All Forum Posts by: Jeff Hamlin

We're gaining momentum. We made a conscience decision two years ago to begin building a portfolio in KC. A hot Portland market led us to sell our little 900 sf bungalow rental in exchange for a six plex and another SFR in KCMO. This brings us to 10 units and a lot of learning opportunity. While I think we did ok with this six unit, I know we'll do better on the next as a result of our experiences here. For instance, I won't ever plan to fund cap ex projects out of cashflow. Certainly with an older building that has been mom and pop managed for 30 years, there are plenty of opportunities for improvements that don't necessarily equate to added value (hot water heaters, French drains, new electrical service, etc). On the flip side, rents are $90 below market, the garage building is unrented and I anticipate some laundry income, once service is set up.

After two full months of ownership and our own accounting, it appears we're proving our anticipated, yet modest 8% cash on cash return and a 7.5% cap rate. There's enough in this deal to cover some mistakes but more importantly, we remain on track to reach our goals in the next two years. In the next year or so, we expect to sell off two SFR's and a duplex in Independence, MO to 1031 exchange into another smaller multifamily. Cheers to the BP Community for offering referrals when I've inquired. They've been much appreciated.

Gino,

I wanted to reply back and let you know I contacted Caldwell and Gregory based on your referral.  With the exception of Texas, they don't provide service west of the Mississippi.  They appreciated your referral.  I'm buying in KC.  I do appreciate your response to my post and referral. 

Cheers,

Jeff Hamlin

@Gino Barbaro thanks for the reply. I’ll be in touch and will mention the referral from you.  I enjoy your show.  Cheers from the Pacific Northwest!

I just acquired a six unit apartment building in KCMO that has coin-op laundry machines onsite.  I'm not a local investor so I'm seeking a laundry machine service company who will lease card operated machines and provide service when needed?  Do you have any referrals and what is an appropriate commission structure?  I appreciate your responses as always!!

Best to you in 2018,

Jeff Hamlin

I'm purchasing a six unit in KCMO that has coin-op laundry machines. As an out of state owner, the coin system doesn’t work for me. Does anyone have experience with card payment systems with machines they own or with the service companies that lease and service their machines? With just six units, I’m not sure a service company makes sense. I may simply provide the machines for use with no charge as a value to the tenant. Any feedback or recommendations would be welcomed. Thanks. Thanks! Jeff Hamlin

Thank you Andrew.  I appreciate the referrals.  I'll be certain to let them know where I got their name.  

Best to you,

Jeff

I'm evaluating the potential for selling a SFR property we have or perhaps splitting the lot and selling just the lot. I will either be exchanging out of about $425k or $150k depending on how I choose to move forward. For the sake of discussion, let's assume I will have about $175k to put toward my next deal. Jeff

I'm looking for a referral for a lender in the KCMO area for a multifamily purchase. Please let me know. Thanks! Jeff Hamlin

In follow up to my last topic (Closed on Door #2), we were happy with our first out of state Turnkey real estate investment last year. 

In this latest instance though, I chose to work with a local realtor in the KC area. Almost a year after our first purchase in KC, we closed on a duplex (Raytown). I'm pleased with this acquisition and happy to share the numbers if it will help others like me who spent too long thinking about it before taking action.

Purchase Price: $125k // Appraisal: $131,000 // All in after rehab: $137k

Financed: 75% ($93,750 @ 5%) // Monthly PITI: $697

Mgmt Fee, Landscaping, Garbage: $272 monthly

Reserves, Maintenance, Vacancy, etc.: $250 monthly

Income: Rehabbed side - $925; unrehabbed side - $790

Positive Monthly Cashflow: $496

My wife and I have been residential realtors for many years and after a positive out of state experience, we were interested in buying a 2-4 unit property where we could add cosmetic value. Our contacts led us to an excellent realtor who helped us identify this property which turned out to be quite close to the turnkey property we purchased last year. We kept one tenant in the duplex who has been there 10+ years and rented the other side after rehab.  

We are looking forward to further developing our experience and making our next multifamily purchase in the KCMO area.

Many thanks to the contributors at BP for keeping this business top of mind for me and much encouragement to those of you who are thinking of getting into real estate investing.

Best ~ Jeff

It's on my calendar.