Nick grew up in the apartment business. Nick’s family owned and managed over 1,000 apartment units, which explains why someone so young could know so much about the business.
I am sure that Nick has many interesting stories to tell from his experiences managing apartments, including the elaborate build-outs that some tenants do to cultivate and sell marijuana in and from their apartments. No worry, though; as Nick explains, it should be pretty easy to evict someone gobbling up electricity 24/7 to speed up the growth of their weed. Then again, wouldn’t it be the same as operating any other home office business out of the apartment?
Pontificating on the subject, I wonder how easy it would really be to evict a tenant cultivating and selling marijuana in their apartment in a state where such activities are now legal. I assume that although now legal in Colorado, a landlord should still be able to prohibit the cultivation and sale of marijuana from an apartment. I would recommend that any landlord that owns and manages apartments in those states where the marijuana business is now legal, to consult an attorney licensed to practice law in that state. I would also recommend that a landlord review their existing lease documents to make sure that general language prohibiting illegal conduct, be revised with more specificity.
Nick is also an author. His book, Brick and Mortar Piggy Banks, Your Guide to Creating Life-Changing Wealth Through Real Estate Investment is available on Amazon. Click Here to purchase it.
Finally, I added an “outake” just to keep myself humbler and prove to any foolish people that I am not as smart as I might otherwise appear.
The post Growing up in the Business of Apartment Ownership appeared first on CRE Radio & TV - Commercial Real Estate with Howard Kline.