All Forum Posts by: Shane H.

Probably unless you can document some sort of income - 

Now you have ways to make money such as garage sale hustlin (check out Gary V on Facebook, Insta etc) 

Selling things online and various other ways to make money - none of it's overnight but definitely more ways to make money than when I was in college besides the traditional W2 job.  A guy I used to rent to started the website called Gearbubble.com - before that he sold tshirts on facebook before anyone did it through teespring - if you're creative it can be a good way to make money - I've not a design bone in my body - but it's possible now to find people overseas that can get the designs to put on mugs, shirts etc and to figure out FB marketing to sell them.  I play around with Facebook for our business - but know enough to just get myself in trouble and spend some money monthly.

Will a parent co-sign with you?  

Probably your best way with your age at the moment.  Who even knows if classes will be in session this fall the way things have been going.

@Mikhail Petrenko

When my wife and I bought our business in the fall of 2017 we lived in a furnished apt for a couple months about 2 blocks from there at Fillmore and Huntoon - I didnt think the area was that bad - the park to the south of Holiday park my wife said she'd see tweakers sometimes and people smoking pot (which I think should be legal) and during the day you'd see the occasional tweaker or person suffering from what appeared to be severe mental illness - which in my opinion is normal anywhere in Topeka - My outsider perspective living here going on 3 years now.

***These comments are based on your comp - like anything you go 1 block or a half a mile away things can drastically change, so 1.2 mile radius who knows what you are dealing with)******

Anyways the neighborhood is kind of cool IMO - I'd walk through there during the day and felt fine - the Holiday Park is pretty cool as well as the apartment building near it.  That area will never be what I'd term Prolific like similar areas are in Wichita and KC for example IMO until Topeka cracks down on Tweakers/Meth use and Homelessness/Mental Illness.  Until they address that problem head on the whole town will be dealing with that crap.  Wichita came up with a homeless task force and after they did that I noticed some improvements -- it was still there but they were helping people and not creating problems - I dont think Topeka PD or govt has the same attitude - though I did just read they demolished Tent City this past month so maybe that will help.

Anyways I wouldn't be afraid of the area and would think you could get a quality renter outside of Section 8 -- -I dont know much about the section 8 program - so my comment is based on my bias.   I'd think a clean well taken care of place to live for $500-700 or whatever your rent range would be...would be no problem to find a good tenant - 

We lived the life of renters for a year and a half or so for the first time in our lives and quality rentals that are reasonable in Topeka is akin to winning a lottery ticket -- if you can't tell I was quite discouraged and very disappointed most of what's available if it was nice went immediately for ridiculous prices and most of the rentals were garbage for what was charged.

My perspective comes as a home owner the instant I moved out of my parents house at 24 and then starting to own rentals at 26 and having never rented - so I'm probably again suffering from bias and a jaded perspective having been forced to rent.  All I know is that quality rentals in Wichita for reasonable prices are easier to find.  The market here is very different.

Maybe that will change given the times we are in - I dont know.    

More than my .02 - but maybe that helps.

I'd guess so - I got mine funded in Sept 2017- I had 3 choices from the lender -- 3 yr rate lock, then adjustable, (either 5 or 7 yr rate lock) then adjustable or fixed for the life of the loan (25 yrs)

5% at that time was what they were willing to do for the 3yrs, 6.75% was what they were willing to do for fixed for the life of the loan - they were one of the larger SBA lenders Id presume and kept it in house.

(Your fees will be very very high - but if the loan amount is high enough it kind of averages out - I just looked at the loan fees as the cost of doing business and cost to play and get a loan as I would not have qualified any other way for the first one -- I didnt have enough net worth or experience).

So I'd say yes.

@Joe Carter

If you make it to Wichita - welcome - I like the Northeast (Specifically Manhattan which is about all I've visited and loved everytime) but no way in Gods Green Earth I'd live there full time.  You couldn't even pay me to live there.  No offense meant.  I refuse to live anywhere east of KS save for maybe part time in S Florida which I could do for a couple months a year.

As a homer for the midwest I'd guess you'd like it a heckuva lot more - People are pretty down to earth and if you can get a 100k job the money will go way further.  Though anything hotel will likely not be very fruitful I'd guess for the next few years.

If you want to make a lot of money in Wichita and are engineering minded which it seems like you are - teach yourself "programming" for a machine shop - say 4/5ax machines - you can make a killing.  A couple of my friends do that - not many people good at it so you can command what you want - and lots of Machine shops in the area/Aircraft.  You can also do that as a part time work at home gig on top of a dayjob if you know what you're doing.

I'd also tell you I'm predicting our Aviation companies are going to be in a slump in the next year or so and for several years thereafter due to this virus pandemic - I'm guessing it will take a long time for travel to get back to where it was -- I could be wrong and hope I'm wrong - but Wichita is Aviation dominant and we always lag the local economy usually when it comes to a downturn and take longer to come back.  

Koch industries has uses for engineers - probably make the most money there- my brother (does not have an engineering degree) but he works for Koch as a pipeline controller- makes a good living - though you can command higher salaries for that in Houston or Denver.

Anyways best of luck!   If you live frugally for a few years you can get rid of your debt pile, easy to do in Wichita - rent is pretty affordable and if you manage to buy a house and aren't bougie - you can get decent ones for $50-100k in working class "clean safe neighborhoods -- you can even go out of town a ways and find something too - just wont be fancy but what does that matter if you're getting things back together and have a safe place to call home.

 I've got no answer for what to do with your debt or file for bankruptcy etc -- just analyze the best decision for you and go from there - and dont make the same mistakes twice.

Believe me - something I didnt really think I'd be having issues with - but if you have some heavier care folks which I think the trend is that heavier care will be the norm in AL due to everyone staying home much longer - it will be an issue for sure. The wipes are something that will cost you a lot of money and headaches if you dont address it - -- you'll still likely have problems with it from time to time - so have a good plumber on speed dial and a good relationship and make darn sure they spec'd in cleanouts everywhere. The quick release seats also help your cleaning staff and they appreciate that.

(Plus you'll have folks with dementia flushing things they shouldnt etc - while on that subject - we update our electrical outlets as we go room to room with the child proof tamper resistant ones - a resident sticking something in the outlet they shouldnt is what prompted that update -- that happened about 6 mos or so I think after I bought the business - they cost a bit more than standard contractor grade but to me it's worth the added protection and if anything ever did happen - you can truly say you did about all you possibly could)

@Luke Moore

Did you buy your toilets yet?   Poop issues will be some that will come to bear often.  Buy 1.6 gallon (only) flushing toilets - Pro Flow makes one (sold by Ferguson and their housebrand) and also I'd highly recommend Toto - they make a Drake ADA model 

Dont ask me how I know ha - In college years I worked at my relatives plumbing warehouse and have a couple friends that own a plumbing business so have learned - also learned way more than I anticipated once I bought our present business.  Medications do strange things to the bm's so you want the most water you can get (1.6 gal) is it for now and may go lower - and you also do not want a "Selectable flush" toilet (one where they can either hold down the lever for #2 or just hit the lever for #1 or even different levers on top - too often confusion will not let them do the right thing - so you need simplicity.  If your contractor hasn't set the finish yet it's probably not to late to pick what you want - also toilet seats that are quickly removable for cleaning and changing out as you can have residents/cleaning products ruin a seat in short order.

Anyways a piece of advice - also you need to have a strict policy with staff and residents/families about flushable wipes -- Cottonelle per my research should be the only ones allowed - and encourage multiple flushes for bm's.  Will save your staff and maintenance crew issues.

http://www.proflo.com/product/proflo-PFADC412B-white-1053294

(This is not anywhere near the actual cost - if you're buying yourself you can get them far far less with an account at Ferguson or by buying on one of their websites such as build.com)

If buying Toto which I highly recommend - buy this EXACT model - nothing else - they stopped making the 1.6 gal flush bowl but are supposed to be manufacturing it again this month (who knows with the virus deal) as people screamed including me when they stopped in January)

https://www.totousa.com/drake-two-piece-toilet-16-gpf-ada-compliant-elongated-bowl

Here's the seats to buy - keep extra onhand as well as extra flush valves for whatever brand of toilet you go with.

https://www.build.com/bemis-1500ec/s83468?uid=34675&null

Hello,

I'm looking at refinancing our SBA loan debt this summer or fall - and looking at obtaining an FHA Sec 232 loan or I've seen there are some Fannie/Freddie loan programs as well depending on the lender.

I like the fact these are non recourse with carve-outs and depending on the loan can be assumable and with far better interest rates for the life of the loan.

However I'm a bit paranoid about the controls the lender would have over myself/our business and how much it would cost to have audited financial statements. My accountant quoted $5-10k as he has a couple clients that have to have them done and of course he's familiar with our books and knows the complexity.

Anyways - would be great to connect with someone who has experience in this arena and has obtained one of these loans.

Don't use craigslist - it became irrelevant a couple years ago - it's full of spammers and scammers - 

Hotpads, Zillow, trulia Facebook marketplace and your friends network, apartments.com etc - those are places you'll have better luck - 

Also set up an AirBnB account - depending on where you live you could maybe have luck there - I have a different opinion than Colton about Wichita not having attractions - there's still plenty of conventions, business etc that brings people to town - your AirBnB rate will just have to be competitive if you are only renting out a "room" and not your entire house.  

Wichita is completely different than it was 5-7 years ago and it's for the better.  

@Darsh Kumar

Have you lived in Wichita very long?

For $500k that'd almost put you at the top of the market - when you go to sell your house you'll have a helluva time getting rid of it.   From what I've seen and I'm sure some realtors can chime in - but I'd spitball anything $200k and lower is prime as there just isn't much to choose from (if you are thinking about resale and how fast you can move later on as most Dr's it seems like complete their residency in town ... if that's what you're doing....then move shortly thereafter)

Anyways if that's the high end of your budget you have the pick of wherever you want to live.

I did the whole roommate situation - but will tell you this - as someone pointed out - Wichita is fairly affordable so IMO having done the roommate situation there  here's my perception.

You either need to offer a KICKAxx space (which a $500k house would do) to get a roommate or it needs to be pretty affordable - or a combo of both.   If you have a 5 bedroom house even in a $500k house I do not think it is even conceivable that you would rent all the rooms - I'd only bank on one or two roommates - and since Wichita is what I'd call a little big town - most people aren't going to want to live with someone they really don't know.

I think you're most realistic situation is buy a very nice duplex (there are a few from time to time that are high end) that will come for sale - live in one half and rent out the other where they should make  a vast majority of your mortgage payment and live for nearly free.

Secondly - buy an affordable house (if your intent is to move in a short time span so below $250k or so) and then only bank on having one or two roommates and only charging them $750 or less depending on how nice the place is - unless you have a large base of friends that are willing to live with you.

Just my .02 -- and best of luck!!!    (Also pay attention to the school system if you plan on moving a house for resale later and moving away - Maize, Goddard, Andover are probably going to be the most sought after school districts -- any house in those districts under that $250k or maybe 200k price point and is "move in ready" and updated will MOVE quick - so be ready to look at and place an offer the same day.  I dont think that aspect of the market has changed.   There's plenty of 4 and 5 bedrooms in that price point or maybe something with an unfinished basement that you can later have finished.