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All Forum Posts by: Jonathan R.

Jonathan R. has started 13 posts and replied 568 times.

Post: Anyone recommend a good CPA in Wichita, KS?

Jonathan R.Posted
  • Investor
  • Wichita, KS
  • Posts 584
  • Votes 812

@Chris Clark -it won’t let me tag him. He’s a CPA, on BP, knows real estate. If you google his name and accounting or his name and CPA you’ll get his contact info.

@Dylan Hagen

@Patrick Flanagan Get creative. How can I? I found a killer deal once and put it under contract with no money by simply showing my 401k balance to the seller as proof of funds. I knew if I had 30 days I’d figure it out. So, I enrolled back in school toward a second master’s degree in order to take a hardship withdrawal on my 401k since I’d already taken loans out that totalled 50% of what was in there. Some might say this doesn’t qualify as a hardship, I argue if you have a negative net worth it is a hardship. I’ve used a local credit union to do a 10k unsecured loan. Student loans accompanied by tuition reimbursement from my employer. I’ve bought properties with little to no rehab money and worked my butt off and paid for materials and labor as I went. I’ve used partners (like someone else mentioned). It sounds like you’ve already done a successful deal, find a brother, aunt, cousin, father, someone in your network to throw down on #2. 50% of something is better than 100% of nothing. If you let your brain work (how can I?) you’ll get there if you really want to.

Originally posted by @Account Closed:

If you are referring to my post it reads, "they need to take the word 'lord' out of rental property ownership".

Too many rental property owners get some sort of mental problem as soon as they own one rental property. Maybe the problem is called an ego problem, superiority complex, Napoleon Complex, or maybe they really think they 'Lord Over People'. I don't use the word 'landlord' and you will find articles in several apartment association magazines that recommend avoiding the use of the word 'landlord', but I stopped using the word more than 30 years before I ever read an article about avoiding it.

For me it isn’t a superiority, Napoleon, or ego thing. I think anyone who works hard and has access to BP can hold the title. We don’t have a third eye. For me it’s a respect thing, like sir or ma’am.

Originally posted by @Account Closed:

Maybe, landlords who write those types of things should not be warned about what they write so they do get sued. While I love the real estate business I am also 100% against landlords who mistreat their tenants in any way. Tenants rent properties because they don't want the hassle of running the property. They don't want to have to deal with maintenance issues and other things. What do many landlords do? They blame their tenants when drains clog in 100-year old drain pipes. They blame tenants for sewers clogging when the sewers are infested with tree roots. They blame tenants for rodents when there are holes in all the walls and screens where rodents get access to inside the home.

i find that a very high percent of landlords hate their tenants with a passion. My philosophy is; renting to tenants is a business, should be treated like a business where service is provided and if a landlord hates doing repairs and dealing with tenants then get out of the business.

Sorry, but they need to take the word 'lord' out of rental property ownership. i always tell my tenants I am the Property Owner or Building Owner. I always call my tenants Residents on all my leases and on every letter. I always tell my tenants to notify me when there is a plumbing or electrical problem and I tell them not to worry about being blamed because as the owner of the property it is my obligation to make sure that everything is functioning as is expected.

Treat your tenants with the respect they deserve and the way you like to be treated.

 I don’t know, I kind of like the word lord and think it’s fitting. “Lord is an appellation for a person or deity who has authority, control, or power over others acting as a master, ruler or chief.” Is that so bad? I buy real estate to have control of my money. Lords can be good. I treat people with respect, I think I’m a good lord. 

The barrier to real estate ownership is so low. I think so many “not lords” have a scarcity and I can’t mindset. In my area of the country you can buy properties outright under 10k, you can even secure one 5k or less. Sure you’ll have to work your butt off in the beginning, maybe you watch 100 YouTube videos and spend the better part of a year putting sweat equity into a property. Did anyone else see the work the guy put into the house in the movie The Notebook, he got the girl too. 

These radical websites are doing a disservice to everyone, I can buy houses from money I find in my couch cushions and so can you. We live in one of the richest countries in the history of the world, and there is a ton of neglected real estate. That’s the message. This website has done an excellent job making that clear to people that want to learn that. Not saying you should buy cheap couch cushion properties, perhaps you can buy better asset classes, but until then you can address me as lord.

Post: Section 8 tenant analysis

Jonathan R.Posted
  • Investor
  • Wichita, KS
  • Posts 584
  • Votes 812

@Maria Marrero There are non profits out there that can help with the deposit, HUD won't though. I have a handful of Section 8 tenants and they all have struggled to come up with the deposit. I do half before move in and half the following month.

Post: Section 8 tenant analysis

Jonathan R.Posted
  • Investor
  • Wichita, KS
  • Posts 584
  • Votes 812

I agree with @Jacob Sampson. Though I will say I would rather have a Section 8 tenant than a C class tenant myself. Sure you’ll have to stay on her about the $305 a month but it’s a whole lot better than scrambling for a new tenant every couple of months. See what options you have for a tenant and make the best call.

Post: New Investor in Wichita, KS

Jonathan R.Posted
  • Investor
  • Wichita, KS
  • Posts 584
  • Votes 812

Welcome to the site. 

Post: What are some common Wichita, KS expenses?

Jonathan R.Posted
  • Investor
  • Wichita, KS
  • Posts 584
  • Votes 812

Lawncare, trash (I like to pay that bill because if I don’t the tenant might choose to skip that one and I don’t want trash piling up), check to see who is responsible for utilities

Post: Brrrr Method In Inner city areas.

Jonathan R.Posted
  • Investor
  • Wichita, KS
  • Posts 584
  • Votes 812
Originally posted by @Derry Johnson:
Originally posted by @Jonathan R.:

I invest in the inner city but choose at the moment not to brrrr. Financing is really meant for experienced investors. Buying in cash or with no debt attached to the property is a way to take a more conservative approach toward investing in riskier assets. I may use some leverage at some point but want to build a strong foundation of cashflow the makes me financially free first before leveraging later. I’ll never put my foundation at risk. These types of properties are super cheap, work harder to make the cash needed. Don’t worry if it takes time to build up in the beginning, keep pushing and you’ll get there.

 Thank you guys for tour advice and input. With all things considered I feel that starting small and in inner city areas are good ways to get your foot in real estate. With that said i do understand that there will be tenants that will not value your property and more than likely complete trash it sometimes. I am new to real estate investing and wanted to find a way to get my foot in the door.

But thank you

 The tenant is only as good as the landlord. It’s a numbers and odds game. If you have several properties, a very small percentage will “trash” a property. 

Post: Brrrr Method In Inner city areas.

Jonathan R.Posted
  • Investor
  • Wichita, KS
  • Posts 584
  • Votes 812

I invest in the inner city but choose at the moment not to brrrr. Financing is really meant for experienced investors. Buying in cash or with no debt attached to the property is a way to take a more conservative approach toward investing in riskier assets. I may use some leverage at some point but want to build a strong foundation of cashflow the makes me financially free first before leveraging later. I’ll never put my foundation at risk. These types of properties are super cheap, work harder to make the cash needed. Don’t worry if it takes time to build up in the beginning, keep pushing and you’ll get there.