All Forum Posts by: Michael King

Speak to the management company. A reputable business would not want to lock you into their services if you are not happy with them. Start there and if they don't want to talk about it, take it to the legal level.  But you say it's dated 2018-2019. I count more than 2 years have elapsed.

A friend of mine is a nurse practitioner in Texas. She just established an urgent care type business. I would consider going to your local hospitals and ask if there are nurse practitioners there that would be interested in an opportunity to not leave town for work. 

I am selling a property right now to use as part of a 1031 exchange. Was considering buying a house as an upgrade to the home we live in now, but you can't move in for one year and one day, so I am told. But once you move in, I understand you have to be there for 2 out of the last 5 years to avoid capital gains tax. I don't know about the 121.

Sidenote: my wife wanted to move into the target dream home immediately, I said heck no and switched gears to look for a better rental.  

@Dave Foster has all your answers.

I have a killer agent in STL. Robert Kleinlehrer with West End Management. He manages my properties and he has done a stellar job negotiating the sale of my home and 4 plex there. I'd include his phone number but last time I did I got my hand spanked.

If you start a thread like this here and another realtor (@Luka Milicevic) answers your call....I think you just found your new realtor. I've reached out to several realtors on BP in markets that I want to buy in and have had a pretty dismal lack of interest. I guess agents are too busy for 'me' and maybe 'you' as well. If you call the listing agent, they get a bigger commission...and who does not want a bigger commission from one sale? Easy money. 

She's bat sh*t crazy and wants to ruin your life. Tell her a qualified candidate has already signed the lease. 

I had a similar letter about 6 weeks ago. I have just bought this house and the weeds have taken a good 15 years to nurture. Seems the HOA decided a new owner is the right resident to target. Damn I was mad. My yard....if it didn't have weeds, it would be dirt. I went to a nursery and chatted with the owner about this BS, he suggested I seed the place with rye grass. I bought 2 50lb bags and sent my kids all over the yard with that stuff. Fast forward to today, I have the most green and lush lawn in the neighborhood, and it is choking out the weeds. It's a winter grass. The HOA has now backed down and closed it out. Cost me $100 in seed for a half acre, and many hours of beer drinking while pulling weeds...and cussing about the HOA whenever a neighbor would stop by to chat.

When they said I had over 20% weeds, I made it clear to them in a phone call that if they were going to pursue a $1000 fine that they threatened me with, they would need to provide a quantifiable and repeatable method for measuring the weed saturation. I think that coupled with the fire that was burning inside, and the effort I put forth, they backed down. 

I hate HOAs, but as in investor, I appreciate their value in keeping my property values safe from idiot neighbors. 

What is a good calculator for STR? @Kenneth Garrett I note your numbers and accept them as a good starting point for me. I live in the panhandle and looking for a place close to the beach in Destin/Panama City. I have a few LTRs in Missouri and have a good understanding of the numbers needed...but an STR is a little different with respect to variables such as vacancies and cleaning. I'd love to hear guidance on this topic.

When you mention 10-15% net after debt service, are you also referring to property tax, HOA fees and insurance?

Wow, well done! 

I am in the process of selling my 4 plex and looking for something to 1031 into. I'd love to go bigger multi, but am also considering a STR on the beach here in Florida.

I give my tenants 2 options: bank to bank transfer or zelle. It costs me nothing either way. If the tenant uses zelle, it is free for them too, I suppose bank to bank they pay a few dollars fee. For tenants that refuse to use these options, or can't for some reason (don't trust banks?), I make them deposit cash in my bank.

I'm curious about whether crypto would be worth considering...