All Forum Posts by: Anjelica Pearson
Anjelica Pearson has started 1 posts and replied 10 times.
Post: First Fix & Flip Property
- Posts 11
- Votes 4
Looks great!!
Post: Topeka Kansas investing
- Posts 11
- Votes 4
@John Ringgold it was my first house hack! Now it is fully rented and I am hunting for the next deal!
Post: Topeka Kansas investing
- Posts 11
- Votes 4
Quote from @John Ringgold:
R.com may note us as a hot market which is great for sellers getting the opportunity to capitalize on the investment of home ownership, however, buyers are discouraged as they continue to write offer after offer and continue to miss out. My last listing had seven offers and only one won the bid... that is six buyers still searching for a home that doesn't exist.
What we are seeing, and I assume many areas across the country are seeing, is potential sellers would love to sell and make a move, but they can't find a home to buy because seller's aren't putting their homes on the market because they can't find a home to buy! It's a vicious circle!
Topeka has also been noted as in the top cities to currently have the fewest listings. https://www.realtor.com/news/t...
With fewer listings, prices continue to climb as the majority of properties listed are still getting multiple offers well over asking price. As these homes are used as comps for the appraisal down the street, the values keep increasing.
Topeka has a population of about 126,000 with 56% of residences being owner occupied.
As of this morning, Topeka has 72 active single family homes for sale in the county. In February 2021 this number was 81 and in 2020 there were 231!
Buyer's with FHA or VA loan's are struggling to win bids as the majority of the offers we have received lately have usually included at least one reasonable cash offer. 20.2% of the sales in 2021 were cash and 55.8% were sold with conventional financing.
With the promise of increasing interest rates, we feel it's a great time for investors looking to get out to cash in on their equity while home values are high!
Great market insight. I am also an investor in Topeka, Kansas. ( I believe I purchased a property from you and your client in Spring 2020!)
Post: 10 Unit multifamily listed for $617,000
- Posts 11
- Votes 4
Good morning BP Community!
I am a fairly new investor that is hoping to learn how to analyze small multifamily units (5+ units). The above information was provided by a local realtor who is essentially wholesaling a 10 unit property he has under contract. Located in the C neighborhood I grew up in and and I own a duplex one block over. This appears to be bare bones information and I am looking for some guidance on how to conservatively underwrite this and similar deals in the future. While I am comfortable with 1-4 units, I know the valuation structure is different on something this size.
I have asked for clarification on the following:
-Current occupancy
- Unit configuration for each unit (rental amounts listed but configurations are not reported)
- Who owns/maintains the laundry machines
- What utilities are included in this figure/unit (local advertisement for one of the units states only water and trash are included ~65/month is on par with the market)
I know I need more information and I am also aware that these numbers do not include reserves, debt service, lawn care, property management etc. We hope to pursue seller financing and use the buy and hold strategy. We are not in an appreciation market, but I believe the rents are below market, but I am unable to confirm without the configurations.
I would also love to hear some seller financing structures that could be presented as advantageous for the seller.
Thank you in advance!
Do you recommend the agent you used?
Post: Recommendations For Multifamily Property Lender (Nebraska/Kansas
- Posts 11
- Votes 4
I don't have any recommendations. I've been using the listing agent
Post: Recommendations For Multifamily Property Lender (Nebraska/Kansas
- Posts 11
- Votes 4
@Allen L. I heard they offer a portfolio loan that allows you to pull the equity out of a set of rentals as a line of credit. I think that’s my next move.
Post: Recommendations For Multifamily Property Lender (Nebraska/Kansas
- Posts 11
- Votes 4
I’ve worked with Marc Ward at Kansas State Bank. He’s the only commercial lender I’ve used but I was satisfied with the process.
I’ve also heard good things about Southwest National Bank’s commercial lending as well.
Also may be interested in what you’ve got in Wichita or Topeka :)
@Charlie Kane I have and manage around 8 doors in Wichita. I am located in Topeka, Kansas. I am also looking to build my Wichita portfolio. Best of luck and feel free to reach out!