22-2007 11:14 PM
nice rock job! All County Lawns Search Engine Optimization and Website Design Discussions. 1 06-04-2003 12:57 PM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Hello from Md
homey
Today 06:55 PM
Today 06:55 PM
by homey
0 10
Repair or replace the...
lxarth
Today 05:07 PM
Today 06:08 PM
by Sprinkler Buddy
1 29
what do you "love" to...
calebmoss
07-06-2011 10:05 PM
Today 05:09 PM
by Chilehead
28 8,819
Employee job training...
brookline
12-15-2014 08:15 PM
Today 04:59 PM
by Chilehead
3 130
What Fertilizer to Use?
acrajchel
04-07-2014 02:56 PM
Today 01:11 PM
by Steve
23 2,866
I'm BACK!
SuperiorPower
Yesterday 11:08 PM
Today 01:09 PM
by Steve
1 70
Grass hopper mower
ExtremeLawncareServices
12-05-2013 09:51 AM
Today 09:40 AM
by SuperiorPower
34 5,996
Peco Bagger
AGPS
11-18-2014 02:20 PM
Today 09:13 AM
by SuperiorPower
15 1,205
These are the days on...
ExtremeLawncareServices
03-22-2014 10:12 AM
12-15-2014 10:30 PM
by ExtremeLawncareServices
188 16,345
New to Gopher Haul-from...
323k13l
12-12-2014 10:34 PM
12-15-2014 02:58 PM
by Steve
3 212
hi
creteland
12-12-2014 09:06 AM
12-15-2014 01:45 PM
by Steve
5 215
New addition to my small...
googus
12-12-2014 07:36 PM
12-15-2014 07:47 AM
by googus
4 281
Ferris IS700Z
rmccutchan
12-14-2014 01:10 AM
12-14-2014 11:41 PM
by rmccutchan
4 188
Charge what the market...
Billy Goat
12-09-2014 12:39 PM
12-14-2014 06:39 PM
by biglee
20 701
Hi from IL
steveinil
11-25-2014 02:07 PM
12-12-2014 07:18 AM
by steveinil
4 727
Utility Company Right of...
eastsidelandcare
12-11-2014 04:54 PM
12-11-2014 04:54 PM
by eastsidelandcare
0 200
leaf removal
Double J LLC
10-03-2014 05:24 PM
12-11-2014 04:50 PM
by eastsidelandcare
33 3,925
suggestions on full lawn...
Brian3137
12-10-2014 07:18 PM
12-11-2014 03:41 PM
by Steve
6 308
new to me box truck
jrayb39667
03-06-2014 11:20 PM
12-11-2014 09:43 AM
by Sprinkler Buddy
18 3,254
Hello from SW FL!!
5StarLawnscaping
12-05-2014 02:35 PM
12-10-2014 02:45 PM
by WesleySnips
7 540
Echo pb200 blower fuel...
googus
12-06-2014 09:03 PM
12-09-2014 06:35 PM
by Steve
3 386
Facebook
element009
03-23-2011 09:36 AM
12-09-2014 06:24 PM
by Steve
36 9,691
Are you prepared for the...
Steve
12-02-2014 04:13 PM
12-09-2014 06:22 PM
by Steve
7 803
Email Address Name
Just Cuts
12-07-2014 09:49 PM
12-08-2014 03:15 PM
by Steve
3 351
Inspection form
stevef1201
12-07-2014 10:38 AM
12-08-2014 03:10 PM
by Steve
1 345
Truck, Trailer,...
hawthornelawncare
12-23-2011 01:01 AM
12-08-2014 12:37 PM
by jrs.landscaping
108 34,023
Back Pack Blower
Ian Lovejoy
11-09-2014 08:41 AM
12-07-2014 06:35 PM
by stevef1201
24 1,605
Innovation by mandate
bayoubandit
11-29-2014 01:33 PM
12-06-2014 03:27 PM
by SGL1
12 867
Trying something new,...
ExtremeLawncareServices
09-21-2014 10:07 PM
12-05-2014 11:06 AM
by Steve
9 2,174
Good help is hard to find
Hanks Lawn Care Services
11-19-2014 03:27 PM
12-04-2014 01:32 PM
by stevef1201
15 1,346
How many hours is too...
Just Cuts
12-04-2014 09:00 AM
12-04-2014 01:02 PM
by Just for Cuts
6 516
Does this sound like a...
googus
12-03-2014 07:47 AM
12-04-2014 12:37 PM
by Steve
5 590
New website
Chilehead
11-20-2014 04:39 PM
12-04-2014 12:27 PM
by Steve
14 1,123
New website
SGL1
12-02-2014 10:55 PM
12-03-2014 11:17 PM
by BLC7
19 756
Websites, how long...
Dan Tanner
03-09-2014 08:29 AM
12-03-2014 11:12 PM
by SGL1
21 3,125
I Want to buy old...
ExtremeLawncareServices
10-10-2014 11:04 PM
12-03-2014 10:36 PM
by ExtremeLawncareServices
8 1,773
GPS trackers for...
Billy Goat
12-02-2014 06:09 PM
12-03-2014 07:17 PM
by Steve
8 613
My site is on fronts page
tbtigers03
11-14-2014 05:58 PM
12-03-2014 06:31 PM
by SGL1
17 1,335
Hiring Subs over Temps
Billy Goat
12-02-2014 06:26 AM
12-03-2014 01:24 PM
by Steve
3 551
Thanksgiving cards
Steve
11-10-2008 11:57 AM
12-02-2014 11:11 PM
by SGL1
11 9,413
New parking area
ExtremeLawncareServices
11-07-2014 09:47 PM
12-02-2014 02:17 PM
by jrs.landscaping
12 1,390
Pressure Washing...
WesleySnips
07-31-2014 07:13 PM
12-02-2014 08:47 AM
by SGL1
6 1,418
old contracts
bayoubandit
11-29-2014 11:10 AM
12-01-2014 11:20 AM
by Steve
3 637
Hi to you NOTHERNERS
stevef1201
11-11-2014 05:56 PM
12-01-2014 10:54 AM
by Steve
9 1,173
Lawn care truck
Steve
10-10-2009 03:40 AM
12-01-2014 10:45 AM
by Steve
32 15,075
Intuit Quickbooks...
CDLAWNCARE
11-30-2014 10:19 AM
11-30-2014 10:19 AM
by CDLAWNCARE
0 530
Say Hello !!!
Steve
03-19-2007 12:18 PM
11-28-2014 01:36 PM
by Just Cuts
1,196 355,246
Hello from Kentucky
TRV
09-30-2014 06:42 PM
11-28-2014 10:49 AM
by Steve
13 2,215
Happy Thanksgiving!
Steve
11-27-2014 09:48 AM
11-27-2014 09:48 AM
by Steve
0 580
Contract or no contract?
TRV
11-20-2014 09:18 PM
11-26-2014 09:23 PM
by stevef1201
5 935
» Popular Tags
2wd 4x4 aerocore apartment bid apartment complex auger bark billy goat brushcutter blades bush charge christmas collections deliquentaccounts ditches employee problems equipment rental estimate first truck foreman georgia gopherhaul grass gravely growing a lawn care business holiday husqvarna jobs john deere quik trac labor cost landscape services lawn lawn care lawn care business podcast lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care website lighting lighting brass outdoor lights marketing mowing mr dave mulch mulch estimate mulch price new buisness new business new mower ordinance per hour service podcast profit on employee pto push versus ride running a business savannah search engine optimization seo shreaded small engine repair starting a business start up lawn care business steep lawns theft toro grand stand trailer trimmer rack wood
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 08:56 PM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 08:56 PM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy