All Forum Posts by: Stanci March

@Florentina Ronquillo, I am the owner and the manager. There are several very good local property management companies that I could recommend. I would also consider managing the property for a buyer for a maximum of 12 months to allow time to find a suitable long term manager.  

I would prefer not to owner-finance but I would be open to considering with the right terms. 

Sorry about the upside down photos. They do orient correctly when you click on them. Best I can tell from research is that some websites use outdated photo readers that sometimes don't orient photos from newer smartphones correctly. 

Turnkey, fully occupied, and newly renovated fourplex located in the lovely university town of Lawrence, Kansas (35 minutes from downtown Kansas City). Class A-B neighborhood. Currently rents for $2,753/month with potential to increase on two units upon turnover of legacy tenants. Tenants pay all utilities except for gas (for hot water and two stoves = $305/mo.).

Trendy North Lawrence location one block from the popular Levee' CAFE, walking/running/biking trails, and excellent restaurants. Three blocks from highly rated elementary school, park/playground, antique shops, and more. Less than one mile from nationally recognized Downtown Lawrence with award winning public Library, aquatic center, shops, restaurants, art galleries, festivals, and nightlife.

One mile from proposed North Lawrence boardwalk development area; a mixed-use boardwalk-style development along the north bank of the Kansas River. One mile from Kansas turnpike (I-70) for easy access to Kansas City and Topeka, and less than 1.5 miles to University of Kansas Main campus.

2018 RENOVATIONS: include but are not limited to; fully renovated 1BR and 3BR units (other two units came with existing tenants) and increased rent to reflect updates. Professionally installed exterior metal siding, LowE/Argon double-pane windows w/ lifetime transferable warranties, new Carrier mini-split HVAC unit (not yet pictured), new steel exterior doors, plank flooring, ceramic tile flooring, barnwood accent wall, corrugated metal shower surround and wainscoting, all new bathroom fixtures, kitchen counters, cabinets, appliances. New hot water heater, canned LED light fixtures (10-yr warranty), exterior LED motion sensor security lighting, landscaping, new downspouts, metal locking mailboxes, et-al.

Previous owner installed new roof 5 years ago. Has been inspected by locally renowned Alpha Roofing who estimates at least 10+ years before replacement required (documented). Interior of third unit was updated four years ago and requires no major attention. Fourth unit has had the same tenant for five years who has no plans to leave, but unit will need a complete cosmetic update prior to next turnover (estimated updates needed = $2,500).

Owner-manager, willing to manage property for out of state or local investor. Feel free to contact directly with offers/questions.

Ha! Small world. You do realize @Dave Foster that historically everyone from Kansas is considered a "Jayhawker" by virtue of birthplace. 

I see your point on the finance contingency but 180 days or even 135 (180 minus 45) is a pretty long time to make a seller wait in a hot market no matter what the stated reasons are. Can you send me some info on the reverse? How much more does that cost? Thanks again for all your help. 

EMAW!   

Thanks @Dave Foster. 

I'm thinking about trying this but I'm looking to exchange into a pretty hot market (Colorado). Have you seen any successful strategies for purchasing with a 1031 in hot markets where properties tend to sell relatively quickly? Hard for me to imagine too many people willing to wait around for a buyer to sell multiple properties before closing on a deal. 

@Ratesh D., did you attempt to do this yet? I am facing a similar dilemma and trying to gain as much knowledge as possible. 

@Dave Foster, it sounds like you're saying this is possible providing the property to be purchased in the exchange is identified within the 45 day period from the closing date of the FIRST property to sell, in the portfolio of multiple properties being sold, and the new property is closed on within 180 days of closing the sale on the first property being sold. So basically the clock starts as soon as the first property in the portfolio is closed. Correct?

Isn't it also true that the property being purchased must be equal or greater to the properties being exchanged? So in the scenario of trying to exchange multiple properties, one would want to identify properties for purchase that were equal or above the TOTAL sales price of all of the properties in the portfolio of properties being sold. Do I have that correctly?

So in this scenario would it be possible to sell one property in the portfolio, roll that into an exchange to purchase a larger or more expensive property, actually close on that deal and then attempt to sell other properties within the portfolio, even after closing on the new property. In otherwords; could the proceeds from the other sold properties be added to the exchange after the fact as those properties close (still within the 180 period of the first deal) or do they all have to happen at the same time (presumably at closing of the new property)?   

Does anyone out there have a resource for discounted piece pricing on bulk orders of plumbing supplies? I'm not looking at huge orders (right now I just need 12 rain shower shower heads), but I feel like I'm ordering enough that I may be eligible for a bulk discount someplace without going through a bunch of hassle to get set up as a contractor/vendor, etc.

@Richard D., that is a very big difference. Thank you for sharing. 

I'm researching 360 image apps and cameras for my rental business. Curious to hear what others are using for image capture to market their rentals, flips, and other real estate listings? 

https://www.foxtailre.com/

Call Foxtail. I know the two principles personally. You would be hard-pressed to find anybody with greater integrity. I believe their rates are more than reasonable. They aren't particularly large either, which I view as a benefit for an owner of a small RE portfolio in the area. Tom Larkin is who I would speak to put Pat can help you as well.