Student Wisdom #24 - RE Success Tips with Thom Gilbert

Thank you Thom, That was helpful information. Yes bandit signs they really are great for more then one reason. Thanks again LL Southern California

love it when the deals benefit more than one member of the family!

Val

Nice to see things are still going well Thom! Thanks for the advice and keep up the hard work!

Bob

Most cities are very strict on adding more structures to an existing property. Sometimes they require the existing structure to first be upgraded to current code. Additionally, they almost never allow utilities, power or water to be shared. Sharing of utilities would at best classify the new structure as a guest house and be excluded from renting for profit. Manufactured homes are illegal in most areas unless it is exclusively zoned for such use. Other things to look out for is minimum parking requirements, setbacks between the structures and any zoning moratoriums. All in all, you don't want to assume anything. Everything must be approved and in writing so as not to fall into the trap of buying something you get stuck with.

It seems this site has become one big praising portal. It has lost its luster. We don't have the healthy give and take any longer. Very few people offer anything of value. At best, they agree with each other and praise everyone's actions. It's as though they're all programmed to please. Where is the spirit of critical thinking? Why are there no opposing view points? What good is it if everyone is agreeable and no one questions anything? Learning is a process, no one person knows it all. Topics must be tossed around and kicked around until all its faults and advantages are squeezed out. From the looks of things, no one really needs to be here because no one is making any mistakes. We're all constantly praising and patting each other on the back for work well done!

Good point: DUE DILIGENCE is VERY IMPORTANT and different cities have different building, planning, health, utility departments. Good advice on mobile homes and utilities because your right not all cities or counties allow. This county does and it was found out because I went to the county office and talk to the local municipalities about options to help with understanding the exit strategies and ways to add value to this property. I advice anyone who goes into the local municipalities to take notes of who you talk to and what they say for your own records. Smaller additions or mobiles can be tied into existing sewer/water as granny unit and therefore would save costs but add rental value but again check with the laws/codes of where the house is located.

Bottom line do your diligence understand how you can exit the property and how you or your end buyer can legally add value to the property at minimal costs. I like to ask the local municipalities this question: What would you do with this property and what would you not do if you were me? How would you save costs but add value?

Thanks for the comments and keep looking for that next deal!

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