All Forum Posts by: Nicki Thiessen

I would be happy to talk with you about our property management if you are still looking. Most of our owners / investors are out of state and several in Colorado as well. Make sure you are working with a Realtor who specializes in investment properties because it isn't rare to think the property is rent ready and then it isn't. Unfortunately, we see that a lot. We are happy to help our investors who are growing their portfolio and work with their Realtors. We might even go out to a property prior to you purchasing and give you a scope of what will be needed to make it rent ready so you can make a good decision.  At minimum we can give you accurate rents for the area to do your analysis. 

As an investor (and previous Appraiser) myself, I have a little different way of looking at the vacancy, maintenance, and cap ex. Without doing a deep dive explanation on this forum, I will say that everyone can play with numbers to create whatever picture you want. Those numbers are arbitrary unlike taxes and insurance and they vary based on age, condition, area, landscape, PM, and other things. Yes, you have to consider those expenses and I'm not suggesting that you don't but why not 3% or 10%? Especially if you haven't seen the property and don't know what the variables are. We manage several properties where the tenants have been there for several years, and there is little maintenance. We also manage properties that have been neglected prior to us managing them and they require more. I'm not saying this is one, but don't miss out on a good opportunity based on arbitrary numbers. However, make sure you have reserves and know the condition of the property in case you have unexpected or initial expenses. I agree with @Gregory Schwartz that as long as your eyes are open, you are asking good questions, you have resources and have surrounded yourself with a good agent and PM, take the leap and learn as you go. I also know and have worked with @Caleb Brown and he certainly can be a good resource as well if you need one. Good Luck!

As others have stated, there are Income discrimination laws in Kansas City so if you are an investor with rental properties in this city, make sure you understand the regulations.  One size does not fit all and I wouldn't take much stock in any advice stating that housing assistance tenants are better or worse as a whole.  The specific assistance organization, the screening of the tenant, the property, and the PM company that should be communicating with the tenant all play a role in the success of your investment in regards to tenants. Similarly to what Mark Cruse stated above, provide dignified housing, respect your tenants, and either have a good PM or make sure you are updated on the regulations and best practices for placing tenants.