All Forum Posts by: Shane H.

I just saw this since it didnt send me an alert.  We are in a much better position than a year ago but still there are struggles like every business.  Have a ways to go where I get it where I want.

As far as licensing it depends on the state - sorry not very helpful - but here in KS it could depend on time of year etc or if there has been turnover in the KDADS dept - I'm sure OK is the same way and whether or not you are buying existing, building new etc.  Someday maybe I'll want to venture out of state but would prefer to stay in KS -- if I ever do it will be MO (Kansas City) or Nebraska or OK -- basically anything that has similar demographics and culture to what i'm used to here - Love other parts of the country but the way people think in some areas, or over regulation (Cali) or the local cultural norms would not be a fit for me -- I'm sure others are the same way.  

@Jonathan R. name bomb worked for my keyword alerts...ha -- Wish you the best in the sale - and depending on where from WSU as I'm sure you know depends on how much valuations have went up.  I think one of the FARHA's bought most of the stuff within a block of 2 of 17th st once he knew of the future expansion plans a few years ago -

I graduated there in 03 and never thought the neighborhood around there or the development nearby would take place - 

We've been away for 2 years almost exactly now and sure do miss it.  The plus about living in Topeka is we are an hour 20 mins from downtown KC and 20 from our house to Lawrence.  Cant say anything in Topeka excites me -- I wish it did - we are still looking -- but great people here - just not the same energy Wichita got going for it the past 5 -10 years or so.

If you're ever up in Topeka we should connect (Or Lawrence) -- When my wife is done w nursing school - hopefully this December I'll hopefully be able to spend more time back in Wichita.  We are all tied here for now.

Anyone at Biggerpockets support answer this?   @Joshua Dorkin

@Carlos Castellanos  I've stopped spending as much time looking - I have my places and am constantly scanning but what I see and consensus of some others is stuff is too over priced with razor thin margins.  I can make more money by focusing my time on my business.  I'll jump back in when the proverbial stuff starts to hit the fan or simply concentrate on growing my AL business as I have a higher return on my time there.  I'll pass on 1% deals with deferred maintenance etc.  I've entertained looking for apartments in the low 7 figure range - but haven't spent much time on it - it takes too long to build a scale with SF's.  Id like to find the multi family sweet spot that is too big for most people to afford/qualify for and too small for the large investors to mess with.  I'll spend some time on that when I'm ready.  That or commercial strip centers -- but need a suitable partner for that -- have a buddy that owns a brokerage in Dallas but I'm not sure if he's ready for partnership deals or investing his own money yet -- I also need 2-5 years to get some more cash needed for those deals.

My ideal SF deal is a full gut job in areas I want to be in - not many of those and the few that are out there with not much meat on the bone for completing a full gut down to the studs so you can rebuild the house correctly.  Cycle is repeating itself and Wichita has been on a building terror - Wichita is great but it's not getting as many new residents as there are new duplexes/apartments, houses etc.  I think they did this in the 80s or 90s there.  Same thing happening again.  Not to sound all gloom and doom but the way things have been going just dont make sense.  When the coasts take a dump it will pull investors back looking for places like the midwest to park their money - same thing happened in 07-08 - right and left coasters along with some scammers from Minnesota wrecked our Downtown for years  (Look up Minnesota Guys).  I'm sure the same thing will happen again soon but hopefully be a bit less of a disruption to the economy and be a bit more spread out rather than concentrated failure.

Did this feature go away for the Pro account?  Now all you get is to click on stats - I dont care how many profile views there were - why cant I see who viewed it?   Or did this get buried somewhere - it used to be on the dashboard and you'd scroll down about half way down it'd be on the right side.

If you're doing flips from afar and are new and everyone else that is doing them this should be warning signs that we have an adjustment coming.  I guess the definition of a good deal varies from person to person - but I've noticed you have to have an "in" with someone or you need to be able to act or buy or sign a contract within a day or two to get a good deal on something that is b class or above - lots of c and d class rentals in wichita available and I'm sure available in any type of market.  

People are paying too much for stuff with slim margins as far as flips go.  

I manage my own properties - however my younger brother (9 yrs my junior) has not taken after real estate like I have and has rented.  He was renting a house with a couple roommates the past couple of years and it was managed by Cedar Mills Property Mgmt -- I was at his house visiting for the weekend (I live out of town now) and a water line to the sprinkler system broke on a Saturday about 3-4pm -- we got the water shut off so it didnt flood the basement -- anyways - we left to go to a UFC fight and they had the water line repaired by the time we got back home.  I was surprised -- I know a lot of people and would struggle to get someone out to get that done late on a Saturday.

Anyways he didnt have any negative experiences with them I was aware of - only negative I heard was from potential tenants of mine was that they'd continue to take app fees on a house even it was in the process of being rented to someone else.  

I do manage my neighbors house that was next door to where I lived for 10 yrs in Wichita and was able to manage it as the owner was upset with Wichita Rentals - I dont know the owner of the business but have heard more than once through the grapevine they may not be the best - however I do think they manage a lot of houses - so maybe I just ran into some unhappy people.

You may also call @Kristen Williams -- and look up Granite Key Leasing and Property Management - she's on Facebook - I'm working with her right now to lease a couple of my homes that are coming vacant.  I haven't turned over the keys for property management to someone else yet but may do so in the future.

I'd just like to add based on my own experience here Senior Living is not a get rich quick thing - there is a TON of risk and great barriers to entry as there should be.  

I was a bit naive on some things and as I had shared with someone offline I dont know that I'd have been brave enough to take the leap to this business had my former employer at my W2 job made my life so miserable I hit rock bottom...so I have to give kudos to them for kicking me in the butt and throwing me over the cliff.  

Anyways need to remember this is a PEOPLE first business - very little has to do with real estate.  This is a full blown business.  Reputation as you have seen is everything - When we purchased our place we knew it had a great reputation so we took over and ran with it - little did we know there were lots of operational challenges that needed to be overcome which has taken us nearly 2 yrs and counting to correct but we are doing good now.  Can't stop marketing and you need to make sure your residents and team come above everything else.  Do that and the rest should take care of itself.  Appreciation is key.  Sonic Runs - ordering food for the team, letting them eat free (after residents have been fed at mealtimes of course), letting them know you appreciate them for the little things small gifts here and there when appropriate, having an open door etc.  Your staff will make or break you.

I've learned how important it is to have a great manager and a great nurse on staff - we had only 50% of that for quite a while and no matter how great the other part of the team is - if you dont hit on all cylinders it makes it hard.  

Congrats @Sendhil Krishnan  -- Do you care to share your total all in on the home and construction costs for the conversion to make it residential assisted living home ready?

I want to expand but have waffled if I stay in the space Im in - (One facility 36 beds so I'd like 24-60 beds) or do I look at converting single family homes to RAL's but am curious about the scale and challenges it brings -- I haven't wrapped my mind around what the conversion cost are yet - granted you being in AZ there will be some differences vs KS where I live - but would give a ballpark to look at - I'd be glad to share offline experiences about our place with you as well.

How big is the house?  How many bedrooms?  Sounds like a mansion if you can fit 25 people in it.  Is this a rambling ranch and only one story?

Have you reviewed your state regs to determine if you are close on  your construction costs to convert the property - projecting that many beds will likely bump you into a category requiring much more oversight and scrutiny before you'd be allowed to open.  Some things to consider.