All Forum Posts by: John Kollhoff

Tim, 

I'm trying to picture your property... have not been in Clay center for a few months. Now I'm envisioning a tasty pastry run in the near future!

I would engage an architect to give you some ideas for facade and landscaping improvements.

I'm currently in the process of bringing a B- property up to an A. 

We are building an addition, refacing the exterior with limestone, changing the roofline and installing a metal roof, replacing concrete, new landscape and resurfacing the parking lot. 

Phase 2 will be to add a parking canopy.

Wish you the best with this endeavor!

Good luck on your journey.

Good deals in real estate can be found in any town in any type of market.

Find a place that you want to live, and get to work!

The harder you work, the luckier you will be.

Cheers!

if you don't want it anymore, sell it! Cash in the bank and no contingency will put you in the best position to buy the home you want when the opportunity arises.

Good luck!

@Brandon Turner

My wife and I have a handful of properties that run from near Topeka, KS to Abilene, KS along I-70 - 4 of them are literally just 3-4 blocks off of I-70. And 2 of them are also just blocks from Starbucks. :)

Putting in an offer on another one tomorrow too (5 blocks from interstate).

Additionally, If you are up for the challenge, I think my girls (2 & 5) might be able to take you down in a lip sync battle, at least on Ice Ice Baby and songs from Lion King. :) Bring it!

it sounds like the property is listed with an agent, so the seller is usually obligated to pay commission, and now, if you have looked at the property with a realtor, the seller is now likely obligated to pay a commission if you buy the property for a period up to a year after the listing expires. Each contract is different, but that is standard for a listing agreement in our area.

They have probably figured the commission in as part of their selling costs, and expect to recover it on sale.

If you want to go with the agent to make the offer to the seller, you are well within your rights. This is not common, and you will likely have some pushback from the realtor(s). If he/she won't agree to it, get another realtor!

Good luck!

I'm updating a commercial space with vinyl plank from Shaw that sounds similar to what you are using. 6" wide planks, lots of color options. 5 year commercial warranty, 15 year residential I think - didn't ask specifically, but I believe that is what he mentioned. Price is around $3.50/sf installed. This uses a spread adhesive method. This becomes tacky when it dries. If we need to replace a plank, we pull the damaged one up, and place the new one on the same adhesive.

There are different grades of this as well, based on the protective coating on the surface.

I'm using a medium color that looks like a rough sawn pine, the light oak didn't pass with my designer, and the darker color showed every footprint! 

We have this in another commercial space, and it has performed very well.

I will use it in our rentals when appropriate.

check out this site: http://listings.vrmco.com/Home/PropertyDetails/49586

Definitely hire a lawyer.

Use the lawyer to sue the pants off of the previous management company.

They very likely ran off with your tenants' deposits, which YOU will have to come up with when they move out.

Sounds like you are doing a lot of things right in a difficult situation. 

Here's my plan.

1. Get all details on the loan. Term, rate, amortization schedule, etc.

2. Refi and/or get a line of credit to fund repairs.

3. Pay yourself! You have a full time job on your hands. You deserve compensation, and it looks like you can afford it.

4. Look at the whole operation. What jobs can you do? What do you want others to do? Not just today, but for the long term also.

5. Get on indeed.com and post a job for a handyman/carpenter/??? with exact qualifications for what you need. I've had great results with this. 

6. Keep an eye on rents in the area. Make sure you are keeping up with the market, not getting 2 years behind!

7. Listen to your heart, but don't always do what it says! Sounds like you relate well to your tenants, and they appreciate you. Don't let them take advantage. They will try!

8. Stay in touch on biggerpockets. Great people who will help you here!

Kansas requires it to be in the contract. I usually put this phrase into the contract: Buyer and Seller acknowledge that buyer is a licensed salesperson in the state of Kansas.

Not sure about Missouri, but I believe Article 12 of the NAR Code of Ethics would compel disclosure in the absence of a state law.

I would tell him "I am a salesperson/broker, but this is for me personally, and I'm not looking to get a commission. For the purposes of this purchase, I'm just a regular Joe. Are you good with that?" (Only if all of that is truthful!)

Good luck and congrats on finding a deal!

I am invested in one hotel property, and looking at another property that is looking for investor capital.

Management and relationships are key. Our manager is awesome! Developed relationships with local businesses and is greatly exceeding the projections he estimated.