All Forum Posts by: Kalene Smith

I have 3 rental properties and am looking to continue building my portfolio.  I have had these for 5 years with no system to manage and track ongoing rental expenses.

For example, one of my tenants feels everything in the world needs improved for her.  Until now when she requests it I call my contractor and have him out to add/repair the request.

I ran numbers yesterday for each property only to see my total expenses for her rental are 45%.  This is for improvements ONLY not my mortgage payment, taxes or insurance.

My questions are:

1. 1. When a tenant asks for a repair, what process do you use to determine if you will make the repair or not?
2. 2. What processes do you have for costs of repairs (or budgets set aside)?
   

Thank you in advance.

Thank you for the feedback @Dan Genzel and @Charlie McCurry.

I have a commercial property I want to purchase but have the slightest clue where to start. I own 2 residential rentals and know the process is somewhat similar.  The building is:

• in the downtown area which is attracting a lot of new business and residential projects right now
• 4 stories (top 3 I would like to convert into living -reno and sell, the first floor I would like to recruit a restaurant)
• nearby our arena which hosts a lot of shows and draws a large crowd
• great location and a lot of potential

My question is, how do I go about:

• exploring tax credits offered for a project like this
• find the capital for the reno (I can afford the down payment but am capped out at that)
• what else should I be looking at in a commercial property?

Any help is much appreciated!

Welcome Byron! I'm somewhat new to real estate investing in Wichita as well and my short journey has been so much fun! I would recommend listening to the BP podcast, staying active on the site and also a few good reads are rich dad poor dad (all the books) and Gary Keller millionaire real estate investor.

@Patrick Purviance I have looked at the REIA and would LOVE to go but the times are difficult for me to make. Are you a part of the REIA? If so, would it be possible to branch off another time for an additional monthly meet up?

Gene Hacker thank you so much. These are buy and holds. I'm looking in a mid price point area but they are older homes so I like your idea of pre factoring extra for these bigger ticket items going into the initial offer.

I have put offers on a few homes that were accepted, paid for an inspection to have several big ticket items come back costing several thousand dollars only to have the deal fall through because I don’t want to take on the cost, neither does the seller. Any tips on how to avoid this?

• Wichita BP’ers I would like to get a Real Estate Mastermind Group (I focus on buy and hold, rentals) together during the week in the morning preferably T or Th mornings at 7:30am, East Side (maybe Panera on Rock Road), would anyone be interested?

@Evan Bell thank you so much!  I appreciate it and will definitely take pieces to apply to my daily/weekly routine.

@Joshua D. thank you.  This is similar to how I'm spending my time which is nice to know someone successful with Real Estate Investing is doing the same.  I need to change my mindset that podcasting and reading is part of the job instead of 'free time' or 'not being productive' :)  Thank you so much!