All Forum Posts by: Omi C.

Amazing lineup @J. Martin. I'm in for sure. How many millions of dollars in deals will result from this one??

Thanks @Cliff Harrison. Have you worked with them before?

Thanks @Steve Karpowich. I'll give them a call in the morning.

I had to evict one of my tenants recently. Thankfully the tenant left before the sheriff had to get involved!

I have a judgement, and would like to try and collect on it. Do you folks have any recommendations for Garnishment services or attorneys in the Kansas City area? My attorney who conducted the eviction doesn't deal with garnishment.

Any tips from people who have garnished wages/taxes would be great too.

Thanks!

Omi

I'm in, of course. The last one was perfect J. 

@Chris BillingtonI see anything from $120k to $350k for a 4-plex depending on the location. My properties are in the low end to the middle of that range.

I've run into more than my fair share of expensive vacancy issues with these properties and would like to buy in the higher end with my next couple of purchases to try and address this.

I would also be interested in MFH providers in KC. I already own a couple of 4-plexes there and am looking to grow my portfolio.

Inspiring story Sharad. Loved the podcast. I'm a relatively new investor (I have some MFH in Kansas City), and also have a full time day job. The engineer in me is always looking for ways to simplify or automate my processes. Thanks for sharing your ideas around this.

Fair point @Mike D'Arrigo. I'm perhaps being too simplistic in my thinking that you're essentially buying (or reserving for) 1/20th of a 20 year roof every year no matter what. 

@Taylor Chiu I typically assume maintenance of 10% of gross. Then I tweak that number based on property specific characteristics.

Thanks for asking this question. I've been wrestling with it myself.

My view is that IF you are a long term holder then the the current state of the roof/HVAC/plumbing is irrelevant. Even a new roof has a shelf life and will need replacing eventually. If you are a short term holder, then I guess you can take some calculated risks if some of the systems are new, but this involves a lot more speculation on many factors than I'm willing to make at this point in my real estate career.

What I do for my 2 properties is that I am slowly building up a reserve (approx 10% of rent, depending on the situation) to handle CAPEX. I do have a HELOC I can tap into if I suddenly need to spend on some CAPEX item, and don't yet have the funds in my reserve.

However, I don't think this approach scales well. When I have 10 properties, having 10 reserves in cash sitting around seems like a waste of equity as well.

Curious to see how buy and hold folks with larger portfolios handle this.