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, 08:50 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, 07:50 AM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 36,533
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, 01:53 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, 12:09 PM
Steve's Avatar
Steve Steve is online now
Administrator
 
Join Date: May 2003
Posts: 36,533
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 10:55 AM
Was a a rock show last night Steve Show Off - Picture Post - Photo Gallery 1 11-24-2007 03:57 PM
What can we learn from Rock? StartALawnCareBusiness Starting a lawn care business. 4 11-22-2007 10:14 PM
nice rock job! All County Lawns Search Engine Optimization and Website Design Discussions. 1 06-04-2003 11:57 AM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Business Name
sanchez5
10-28-2014 11:55 PM
Today 12:14 PM
by ExtremeLawncareServices
6 170
Pavers
crieg122
10-28-2014 02:49 PM
Today 11:46 AM
by crieg122
4 176
Difference between lawn...
sanchez5
Yesterday 04:20 PM
Today 05:58 AM
by Billy Goat
1 111
Gie-review / What's new...
ExtremeLawncareServices
10-25-2014 09:19 AM
Yesterday 10:35 PM
by ExtremeLawncareServices
5 383
My Newest Toy (B.P....
Dan Tanner
10-23-2014 05:50 PM
Yesterday 12:26 PM
by Steve
6 487
West cost lawn prices
SGlawncare
10-09-2014 09:51 PM
10-28-2014 11:08 PM
by SGlawncare
4 849
Say Hello !!!
Steve
03-19-2007 11:18 AM
10-28-2014 02:51 PM
by Steve
1,193 340,993
Help a brother...
tbtigers03
09-28-2014 11:41 AM
10-28-2014 02:38 PM
by Steve
14 1,878
Business Cards
crieg122
10-25-2014 12:03 PM
10-28-2014 02:37 PM
by crieg122
4 359
Lawn Care business...
crieg122
10-23-2014 01:23 PM
10-28-2014 11:28 AM
by crieg122
15 674
So how do you guys...
Mr. Mow
10-26-2014 07:55 AM
10-28-2014 04:56 AM
by Billy Goat
2 301
Hi Steve From West...
Mr. Mow
10-21-2014 01:59 PM
10-28-2014 01:37 AM
by Steve
3 498
Pressure Washing Like a...
TNTurf
08-01-2014 11:47 PM
10-27-2014 10:36 PM
by SGlawncare
12 1,216
new to the forum
madmedic8575
10-24-2014 02:52 PM
10-27-2014 12:14 PM
by Steve
1 316
Dealing With Gas Can...
Mr. Mow
10-21-2014 01:41 PM
10-26-2014 10:59 AM
by stevef1201
13 679
Leaf removal
madmedic8575
10-24-2014 04:14 PM
10-26-2014 07:45 AM
by Mr. Mow
5 436
raking leaves ?
robert8509
10-22-2014 09:19 PM
10-25-2014 12:09 PM
by biglee
10 588
Leaf Box & Loader Set...
ringahding1
10-21-2014 06:20 AM
10-25-2014 11:46 AM
by crieg122
6 582
hey everyone
robert8509
10-22-2014 08:16 PM
10-24-2014 11:07 PM
by robert8509
7 480
12 Years in Business!
Chilehead
10-23-2014 08:07 AM
10-23-2014 11:08 PM
by Chilehead
2 409
Cheapskate Landlord...
Mr. Mow
10-20-2014 06:33 AM
10-23-2014 05:55 PM
by biglee
13 736
Hi from SoCal
Jmoney
10-23-2014 11:29 AM
10-23-2014 12:51 PM
by Steve
1 370
Workmans compensation...
CDLAWNCARE
10-15-2014 08:05 AM
10-23-2014 12:33 PM
by Steve
5 837
Pda
stevef1201
10-18-2014 02:05 PM
10-23-2014 06:12 AM
by ringahding1
4 664
Hello, from TEXAS
sanchez5
10-17-2014 09:56 PM
10-22-2014 01:27 PM
by Steve
6 726
Organic Lawn Care...
NHray
10-17-2014 06:05 PM
10-22-2014 01:23 PM
by Steve
3 693
first year update
cmdlawncare
08-12-2014 05:41 PM
10-22-2014 07:47 AM
by ringahding1
4 1,688
What parts do you carry...
Just for Cuts
10-17-2014 09:08 AM
10-21-2014 01:36 PM
by Mr. Mow
16 970
Jungle to Beautiful
stevef1201
10-17-2014 09:54 AM
10-21-2014 01:26 PM
by stevef1201
11 834
These are the days on...
ExtremeLawncareServices
03-22-2014 09:12 AM
10-21-2014 01:19 PM
by ExtremeLawncareServices
158 11,929
Sunny Beach Tennis...
SGL1
10-19-2014 11:24 PM
10-21-2014 01:04 PM
by SGL1
4 560
Have you ever had to...
SouthernRootsLawnCare
07-26-2014 02:41 PM
10-20-2014 08:34 PM
by biglee
10 2,157
Look out Bob Villa -...
Mr Dave
09-30-2014 10:06 AM
10-20-2014 05:42 PM
by SGL1
7 1,646
how to fi d commercial...
mchampion319
10-19-2014 09:50 PM
10-20-2014 04:41 PM
by Steve
1 536
Hello From Tennessee
mrmann901
10-17-2014 10:02 PM
10-20-2014 04:24 PM
by Steve
1 602
questions on order to...
jack2048
10-13-2014 11:15 AM
10-20-2014 03:27 PM
by Mr. Mow
15 1,055
This sucks...
Matther777
09-18-2014 04:56 PM
10-20-2014 02:14 PM
by Steve
14 2,578
Cement mixer
KevinsLawns
10-15-2014 08:03 PM
10-20-2014 02:11 PM
by Steve
7 786
Hello ! New guy Rob here
RWorthley1
10-17-2014 04:05 PM
10-20-2014 02:09 PM
by Steve
1 636
Snow Blowing
gwilson98
10-12-2014 02:21 PM
10-17-2014 02:51 PM
by Steve
6 970
Spreading Weeds?
WesleySnips
07-27-2014 09:46 PM
10-17-2014 07:49 AM
by SGL1
6 1,276
Grasswhoopins.com Anyone...
GRASS WHOOPINS
06-21-2011 11:38 PM
10-16-2014 01:30 PM
by ExtremeLawncareServices
42 9,678
I Want to buy old...
ExtremeLawncareServices
10-10-2014 10:04 PM
10-15-2014 09:12 PM
by ExtremeLawncareServices
6 993
Do you find weed eating...
chuck2s
10-15-2014 02:10 PM
10-15-2014 02:10 PM
by chuck2s
0 714
Incorporating &...
WesleySnips
10-01-2014 09:39 PM
10-15-2014 01:37 PM
by kslawn
20 1,843
Falling into business
stellarmowing
09-28-2014 04:35 PM
10-15-2014 05:57 AM
by ringahding1
8 1,839
Apartment Complex and...
lxarth
06-22-2011 01:10 PM
10-14-2014 06:25 PM
by jrs.landscaping
42 9,965
I LOVE hedge trimming
stevef1201
10-13-2014 09:05 AM
10-14-2014 01:06 PM
by Steve
5 849
Help with seeder...
ExtremeLawncareServices
10-09-2014 07:39 AM
10-13-2014 08:09 PM
by ExtremeLawncareServices
5 1,014
The Market watch
WesleySnips
10-12-2014 08:47 PM
10-13-2014 05:40 PM
by SGL1
3 844
» Popular Tags
2wd 4x4 aerocore apartment bid apartment lawn care estimate applying billy goat brushcutter bush charge christmas deliquentaccounts exmark ferris foreman georgia gopherhaul grass gravely hills holiday how much to charge how to how to bid hydraulic labor cost landscape services lawn lawn care lawn care busines plan lawn care business book lawn care business podcast lawn care business seo lawn care business show lawn care business website lawn care business website seo lawn care seo lawn care website lawn care website seo lighting lighting brass outdoor lights managing a lawn care business marketing mechanic mowing mulch mulch estimate new buisness new business ordinance podcast promotion property management company push versus ride savannah scag scag v-ride scripts seo snow plowing starting a business starting a lawn care business stihl sulky theft toro tractor auger trailer mate pro walk behind walker wright stander rh
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 12:23 PM.


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

All times are GMT -5. The time now is 12:23 PM.

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