All Forum Posts by: Toby Khan

@Jovan Pipkin-Congratulations! steps I follow are-

signed purchase agreement with seller (who pays closing cost or split)>Get Insurance quote(shop around)>Financing term & Bank involvement>Inspection>negotiate (if there were contingency on inspection)>Interview property management companies/individual property managers who are starting out in that area>close.

@Jeromy Jordan-I'd do it as long as the numbers work. Do the due diligence before pulling the trigger and look at the neighborhood for appreciation. If current owner wasn't able to pull it off I'd find out where was the issue-is buy and hold not his niche (builders at times have this trouble running 2 businesses), Are the tenants not complying with the owner, Age of the property (older it is more maintenance to keep in reserve) etc. if you want the deal then as fellow investors mentioned is to have an inspector complete a thorough inspection & run your numbers accordingly-as long as the big ticket items are taken care off then it comes down to on going maintenance/repairs & property management. If you are house hacking then may be doesn't make sense to hire a property management company.  Hopefully this helps.

@Eli Berry thank you. I might take you up on that when I’m on OK. 

@Alyssa Dyer thank you! Closing on 8 unit property in Kansas. Soon as that’s completed I’ll be more involved in OKC area. Those are some great points you brought up. 

@Turok Tarango-Zillow, redfin & realtor can provide you with inventory data. I believe it is a current snapshot of what's happening in a particular market. If you were to look more into some tools to use below are some that we use regularly (job growth & supple/demand)-

https://www.deptofnumbers.com/...

https://weareapartments.org/da...

@Jill Smith-You had a good start & congrats on rental property#3. I believe as time goes on your goals will change (mine sure did). Like many other fellow investors mentioned-once you sell these properties you no longer will receive cash flow, I'd keep buying till you hit your freedom number. Once you don't have to work 9-5 job to pay bills you will have a good amount of time/freedom to decide your next steps. I am in the buy & hold group of investors but I also have done 1031 exchange in past to gain more cash flow from bigger properties. Currently Closing on a portfolio of duplexes in Wichita-if you asked me years ago I would have never thought I'd be taking steps to be on multi family investments as I was comfortable with single family rentals at the time. It will depend on your goal and how/where you want to retire in 10 years. Please reach out to me if you have any questions.

@Jill Smith thanks for sharing. I’d say if you can find duplex, triplex or quadplex then you’ll scale at a faster rate. Initially I started with a single family and scaled to multi family. Please let me know if I can help you with anything. 

@Stephanie Brinkley-Thank you for such details about the area. I'd love to connect with you regarding that neighborhood.

@Peniel Edorh-welcome to investing community! It’s a fun journey to say the least. Please let me know if I can help.

@Sean Fillmore-thanks for the info! Also if you can get a great PM then you’re all set. I came across few duplexes that I’m looking into in Wichita, hopefully inspection comes back clean and we buy these ones. I believe Wichita will grow in coming years.