All Forum Posts by: Michael Fanoni

 Thanks Trisha, I sent you a message.

Good afternoon all, I'm looking for recommendations on a Property Management company for a 12-unit in Kansas City, MO. Let me know, I'd love to hear your experiences!

What is a general requirement for pre-leasing? I'm about wrapped up with engineering/design and it's time to get the bank involved and I have the same situation. Need a loan for round $500k construction cost and $70k on the land (got most of it paid for in cash). 

One bank said 50% has to have leases in place, but does that mean under a signed contract or more like a LOI? What's industry standard?

@Brian Mathews @Jacob Anderson

Thanks for the suggestions, I'll be working through my final decision in the next week or two (June 7th I hope to get City Council approval to begin). I'll keep you updated on my experiences.

Thanks again!

@Karen Margrave The term "licensed" or "unlicensed" can absolutely apply to contractors. A contractor, in the eyes of the law and anyone with contracting experience, is simply someone who enters into a contract to perform a service or supply goods. I was an unlicensed contractor at one point in my life, neither a handyman nor a laborer. 

While you may choose to refer to them as something other than contractors, they most certainly are contractors.

@Manolo D. thanks for the response. I am leaning towards unlicensed contractors for only a couple reason. One is cost, and one is to help the local good-ol-boys get off their feet. I am demoing a historic brick building and I only need them to pick up the bricks off the ground and stack it on a pallet. I'd love to give them a chance, but I can't afford to screw around with risks. I'll probably end up going with licensed contractors so I can avoid some risk.

Thank's for the advice.

Good morning, 

I'm going to begin a ton of cleanup/labor work at a property I own and I'd like to hire out a large portion of it. I'll be there the whole time, but don't have enough time to do it myself. I will be using local "handyman" type workers since the work is very simple and mostly hand labor. I am wondering what's the best way to document my payments to them since it's likely that they can't provide any official invoice and I will be paying in cash or check. Is a 1099 required?

@Eric Fernwood I'd like to know more about investing in Las Vegas. I'm just getting started with a partner and would love to discuss some things with you. Can I email you or PM here on BP?

@Chad U. thanks for the link. I'll check them out.

Chet, thanks for your response. The commercial space is fairly locked-in because of the location of the property (historic district of an old mining town). The plan is to make a tenant improvable space on the first floor. The vast majority of potential tenants are all going to be retail (think antique store or clothes) or low-key office space....all very similar needs with minor TI costs. 

The structure is actually two stories, with the upper story being 2-units of apartment space.

Sorry, I probably should have put more detail in the first post. I have a feeling that there won't be many off-the-shelf spreadsheets to assist in evaluating this, but maybe I could take an existing worksheet and modify it to fit my needs.