All Forum Posts by: Brent Kiger

@George Zatulovsky Hi George, in going through this post I saw you use handyman that you like. Are you interested in sharing his contact info? Please message me if you are.

Thanks.

I have used Scott at Urban Electrical and Design recently to update some electrical panels in a fourplex. He was very fast, reasonable and responsive. You can find him on home advisor. The post won’t let me include his phone number but it pops up on Home advisor. 

Good luck!

Hi Marcelo, @Marcello Oliveri

The first rental I ever bought is in that zip code and has done very well for me. It’s generally a working class area but I’ve had no problems keeping it filled with good tenants. That isn’t is a good list but a general guide. How far north of 23rd is it? Another “general” rule in my opinion is the further north of 23rd you go, the tougher the area. But there are good pockets for sure. Is the property way up north or just on the other side of 23rd?

I have an investment property in Riverside County, California that I'm selling. My realtor is telling me that it is now California law that to sell this triple wide it must be on a concrete foundation, to the tune of approximately $5,000. I'm writing to see if anyone else has any experience in this regard and to this CA law. I couldn't find anything on it after a google search, and was hoping someone could shed some light on this.

Any insight would be helpful.

Thanks,

Brent

Confirming it costs a couple hundred bucks to get started is that right? @Patti Robertson

I was curious of any landlords currently using Pay Near Me as a rental collection method. I know @Brandon Turner has mentioned in some of the earlier podcasts as a method of collecting rent, and wanting to see if anyone has any feedback, positive or negative regarding using their service. I've got approximate 15 rentals in the Kansas City market, and I have about 5 tenants that pay in money order every month, making it a hassle to try meet- up.

If any one has any feedback regarding that service or a similar type service, I'm interested. Thanks as always to community for being so helpful.

Brent

Hi all, I have a question that I'd love to get some experienced investors to weigh in on. I am curious if there is a generally recognized percentage to expect for expenses when it comes to multi-family apartment buildings say between 25 - 75 units? I realize there are a ton of variables here, but I have a single family, duplex/fourplex portfolio and have always used 40% of rents are going to be eaten up by all expenses, including tax and insurance, and the rest is to pay the mortgage and keep. That has proven more or less true in in my business. I know Clayton Morris on his podcast and others here on BP use a similar, albeit very ballpark number.

However, I am looking to get into commercial real estate, and hope to purchase a 25-50 unit next, and when scanning buildings for sale, I'd love to be able to have a similar number. Again I realize there are a ton of variables depending on the property, how many buildings, etc... I'm not looking to get too much into the weeds here. Just trying to see if a similar number exists in the commercial arena. I'd like to think it would be a smaller percent for expenses due to economies of scale, but also realize there will be bigger and more expensive things breaking...

I'd be curious to see what experienced investors average expense vs rent is. 

Any help would be greatly appreciated.

Brent

@Chris Dawson Chris are you still willing to share your contractor list? I have a portfolio of buy and hold properties here in KC and have been struggling to locate reliable handymen. In reading your profile it appears you are seeking owners of multi-families interested in selling. If you run across anyone willing to sell a multi-family, I am always in the market to acquire more. Let me know your thoughts on sharing your handyman list if you don't mind. My biggest isssue is that real estate is still part time for me, so I have a day job and just simply don't have the time to do the work myself, or keep trying new contractors. Thanks in advance.

All, I have a quick question about some loan terms I just received. I have a fourplex under contract and just got final approval from my bank who is writing a commercial loan for the property. They submitted a 5.25% interest rate on a 5 year balloon amortized over 20 years. Most curious about the 5 year balloon. Is this something you all are seeing as well? I was hoping for a longer guarantee on the financing but wanted to see what the market is currently doing. Any insight would be great. Thanks. Brent

Can anyone recommend or provide a good attorney you have used in the Kansas City area to set up a business structure, i.e., a series LLC for holding rental properties?

Thanks,
Brent