All Forum Posts by: Bhushan Shinkre

Few corrections, tenant simply decided not to pay rent and took further action of asking for refund of all prior payments (legally made via Baselane), which Baselane paid out no questions asked. Since my bank account had no funds (I transfer them fully as soon as rent collections deposit), Baselane basically paid those refunds from their own pocket and now are coming after me to recoup them. This is an extremely unusual practice, never seen this in 15 years of my investing career. Hence, I'm making you and my fellow investors aware that this may happen via Baselane. 

There are plethora of landlord platforms that force you to use their own 3rd party banks to deposit rent and charge $2.5-$5 per transaction to directly ACH into bank of your choice (ex: I love Chase Bank). I'm honestly fed up with these platforms because of limitations of their features and terrible banking practices. Have you come across a landlord / rent collection platform that does not charge fees to ACH your bank of choice? I'm open to other creative methods such as Cash App, Paypal, etc. ... but I believe that they charge for automatic ACH payments. Chase Bank does ACH collections, but they charge for it as well. 

Please advise your best practices to collect fee-free, auto-pay ACH to your bank of choice. Thank you! Please no promotions. 

@Dale K Poyser After doing further digging, I noticed that my neighbor's duplex (same size, condition) is still on old assessment and it wasn't updated but mine was. Wondering if I can use that as a means to file a dispute with BOE in Jackson county. 

@Pete M. - I realize that contest window was long closed, but I acquired this duplex last week and was shocked to find these rates during closing as opposed to listing which did not show that. I know that there is a lawsuit in progress on this topic. I acquired for $305K and the assessment is for $310K. For some units in my neighborhood, assessments are low (no extra exemptions) ... and it's rather strange seeing randomness in these assessments. Did you try contesting yourself?

I just acquired a duplex in Grandview, MO and it's unbelievable seeing property taxes rise 2X from 2022 to 2023 due to higher assessments. I'm going to appeal with the county, and wondering if there are any best practices to get a successful one. Is there any escaping from these insane assessments? Has anyone tried and succeeded? 

I'm a responsible investor who takes good care of my properties and it sucks seeing these tax rises hurt the margins. 

Quote from @Jonathan Klemm:

Hey there @Bhushan Shinkre - Sounds like you are in an awesome position to be in, congrats to you!

I recently did a 1031 exchange last year and it went great!  I sold a ground-up single-family home and purchased a 19-unit in Cicero, which is a western suburb of Chicago.  Just curious are you in Chicago?

For me it honestly went pretty smoothly, I just started telling everyone what I was doing and what I was looking for and my good friend @John Warren hooked it up, with an off-market deal through a commercial broker.

In your situation, you could also consider a reverse 1031 exchange.

Happy to connect and provide any needed referrals or walk you through my story in more detail.

Would love to connect, DM me. I'm based out of CA but used to live in Chicago for many years, along with investing. I'm looking primarily at small MFR since large MFRs are a bit more riskier assets from the standpoint of tenant quality, financing and at the price point I'm looking for.

Quote from @Kerry Noble Jr:

surrounding markets like lafayette....bloomington....shelbyville.....greenfield etc

 Kerry, let's connect! Love to hear more on these ideas! 

Quote from @John Warren:

@Bhushan Shinkre congratulations on having some solid deals to trade up. I can't speak for the other markets on the list, but Chicago is a great area for multifamily. You are not likely to see 10% cap rates in good neighborhoods, but you can still achieve good returns over time. Are you using a PM company to manage these or are you self managing? That might be one of the most important questions for you to answer as you look to trade up. 

I agree, it's been a great market appreciation-wise but terrible with cash flow / cap rate. Whole reason why I'm exiting the market for greener pastures. I'd like to entertain the thought of an established STR / AirBnB in a great neighborhood in Chicago or in the city. If you have leads around something like this, would love to hear! 

Hello! I've got a couple of investment properties (condo, townhome) in Chicago with overall market value of $500K+ that I'd like to 1031 exchange into better performing small MFR properties. Planning on individual exchanges to maximize sale but could look into possibility of a consolidated one. It really depends on strategy. I also have multi-family (duplexes) in Indianapolis and SFH in Birmingham, AL. I really like Indianapolis and KC as terrific markets for multi-family, but inventory is extremely low and hard to find good deals. Would love to hear more from folks who are going through or have gone through recent exchanges either in these markets or are there better MFR markets to look into that provide excellent ROI (1% rental yield, 10%+ cap rate, etc.). I'm open to creative ideas such as an established STR / AirBnB SFH in an established vacation market. Also open to part 1031 exchange and part creative financing options (traditional, DSCR, etc.) to maximize the replacement ROI. All ideas are welcome and appreciate them!!

@Alexandra Hughes Pailet - I'm an investor from Bay Area, a Silicon Valley executive, and passionate about real estate investing. I have portfolios in IL, IN, CA and AL and would love to speak at BPCON2023. I've given talks in tech (check out www.productforlife.com) and would love to talk about the empirical experiences / learnings of an out-of-state investor. Will send an invite separately!