All Forum Posts by: Brandon Komp

Hi there, I’ve recently purchased some duplexes with some vacant land behind them. I think their best use due to location and zoning would be for open cold storage for RVs, boats, etc. I’ve never done any self-storage before so I’m looking for any help and advice I can get.

What are some things to watch out for or add that I’m not aware of?

Does someone have a self-storage lease I can use?

What kind of fence or security is recommended?

Thanks in advance for the help!!

Hi there, I’ve recently purchased some duplexes with some vacant land behind them. I think their best use due to location and zoning would be for open cold storage for RVs, boats, etc. I’ve never done any self-storage before so I’m looking for any help and advice I can get.

Does someone have a self-storage lease I can use?

What kind of fence/security is recommended?

Anything else important I’m missing?

Thanks in advance for the help!!

At the risk of getting another comment about cheap property managers, of course we all know that cheap isn't always what you want. I asked for good/reasonable/reliable because getting 2 of those 3 is probably good enough. There's a reason I self-manage all that I have currently: because I don't want what cheap gets me but I'm not looking to give up 14% of gross rents either.

Thank you @Shane H. for the info on some of the local property managers. I've called and talked with a couple others but I haven't liked all that I've heard so far. I have a SFR and an 8unit that I'll look to have managed. I'm looking for someone to start with because I'm continuing to acquire properties there and at some point won't be able to manage as effectively since I live in Kansas City.

Hey there fellow investors! I'm looking for a new property manager for my properties in Wichita, KS. Anyone got anyone good/reasonable/reliable they'd recommend? Thanks in advance!

@Carl Fischer

It is not a large sum, I only have about $80k right now, but that could go a long way right now toward investing in more real estate to generate income today. It is in a company sponsored 401k, and I've contributed to it from day 1 since I was 22 to get the max company match. It was started whether I wanted it or not, and it was good to have it and I recognized that, but now it is very hard to resolve not having access to money I've invested and that has grown simply because I'm not of a certain age. I've already taken a loan against it to get started in real estate and that has gone well thus far, outpacing the market over the same time. 

Besides even being cumbersome w/ all the rules and regulations and causing missed opportunities, I think the tax deferment I'd be giving up is also diminished by the fact that real estate held in a self-directed IRA does not get the benefit of depreciation nor can you do a 1031 exchange. Both depreciation and the 1031 exchange with today's money, in my opinion, kind of level the playing field of tax deferment for future money.

The tax deferment benefit in my case I do not think is great enough to win out. Since I am still "young" I still hopefully have a lot of time left. I agree with your comment to make money in and outside of an IRA. A traditional IRA or 401k plan though are not the best for me because of this time remaining. The direction I'm going and the life plan I have, I should be in a much higher tax bracket than where I'm at now. So a Roth would make the most sense (and I have one started already for the day I have residual income to start socking away again). If I can grow money tax-free for the next 30yr and only pay tax on $80k now instead of on some millions (hopefully) later, that should be a far greater benefit to me. It also provides the flexibility to access the funds invested should the need or want ever arise to do so instead of it all being locked away.

This is my perspective based on my situation. I consider myself not the typical millennial, but try not to give up on our generation yet! Thank you for your time and input to my question!

Hello BP members!

I've listened, read and debated a lot of material about using retirements funds in a self-directed IRA to invest in real estate. The rules seem really cumbersome and complicated, and since I'm still fairly young (29 today), I'm considering just cashing out my retirement to just use to invest normally (likely in a multifamily deal) so I can take the cashflow as income (can't do this in self-directed IRA). I know that I'll be hit w/ the 10% early distribution penalty and it'll be taxed as income in that year.

Am I missing something? Is there something better or easier? Thanks in advance for all answers, help and opinions!!

I've got a deal but I need the down payment financed. My situation is that I've bought a few properties this year already and my DTI would be too high to take this on by myself w/ conventional financing.

The deal is $135k, property itself should cashflow min $300/mo. There's two ways I'd do this deal. 

1. Have someone co-sign w/ me on a conventional loan (must have credit score higher than 700+) and they put up 20% ($27k) for 6mo, I pay 8% interest APY. At end of 6mo repay loan plus interest total of $28,080. 

2. Use a single-rental loan from a commercial lender which would require higher down payment (25-30%), still offer 8% interest APY and loan plus interest repaid at end of 6mo. Strategy here is to get it leased ASAP, season lease for 3mo and refi w/ conventional loan.

Message me if interested or have any questions. Thanks!

I have American Modern for my MO property through AAA. Good rate, even beat Real Protect. Haven't filed any claims but seems to be good service when I've called

Thanks @Lee Ripma! DM sent

Hey there fellow Kansas City investors!

I've recently done a couple deals in KC, but the contractors I used for various professions burned me and cost me precious time and money. I'm looking for a reliable, reasonably priced contractor(s) in most areas, you know your typical electrical, plumbing, HVAC, interior finishes, etc.

Any recommendations are welcome as I'm looking to overhaul my contractor list as I move on to my next investment. Good contractors seem to be hard to come by, and the good ones know that good recommendations lead to repeat business and are kept busy by others or do not advertise. So if you would, please advertise for them! Thanks in advance!