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All Forum Posts by: Seth Wilson

Seth Wilson has started 3 posts and replied 70 times.

Post: Top 10 outdoor amenities for multi-family

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27
Originally posted by @Jace Perry:

Does anyone have a risk factor analysis on firepits/bbq's being a major risk of possibly burning down a multi-family building?

I am sure that your insurance broker can give you the run-down on this. But I have never seen one so close to a building that it would be a fire hazard (a grill installed by the ownership that is). 

Post: 12 Unit in Kansas City

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27

To close the loop, I owned this for about two years and sold this 4 years ago...made a killing. 

Post: Kansas City Syndication: First Investment, Need Feedback

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27
Originally posted by @Chris C.:

Thanks for the reply, @Seth Wilson.  Really appreciate your feedback on the fees, and your general sense of the market. 

 Chris if you invested in this you probably did pretty well. 

As I said I am a defensive buyer/owner I am always looking for the down side in the deal. Even if this property never cash flowed the appreciation alone probably made this a worthwhile investment. 

Hope all is well. 

Post: Kansas City Syndication: First Investment, Need Feedback

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27
Originally posted by @Jason Graves:

@Seth Wilson

Why do you think KS MO is nearing a top?

 Well hell I wrote that 3 years ago. At the time I was looking at rising interest rates, and we were 7 years into the bull market. Little did I know that we would have a once in a generation run-up. Asset prices have continued to rise since then, as you know and prices have gotten higher and higher. With Trump in office he has focused on American First and keeping the economy as strong as possible. He will continue to do that for as long as possible. We also have an election coming up next year which will rock the boat. 

Since, I have written that I have bought and sold a number of assets. So while I was wrong, I play a very defensive real estate game. 

Post: Need possible contractor in KANSAS CITY MO.

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27

What are you looking to have done?

Post: Kansas City Syndication: First Investment, Need Feedback

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27

Hi Chris,

I am not sure what the investment plan is here but I am concerned about the price. I personally syndicate in KC (We buy undervalued apartments and and turn them around to the middle class renter) with a PP of $6.35MM it seems really steep to me for 100 units (I see your '100+' but I don't know the size). And probably won't cashflow well. Just a couple weeks ago I purchased a multifamily for $33,700/a door. Almost half of what this syndicator is purchasing the property for. But once again I only buy turnaround deals with large upsides.

So far as the fees, they seem in line with the standards. Everyone, myself included, have slight variations. What is your total IRR? If it isn't at LEAST 15% please message me, and we can discuss.

I am sorry to circle around back to this but I feel that the KC market is nearing a top if it hasn't already. With such a high purchase price and low cash flow this syndicator might be painting themselves in a corner.

Let me know if you have any more questions.

~Seth

Post: Kansas City Locals

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27

It is a real onesie-twosies situation right now out here. 

But what is your targeted tenant base? From there it should be much easier to zero in on an area then, back to the onesie-towsies to find the property you are looking for.  

Post: What Would You Do With a Registered Sex Offender

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27

This is easy! Non-renew the lease when it is due. 

SEE YA!

Post: Capital to finish duplex being bought via seller financing

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27

Best way to find out if a bank will bite on your idea, is to call them and ask. If it is an affirmative then set up a meeting either at the property or in their office and show them what you are doing, and what you will do. They really only care about the DCR, and not getting the property back.

Post: Help Need For A Seven Unit Apartment Building Deal

Seth WilsonPosted
  • Specialist
  • Kansas City, MO
  • Posts 71
  • Votes 27

An NDA just gives the seller some assurance that you won't tell the world what you know about the property from info that the seller gave you. It is really flimsy. You need a contract or at least a LOI to get the 'good' info from the seller.