All Forum Posts by: Mike Palmer

@Richard C., @Patrick Donovan:

I don't think your numbers are very accurate for our area and this property in particular. As an area we are running under 5% vacancy right now (I think last year was 3%, and has been under 4% for the last 3 years consecutively). My properties personally have virtually zero vacancy (over the last 4 years I have less than one week total for all units combined, which includes 3 tenant turnovers).

I would also wager maintenance, repairs, and capex at more like 10% total on this place (assuming the HOA takes care of the yard and exterior structure/maintenance).

He also lives virtually next door, so paying 10% for management would be silly. He should be able to manage this place with very little time or cost.

Every property and area is different and none of us really have enough info to know, but personally I would guess worst case his numbers are more like 5% management, 10% maintenance/repairs/capex, and 5% vacancy (and I really think those numbers are way worst case). I am guessing his cash flow right now is closer to $300/month on this place. That would change if/when he moves or under other circumstances, but that is how I see it. It probably also didn't cost much to get into. 

I think most local investors would jump on a similar deal right now, IF they could find one. 

@Jordan Burke:

I have a free class this Tuesday/Jan 27th in American Fork on how to obtain financing in your exact situation. No sales pitch, no obligation (no product even offered), just good free info. PM me if you are interested or want more details.

@Tim Soto  also gave a lot of great info. It sounds from your post that you either prefer residential or that you have not considered commercial, but commercial is financed based on the property, not your personal income. That could be a good option if you want to start with a larger building. You also didn't say if you planned on living in the property or not, but that would make a huge difference in financing options as well.

@Harry King: would that happen to be Renatus?

 Chris: What area of Utah are you in? Do you do turnkey there or something else?

 What does your coach say? 

Cool, good info thanks. So to lay it on stairs you are using contact cement there too?

@Ben Stout 

and

@Marcia Maynard 

Most of these seem to be free floating floors. How do you attach them to the stairs?

And the allure itself is relatively thin, while most of the stair nosing I have seen is much thicker. Does allure (or any of the similar options) sell their own stair nosing and transition strips, or how are you getting everything level and matching height and color?

Thanks for the photo Kent. What color/design is that? Does it fit under the molding to hide the edge, and did you have to remove the trim to install it? Do you use it in the bedrooms too?

I would also like to know more about this please...

Sounds like everyone likes the vinyl options. 

Bedrooms sound split with some liking vinyl some liking carpet? 

And what else is everyone doing on stairs when you go vinyl elsewhere?

What type of flooring was around the stairs? Do you have any pictures you could share?