All Forum Posts by: Karla Kahmeyer

I saw the piece live last night. It was cringe-worthy live too.

Most of it was targeted to the predatory practices of the biggest fish in the industry. Frank Rolfe (MHU), but it also called out the biggest manufacturer as well. 

The hope is that they don't paint all mobile park owners (or landlords in general) with the same brush that they were painting Rolfe with. It was quite obvious that he is a slime, and has no ability to empathize with any of the home owners in his parks.

Hello KC BP community

I'm exploring using a private lender for financing, and have a couple of process questions. 

1- Do you typically set your notes so that there are no pre-payment penalties? 

2 - If its a 12 month note, and you are able to refinance at 8 months to pay off the note, how do you handle the amount of interest that you are paying them (ie.. are you prorating it for the 8 months, or do you go ahead and pay them the full interest for the 12 months)?

3 - Does anyone have a recommendation for an attorney they use to write up the promissory notes?

Thanks everyone!

Karla

Thank you @Jerry Puckett for such a detailed response. Helps to understand why the information isn't there - and to have an option to at least explore. 

Truly appreciate how this community helps each other.

Karla

Thanks to you both. 

@Matt Altrich, I'll check it out and provide an update on what I think.

Thanks again!

k-

Hello again BP universe,

I live in Kansas. For the first time, I went out today to try a build a list of property owners to do a direct mail campaign to. When I started to build my list, there was a notice on the page that data from Kansas was excluded.

How are other investors in Kansas building these lists given this limitation?

Thanks,

Karla

Hello again BP universe,

I live in Kansas. For the first time, I went out today to try a build a list of property owners to do a direct mail campaign to. When I started to build my list, there was a notice on the page that data from Kansas was excluded.

How are other investors in Kansas building these lists given this limitation?

Thanks,

Karla

Hello BP universe - 

When I'm analyzing a deal for a small multi family property, should I be using a higher CapEx set aside assumption than I would for a sfh? If I would typically set aside 5-7% for CapEx on a SFH, should I set aside a higher amount (say 15 - 20%) for a 4plex since there are 4 HVAC, 4 water heaters etc to consider needing repair in the future?

Thanks in advance!

Karla

@George Blower - Thanks for the kind welcome!

@Nicole A. Thanks for the explanation about how you do it. I was watching one of the old webinar's recently and @Brandon Turner mentioned opening a new bank account for a property he had just closed on, and it made me wonder if it was a practice that folks were doing for each property. I believe he has a lot of different partnership's though, so the info that @Ned Carey mentioned about not commingling monies from different companies probably makes sense in that context.

I like the idea of a checking account, a savings account for security deposits, and a savings account for repairs, capex, vacancies etc. 

Thanks again to all!

Karla

Hello BP Pros. Newbie with first post here. 

How many types of bank accounts do you use for the actual property management/bookkeeping activities? Do you have a checking account, a separate account for Capex etc, and a third account for holding security deposits, or do you holdall monies in one account and use accounting to keep track?

Thanks

Karla