All Forum Posts by: Jonathan Wildy

Lord, it’s been going on 4 years and some days I feel like an idiot.  I’m not sure if I’m growing fast or the ship is sinking just yet. :). 

I have 4 solid rentals, 1 short term AirBNB rental, 3 in need of fixing and 1 commercial unit I'm putting a laundromat in. Commercial building is a separate entity. All but one rental are in an LLC and one is in my personal name. I need to change that, but not sure how other than call the lawyer and pay another $1500!

I have $3k-4500 per month coming in before we closed on the Laundromat commercial building.  This is a huge coin toss on if it’ll be good or a most horrific oops.  There is not one good laundromat in town soooo this fills a need.  It’s location is right but the rest is unknown as it’s all new.  

I work my day job to pay for everything as a sole provider for the family.  Just to be FI, I would have to triple my fully cash paid portfolio and if taking on debt may 7 times it?!?!  Insurance fees with Statefarm are getting close to 12k per year and overall each property value after repairs are only between 55-85k.  I’d like to lower the insurance costs or find a better landlord friendly portfolio type policy.  I’m wondering if Lloyd’s of London does this or some other master / umbrella policy would be cheaper / more beneficial?? 

My family is my property management and I know it’s working well now but when I get to far beyond ten they might give out on me.  My dad does much of the fixing and this is part of the reason I have 3 sitting in the to be fixed and unrented section of the portfolio.  We are in a small town 45 minutes north of Kansas City and the trades really value their services almost to the point of not being able to pay them.  They charge more than surgeons and unfortunately I am not a surgeon.... but they aren’t either. 

I have spreadsheets for the homes, rents, expenses and gains and it looks like we come out ahead but that is because with all income from the rentals... every 5 years the house should be paid for.... in other words a 20% ROI but that doesn't tell the whole story as I pay management to family and inflation continues to soar.

I’d love to move up in the rentals world and get into Leavenworth and Kansas City but my debt to income ... especially with the Laundromat is starting to appear whoa crazy.  I like to say I take manageable risks to where if a place isn’t rented or something happens my work income will cover.  This has been fine but... approaching 40 has me in a mid-life desire to decrease my day job.  I took a different job to bring in as much but only work 2 weeks on and 2 weeks off.  In a year or two I’d like to work 1 week a month.  Right now the finances appear I need to wor every week and get paid triple.  Does anyone else get a little whelmed or just take the debt in stride as a part of everything?  My biggest hate is that most has been funded by credit card and I’m still working excessively to pay the interest/principle each month.

Maybe this is a picture of how not to do things :).  But, I know it’ll all come together in a year or two.  Just seems tight having 4 units not rented out of 9.  Repairs on all are 3-6 months away.  

I may be going to Philadelphia for a year or more and I'm thinking of buying a run-down house to fix and rent when I leave.  Something that is basically ready would be ok but I prefer to have the value of needing work to make this some equity.   

Is there a part of town that isn't going to make my husband and baby scared but might be up and coming?  

Are there recommended contractors for when I do find something?  

Any good information would be great.  I'd like to be 35K-135K ... more is just not in the price range for me and I have no clue for what rents are in the area.  

hoping we could have 2br2bath kind of thing or even duplex?  

OK... that's enough in one small post.  

What company by farmers? I looked into Proper which is part of Lloyds of London... that policy was 3 times a homeowners policy.  I'm curious if any major companies are doing or can ensure as part of a portfolio policy.  I have two rentals and a vacation rental in a small town in Kansas.  I'm getting my feet wet but don't know what I don't know :)

I'm looking for a good exterior painter that is quick, inexpensive, and does a good job.  I'm also considering someone for gutters.  HMMM... sheetrock?  seems like a little bit of everything but it would be good to know who is good and doesn't price gouge.

I also, collected deposit, 1st month rent and fees all together and deposited the week before move-in so all was cleared

I charge a $40 fee... I used the Bigger pockets recommended Background/credit check... I didn't like it though because it then had tenant fill in information to send to me... so the whole application was like... why did I get all this info.  Anyways... they were happy to pay and only took one solid application for my first rental.

OK, Here goes.  I have two rentals... one I just purchased and am rehabbing over the next three months.  I want to do two to four a year but these have to be cash 20-40K deals and have to be able to rent with enough to cover all the expenses and cash flow.  Is this possible in the KC, KS (legends area would be awesome) or Leavenworth, KS areas?  I am just starting out and well... I don't make a ton of $$ so not sure when I can do my next deal.  I have a baby due in July which will take me out of work for two to three months too.  Just a ton happening all the time :).  I travel for work so it's not always easy to get information... always love new information though and wouldn't mind any helpful hints.  

If u own rentals in a different city do you get a business license in the city of the rentals or where u live? Is it required if you have state and federal to have a city business license??

Hi all... I'm a total new person! I'm sort of an out of Town guy. I have a house in Lawrence that gets my attention on average 30 days a year. I have a SFH rented in Atchison. I just purchased a second there. I like KC for the idea of making it work. Would love info about things near the new corner or legends areas. My problem comes in getting the financing and proving the cash flow... Remember I'm new. I have a moderate D/I ratio and great credit with a good job.... After paying cash for houses in Atchison and repairs..,, I can't figure out how to jump in to 50-70k houses in the above listed areas when that price point is auction foreclosures with cash sales.

I thought it did cost that much but excess materials returned and all things done it was just under 1500$.  I figured there were better places to get supplies in major cities though as I don't see lots of home builders in Home Depot.