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All Forum Posts by: Shane H.

Shane H. has started 48 posts and replied 745 times.

Post: Wichita Neighborhood Discussion

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279

You cant really break it down by zip code - a lot of areas it depends on the block.  Val can tell you - travel 2 blocks one way and things can change drastically.  

We dont really have any war zones IMO -- not compared to crapholes like New Orleans, the nastiness of downtown San Diego or some bad places in KC, Las Vegas etc.

Just dont buy in Hilltop, or Planview if you know what's good for you - come visit the city - walk the neighborhoods, drive them etc and you can get a feel - Sunday afternoon Saturday evening you can get a good feel for what is going on in a neighborhood.  Every part of town has it's quirks like some parts you really need to check out the houses foundation/basement as there are heavier clay soils, some are full of meth heads, some at first blush may appear not too attractive but drive around and you'll find lots of older people still living there taking care of their yards, keeping everything up though the racists will say the houses aren't worth anything.   

Just come experience it for a week and dive in.

Living and owning a business in our state Capital - Wichita and Sedgwick county are not perfect but they are run far far better than the corrupt bozos that control Topeka/Shawnee county.  Wichita cares about it's future and what it looks like and has a police dept that will get creative to solve problems such as the homeless and panhandlers -- Topeka/Shawnee county - not so much - they just care about the wealthy zip code and a several block radius around dt where the capital building is.  We look forward to moving back to Wichita or to the desert Southwest in the next few years.  For now Topeka area is where we lay our heads. 

Post: Assisted living investing

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279
Originally posted by @Logan Jamieson:

Listen to those below.  A licensed assisted living facility is different than a residential living facility.  This is a real business, which requires a legit licensed and seasoned operator.  Staff is getting difficult to find, your expenses can be astronomical, and your liability is through the roof.  I wouldn't touch a facility with less than 40-60 beds with a 10 foot pole.  Source, I am a licensed multi-level administrator and currently oversee 5 buildings.  

Do you work for a corporate outfit?  Every state calls/classifies different care facilities by different names - in KS we have SNF (Skilled Nursing Facility, Rehabilitation Center, ALF Assisted Living Facility - under the ALF umbrella - we have Residential Care Facilities and Home Plus as well -- all of them have their unique regulatory quirks.  

I like our business - but am there often - we have good people and I try to treat them well -- I hope to expand soon by building new or buying another existing business, or purchasing a building and remodeling (probably the least likely path).  

Anyways definitely not easy and I've been pretty lucky along the way - specifically with having good people around me.

Post: Senior Assisted Living developers - Is market soft post covid?

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279

The need will likely always be there - just depends on how well the facility is and their reputation.  Care will and should trump most amenities and the fanciest places.

Post: Lawyers to seek out for Seller Finance Contract KS

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279

If you do something simple Security First title can record the mortgage terms for the owner -- I did that on one of my deals -- we spelled out the terms (interest and how id make payments and when they were due etc -- they recorded it for us)

Wasnt super official - but worked and owner was fine with it.

Post: Residential Assisted Living - 36 beds and counting

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279

@Julie Kern  Thanks for sharing your story.

Not sure how far you are on finding funds for the rehab of your 2nd building - but if you have the 1st stabilized you likely dont need to go the route of raising private money -- You'd get a far better deal at a bank, their only trepedation I could see is the fact you haven't been operating very long.  Either way - may want to consider that route - less of a headache and better to establish a relationship with a banker than to have private money breathing down your necks sucking your profits or having to pay them above market interest rates or whatever their terms are.

You'll just have to find the right bank that is comfortable with Assisted living - One carrot I've dangled before to get a loan (for my personal residence anyways) was that any bank that would lend to me for "X" would have a great chance at getting my operating/business accounts -- a lot of money goes in and goes out - but if you get to a point you'll be able to build up your reserves -- smaller banks would really like to have your business accounts on their books.  That's one way to approach it.  Take care of your ED and DON -- they drive your whole business provided they are doing what they are supposed to do.

**Also dont know if you still have medicaid residents on the HCBS waiver  ( a cursory search seems to indicate GA has the HCBS program) you are overlooking hidden revenue.)  Lots of red tape and documentation requirements - but can be fixed.  We're mostly medicaid if that says anything.  

Post: Wichita RE Investor Come Together

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279
Originally posted by @William Carpenter:

The Wichita REIA meets monthly on a Saturday and discusses different topics. It's the first Saturday of the month I believe. Johnny and his wife who run it have been doing it a long time. There is also a more commercial / multi family focused meetup on the third Saturday of the month, also advertised through the REIA and meetup app.

WIlliam do you have a link to the multi-family meetup or group?  Do they have a FB page?

Post: Multifamily Investing Mentor

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279

@Jackson Babcock @Ben Bolingbroke @Paul B. @Jeffrey Donis @Senate Eskridge @Rick Martin @Rick Novotny @Lee Ripma @Jillian Sidoti @Stanley Huertas

I guess I got overzealous and tagged everyone who responded as you seem to have good input.  I had no idea these guys were charging this kind of money to supposedly learn how to syndicate an apartment deal.

I'm kind of the opposite - I dont want to use other's money and think if some of these bozos can do it I can - and if I get successful and someone wants to meet me for lunch I wont charge them $30k - we can go hunting or to the gun range or drive off road somewhere and I'm good.    Same thing for the senior living deal - I've had a bunch of people reach out - I'm not an expert but have been in it a bit - but no one has been willing to come meet me where I live and the business is at.

Anyways I've come to the conclusion the apartment deals I'll want to look for I'll be getting Hud or some sort of other non recourse loan and will just do it myself with no one elses money.  I personally think there is a sweet spot of deals in the $2m - 8 or 9 mil range where institutional people shy away as it's not big enough and it weeds out a lot of other smaller investors.  Im selling some single families and if I can work things right will hopefully buy a small 12 unit deal due to getting a # from an owner 2 years ago - I talked to him yesterday and he shot me a price -seems fair - he told me he's 80 and has others - I'll be meeting with him in a month or two for coffee and see what happens.  I get that deal done I'll go get a big one.  I messaged the original poster about talking stuff through - would do the same with anyone else. 

Post: Best way to find or estimate rent prices

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279

@Dylan Fellows

I've owned 2 duplexes near there -  mine were in Cherry Creek -- so Harry/Rock just a hair south of Harry and E of Rock - virtually same area -- decent area of town - rent is affordable and you're spot on with the rent estimates -- $895-995 would likely be most reasonable - maybe $1100 if you decked out the unit and it was super nice 3/2

Anyways one thing to be careful of in that part of town is the basements -- I had one of mine flood a bit due to poor drainage -- that can happen anywhere but there is a lot of clay in that part of town - So look for any bowing walls, stay on top of your drainage and you'll be good - downspouts draining away from the house - bury them if you need to - stay on top of the sump pump, clean the gutters etc  and make sure the ground slopes away from the house.

Looking at comparable rentals on Zillow or hotpads or Facebook marketplace is a good place to run your own comps -- I dont use the rent-meter site - I dont trust it - but I guess it can give you an idea.

Most of the houses should have had their roofs replaced in that part of town as around 2010 - 2013 or so - somewhere in that time and area various  hail storms and a tornado/windstorm went through.  

Post: Wichita, KS Investors

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279
Originally posted by @Brett Danehey:

@Dan Bass I've looked at Topeka before I chose Wichita. I went to school at Washburn and my thoughts and numbers are pretty thin in Topeka. Not that there isn't some opportunity, but investing from afar, I don't really have the chance to get a crew that can do the rehab on the homes that I think would turn a profit. 


Speaking of questions on property. Has anyone else looked at the duplexes on Meadow Creek cir. in Wichita. There's a number of them that are selling 3 bed and 2 bed. And seem to be moderately priced. What am I missing here, feel like those are a good deal. Any insight would be great!! 

 That's not exactly an up and coming area -- I'd research who built them - can likely find that by going to the SG County Recorded Docs site or by seeing who pulled the permits during const -- Wichita has been on a duplex building boom -- look at the tax value -- They probably have that or less in it on the build - I also doubt they were built to be quality long term -- things such as the trim/cabinets etc -- they all look like the cheapest stuff a guy could buy - if the cabinets aren't oak and there is MDF or pine trim and pre-hung doors with engineered wood jams I'd run.  

2-3 yrs ago for $180k -205 or so you could buy duplexes in Maize, Kechi, Valley center all day to builders that were selling them off to investors - not worth that in that area.

Post: I Want to Develop A 50-75 Unit Apartment Complex

Shane H.Posted
  • Investor
  • Wichita, KS
  • Posts 769
  • Votes 279

@Jay Hinrichs

Think you're still pretty active on the forums -- this post is coming up on 3 yrs old but have similar aspirations myself - have not completed ground up development but have a good idea on all the steps it takes locally.

Jay have you analyzed a deal where you'd put multiple buildings up and just build the apartments in stages --- say one 16 unit building - lease it out - then complete a 2nd etc?

From what I've read over the years I'm thinking where you've operated the rules for development are more difficult to navigate than where I live at.   

Any insight appreciated.