All Forum Posts by: Wade Sikkink

@Paul Jamgotch keep your chin up. I lost a job once too. It played out just like Goodfellas when Joe Pesci walks in the room and sees the plastic on the floor, realizing what's about to happen. Insecure, incompetent bosses suck. Anyway, things have a way of working themselves out.

I wouldn't give up on your multi-plex idea. We bought a 14 plex with about $80k down that will cash flow close to $3000/mo when you include the coin op laundry in the basement. It can be done if you buy it right.

Good luck!

Go research rents as though you were looking for a place to rent like the property you are asking about. If you were looking for a place to rent you wouldn't look on Zillow or Rentometer. You'd look on Craigslist or in the local paper. Those sources alone will give you a very good idea of rental rates in your area. In addition you will learn something about how your competition is advertising and possibly tailor your own ads.

@William Collins I want to hear more about the brewery......oh yeah, let us know how the conversion turns out too :-)

Depends on your business model and what a "conversion" is. If you are trying to get people to use you as a buyers agent, then I would say probably keep it open to maximize traffic. Are you making money on the listings shown? Do you make money displaying ads? Sounds like there is a freemium component to your model where they get something for free, but can signup and get more.

I guess we'd need more info on your biz model and goals to give you much of an answer.

@Raymond B. Thanks for the tip. I was wondering how to make the name link work also!

Thanks again everyone!

@Derek Knorr Yes, we are managing it ourselves. I know some other guys that have rentals in Lincoln, but they also self manage.

@Brad Simmons I agree. We've already been able to raise rents. We had one vacant unit at the time we closed. We just rented that unit at more than I was even planning to raise it, and we now have 4 people on a waiting list. We've already put about $1000 in fixing/cleaning so I'm confident this property will perform well on all three fronts: Cash flow, Appreciation and Equity buildup.

I didn't say not to think it through, I said not to fret over a formal written plan. I've written many business plans for companies seeking venture investments and learned along the way that no one reads them. Writing a business plan can force you to think it through, but it's not the only way.

Absolutely think through your business and what you intend to do, but don't expend a bunch of effort on a formal document expecting people to read it or for that document to help you attract investors.

I wouldn't spend too much time on a biz plan. No one but you will ever read it. It is only useful for making you think through your business. I would spend more time on your deal analysis to make sure you are making your money going in like all good real estate investors do.

Yeah, Firth is about 500 people, but the property is in a neighboring town with a few thousand that is in turn a bedroom community for a city of over 250k, so rental demand is very high where this property is located. (translation: rents will be going up :-))

His existing lease is month to month (been in the property 3 years) but I know he's going to be moving in 6 months or so because he's building a house. I'll just wait him out. However, because he's month to month could I give him an ultimatum like sign the new lease or be evicted?