All Forum Posts by: Steven Silva

I use "padcad lite" for ipad. I haven't found a great one for pc yet. 

An option could be list the property for sale with current MTM rents and in the broker remarks let agents know that you have the ability to convert MTM leases to longer term if given reasonable time to do so. 

I have looked with no luck. We have found great deals on Amazon or eBay though and just get fast shipping. 

@Anthony Gayden the IO we signed off on was our fault. We have learned to read every item very literally. One item we completely missed.

One item was in regards to stucco. We knew the inspector asked for a lot of things that didn't need fixing, so we let this stucco one slide, because our plan was get contractor to write a letter that nothing is wrong with stucco. Well I don't know if they have a case, but buyer is saying stucco finish isn't to "buyers satisfaction". The stucco has minor staining from previous rain storm before gutters were replaced. It should eventually dry out, but buyer wants stucco redone, to his satisfaction. 

Another item was ducting an addition. We read missed the wording that said "confirm ducting to the back room is working properly and sufficient for the room". There was NO ducting in back room at all because it's an addition, we thought buyer meant a different room as it's obvious there is no ductwork. We were going to have our HVAC write letter saying duct work is fine and sufficient in house. We did that and buyer is asking about where the ductwork is in the addition. We said their is NO ductwork. He is threatening a law suit if we don't get ductwork added to addition. Lots of problems with that, but specifically we cannot add a full size duct without possible structural work, so we added a 5" duct and fan and wall heater to hopefully appease him.

Other items were small, but the way he is handling it is more headache than if a normal buyer who is able to communicate better. 

I just had to share a lesson we learned to hopefully help others be aware that this does happen and the solution is EASY. Recently we realized not all buyers are flexible as most regular human beings that were hugged enough when they were a baby, jk. 

I'll start by saying, this is our fault. We signed off on a Inspection Resolutions (IR) that was not in our favor at all. Here's why, we expect Inspection Objections (IO) items from buyers, and are happy to fix most or all items. We are trusting of people in general and we approach life optimistically without looking over our shoulder, worried someone is going to try and stab us, thus our reason for not digging into IOs too much. Completing IR items exactly word for word doesn't always go as expected, but we always work with the buyer through a few simple calls/emails to find amicable solutions, and it's never been much of an issue.

Long story short, the lesson we learned is to dig into the and IO with a fine tooth comb and beware of vague wording that can catch you off guard. This buyer must be a lawyer. Look for things that you think a lawyer would look for. These were items we wouldn't think twice about and signed off. They sound typical (certify hvac, roof warranty, etc), but they added a few words here or there that was subtle enough that we missed it. Shame on us. 

Trying to complete all of these items in the manner that the buyer has asked, has been a nightmare and we have never had a buyer or their agent behave like this. All our contractors, subs, and a handful of agents we have reached out to for advice, think they're nuts. Suffice it to say, they won't be getting the typical "welcome to your new home" gift basket we usually give. 

So, do not do what we did and just sign of on an IR that looked "normal". I expect we will still close and go our separate ways this week without mediation, but a few simple IR items have cost us $6000 more than expected and the biggest headache imaginable (when I say it like this, it doesn't sound all that bad, but this person is the worst). Really dig into the IR items word for word to interpret them properly and ask for clarification. Had we done this, we could've fallen out of contract or countered with specific and reasonable terms. 

Residential Multifamily or Commercial Multifamily? I assume Commercial. If you need help or would like a partner on something keep in touch. We have resources, but are looking for a deal. On market stuff has been close but hasn't met our criteria. We look for 1.6%+ dscr. 8%+ cap. 12%+cocr. 

I would suggest marcus and millichap or Scott Tucker from the MAREI groups there. google is your friend. 

Hey, I'll be in town looking at larger multifamily properties in Kansas City area may 6-10. I'd be interested in meeting up and seeing the house you're talking about. I could give you a second look at everything. I'm networking with investors there and still getting a feeling for the areas of the city. 

BTW, that flip lat year led to a bunch more flips. I made $21k gross on that flip for a 11% return or so. 

I partnered with a couple investors I've been friends with and we've grown quite the business. We're buying about 2-3 homes a month for flipping and working on purchasing commercial multifamily in springs and kcmo. 

Feel free to give me a call. My info is in my profile. I focus on similar properties here in Aurora and Colorado Springs. 

Congratulations. I'd like to talk more about it. Please connect with me. I will be investing in KCMO area this year. I will be in town may 6-9th. My contact info is in my profile. Cheers