All Forum Posts by: Luis Vaca

@Reagen Nathoman sorry to hear. How did you screen that house keeper? If you have all her information i'd definitely look into filing a police report. If you cannot recover your money just chalk it up to a learning experience, don't think it's worth bothering going to court.

1 Vote

@Jordan Dooley wow same thing happened to mine after closing as well! Closed on a SFH in Kansas City and a week later bam. PM emails me saying it got stolen, they noticed it gone during a walk through with prospective renters 😂.

I did not file a claim since the price will be under 1k for replacement . Interesting how this is a thing with people stealing these.

0 Votes

@Christopher Bell I'm a newb here but I've asked myself that question as well since if I were to sell my current home I'd net just over 200k after sales expenses.

Since I'm not ready to move yet I've been in contact with lenders about refinance/HELOC options to access the cash.

If I was to have that cash though I'd imagine myself doing a few BRRR's with some SFH's, maybe in a cheaper area. Then once I get that experience move to MF's.

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@Carl Mccrory what area of Kansas City was this duplex in if you don't mind me asking? Did it need renovation?

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Congratulations! I know of Northpoint property management, you can ask for Quinn. They are good.

Also Voepel property management is the one I am currently using.

2 Votes

Kansas City, Kansas

@Lucia Rushton did he update the photos? They look pretty good, I don't know what everyone is talking about! Lol

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Originally posted by @Dan H.:

Originally posted by @Luis Vaca:

@Dan Heuschele Yes basically everything you said is spot on. My CapEx I might be underestimating at 50$ monthly. But as others have stated this isn't a horrible deal. I'll stick with it and keep learning.

Houston I think you got a problem! You allocated $50/month for cap ex and you are out of state??? What did you allocate for maintenance? How did you derive those numbers? Did you talk to a local PM about these estimates? I am agreeing with @Dennis M. that you could have saved yourself some unexpected issues by posting your numbers and asking for feedback. You will have an issue unless your maintenance estimate is a lot higher than your cap ex estimate. Just for a complete picture what did you allocate for PM and vacancy?

How much do you think a new hot water heater will cost you to have installed (heater plus installation) with you being out of state? What do you think the lifespan is? Would you believe I use $6.66/month estimate for just the water heater? The water heater is a fairly small priced item compared to things like roof, HVAC, kitchens, bathrooms, plumbing, hardscape, windows, and electrical.

My estimate is you will cut bait in less than 5 years but will have learned some things so take this as a learning opportunity. Leverage the knowledge to do better on your next RE investment.

Good luck

PM = 10% , maintenance $60, vacancy $50. The roof was replaced 3 years ago, I got an inspection done inspector mentioned the house was in "good shape for an older home", (built in 1955). I should have gone higher on capex, and posted here first for advice. But I am done whining about it now, i'll use this as fuel to do better on my next deal.

3 Votes

All Forum Posts by: Luis Vaca

Luis Vaca has started 6 posts and replied 87 times.

Post: Should this property be my first BRRRR?

Post: FAYETTEVILLE NC SECOND BRRRR DEAL WITH PICTURES & NUMBERS!

Post: San Fernando Valley Networking Meetup - Northridge

Post: Let Go Housekeeper Won't Return Keys and Property

Post: Had my HVAC stolen but I have insurance. Advice needed.

Post: How would you invest $250k to Scale/Grow

Post: How to decide on a OOS property to invest in?

Post: Property management in KS MO

Post: Not getting offers on my flip property.

Post: Closing on first deal, it disappointed