All Forum Posts by: Spencer Goldenberg

@Daniel Umstead thanks for sharing the site (it looks awesome) and congrats on being newly licensed. Good luck to you as well! If you ever want to look at the Midwest - make sure to reach out. Omaha is a great market. 

@Koki Agata I like the idea of a SFR near UMKC. We decided that is what my brother is going to look in that area for his house hack. I have a good buddie who is a Realtor in KC if you need one. Thanks for reaching out!

@Colton Howell Nothing in writing but the plan is 60/40 giving him the majority. Yes, he would self-manage.  

Thanks Tony! My heart wants to disagree but my head tells me you are correct. I am originally from the KC area and it definitely is a great market. Omaha is pretty great as well.

This would be our first property. 

My brother and I found a tri-plex in Lawrence, KS (this is where the University of Kansas resides and where we both attended school). My brother lives in Kansas City which is only a 40min drive from Lawrence. The predicament: the only way we can afford a downpayment on this tri-plex is if my brother uses his first time home buyer and house hacks. He is open to the move. The owner wants $295k. Current rent is $2,920. 

Positives: great location (should always be high demand for renters). Current owner is paying for water. Total closing cost should be under 20k. No major repairs needed. Potential to add value cosmetically. My brother is only a year out of school and still has connections in Lawrence. KU is a growing University.

Negatives: It doesn't meet the 1% rule, not to mention my brother will have to take the smallest unit pushing monthly income down to $2,290. It is next to a popular bar area = party tenants. Not getting a great deal on the property - we would have to purchase at market value. 

We are also looking at properties in Kansas City and Omaha (where I live). We are trying to decide if we should go for it or wait for a better deal in Omaha or Kansas City. Any thoughts, comments or suggestions would be appreciated. 

Thank you.

Great advice - thanks Scott!

I have a family friend who manages large multi-family construction projects. He just helped me fix up my new (personal) home. He has a ton of experience in contracting/construction. This is an area I am weak in. I would like to partner with him: having him oversee construction responsibilities because I am targeting value-add properties. However, besides the renovation, I would take over all other responsibilities (as in getting the deal under contract, asset management, financing, etc...). What would be a fair percentage of the deal to offer him in this scenario? My initial thought is around 15%. 

Would love any suggestions. Thank you!