All Forum Posts by: Sky Mikesell

We clean gutters and a few other things to make sure the condition of the property maintains.  Often our residents wont call for an ongoing maintenance issue in their home that is causing damage and we dont find out until our annual inspection or when they move out.    It is great you have tenants alerting you of things that could cause damage to your property so you can handle before it really costs money. 

@Victoria Silva 

I also own a number of out of state properties... i personally prefer working with property managers.   For me it is a question of Time, Value, Money.   Most of my property managers are hovering around 8% management fee.   I personally believe my time right now is best used doing something that renders more money  and that i enjoy a little more then babysitting tenants.    Dont get me wrong i do manage my property manager but for the most part they do what needs to be done. 

If you are going to self manage make sure you have your systems all set up just like a property manager... ie. someone ready to evict if the tenant defaults, screening company to check up on prospective applicants, maintenance / handy man ready to go for calls.   

good luck.

great project with great potential for any desired exit strategy. 

Purchase Price is $124,900
Renovations needed: $25k-30k

After Repaired Value: $185k

4 bedroom, 2 bathroom, block home with a pool.
House needs full renovation (electric service, plumbing fixtures, hvac, etc)

456 Knollwood, Davenport, Florida (gated community)

this house could be an excellent long term rental,  it could be a short term rental (i have a few vacation rentals in this area, all rent very well)    or this could be a Fix and  Flip.    

Multiple exit strategies... you pick your own way. 

look forward to hearing from you.

sky

Solid Investment property in the university area of Charlotte.   Tenant just moved in on a 12 month lease.      Great long term investment property in an owner occupied neighborhood. 

This house comes with a  RentSure Membership.    If tenant defaults the membership will take over and pay you the new landlord the rent that the tenant is not paying.   

Contact me if you have any questions. 

your local realtor will likely have access to all of that data....

if you would prefer to find it on your own their are numerous sources like realty trak, first american title has software for investors, zillow has some of that data... 

if you want list data i have used hoover lists for buying info for my targeted marketing.

happy hunting... 

Hello Khurram 

 i am based in charlotte and have renovated approx 600 houses here... my experience has been a variety of using skilled handyman types to do the bulk of the work and bring in only licensed guys for the mechanical trades (plumbing, hvac, electrical)   most of my projects have been under $30k which has allowed me to GC them myself and pull permits myself on the projects i have needed to (the mechanical guys still pull their own permit underneath mine)    

 there are good contractors out there... i have always called around... found guys to trust... ask them for referrals to contractors they trust... and continued to build my business that way.   

 one step at a time... my experience is to 

keep my projects very organized and be very clear with the team helping me renovate these houses as to what i expect and the timeline i expect it and in return they can expect timely payment and future work. 

good luck. 

sky mikesell

Hey Steve 

there are a number of portfolio lenders... one of my favorites is Lima Capital....   there are a few others...  in your backyard is Peak Financing (overland park)  , there is key lending, and of course  B2R who advertises pretty much everywhere and here on BP frequently.   Lima Capital and Peak i have personal experience with and both do an excellent job on executing on what they say they can deliver on.   Both have variations in their product.   

I can talk with you more offline about them if you would like.    good luck.

Sky Mikesell   

* i have no affiliation with any of the lenders listed, just experience working with the two i mentioned. 

This property is hauling in the cash each month...    Dont miss this one it will go fast. 

                                *FYI: the pic is before rehab pic. Renovation is currently underway.       

                Purchase Price: $99k            ~    Will be rented for $1025.00 per month  

                                      THE NUMBERS... 

Purchase Price: $99k 

Principal & Interest payment: $398.59   (assuming 25% down, 5% interest, 30 year fixed) 
Property Tax: $90.76
Insurance: $40.00
Property Management: $78.00

Total Costs per month: $611.35

NET MONTHLY CASH FLOW: $413.65  /  PER YEAR $4,963.75

@Oraude Boston  clearing title is the fun part... 

liens, judgement, code violations are not uncommon when we are all out there digging up deals that are off market.     

depending on what is clouding the title it is time for you to reach out to each respective item and figure out what it will take to get them removed or even if the item is valid.  

This process can take a little time.. some negotiations.... sometimes money (to be paid When it closes preferably)  and just good ol' fashion sorting out what all the issues are and figuring out what it will take to make them go away so you can buy/sell the house. 

good luck, happy to help if you want more details.

HI @Kim Handelman  i agree with @Scott England... any pricing you are unsure on you can reach out to lowes or home depot and get their price... i have used lowes for various tasks and prices were not terribly far off for some of the tasks. 

as far as roof goes it Can be cleaned but depending on what is on there you could have a few options on how to clean it or remove whatever is up there. 

good luck, happy to help anyway i can.