All Forum Posts by: Alex Olson

 Thank you for the advice and sharing your info. Yeah based on my research KCMO seems like a great market, and sounds like you have some good experience there. I guess my biggest concern is being able to handle all this remotely. While I do have my sister who lives in the area, I dont want to rely on them to handle everything. I want to be able to do this remotely while I'm still living in CA. 

My wife and I are about to close on our first investment property. We are doing a house hack and want to remodel the side we are not living in at first from floor up.

The tenant that is living there is on a month to month lease under the current landlord. My wife and I will not be doing month to month leases either 6mo/1yr leases.

How are we able to get in there and remodel the tenants unit if they do decide to sign our lease and stay another year?

Do we have to wait until that year is up to remodel?

Can we firmly “demand” we are doing a remodel once we close on the deal?

Hey All, I'm a new investor (no properties yet) and I'm interested in commercial real estate specifically mixed-use, apartments, and offices. I don't have the income or savings to invest in commercial yet so I've been starting with residential properties first to get some cash on me. Is this a good strategy? Or would you recommend going straight into commercial properties? If so, how could I do that with limited income (I'm currently a grad student working part-time). Thanks!

Hello BP Community!

I will be purchase a property in the Kansas City (MO) area and am looking for a trusted home inspection company. If you have any recommendations they would be greatly appreciated!

Thanks in advance!

Hi everyone. This is my first post here and I’d like to hear some of your opinions on how to invest in real estate when someone is on a situation like mine.

My dad was a developer and investor. He passed away several years ago. At the age of 21 I inherited his portfolio of properties both commercial and residential. They are all paid off, there are no mortgages, just cash flow.

The portfolio value of properties that are currently rented is around 11.5 million dollars, of which I make 612K a year before taxes and after property taxes and management fees which are taken care by the management company.

Anyways, due to covid 19 I saw that reliable stream of income falter for the very first time. At the beginning of the lockdowns my income went down to 10%. Now it’s back at 100% but it really made me think about the future of my portfolio. It’s heavy on commercial rentals and has very few residential properties.

I just need to diversify it with more residential properties but I don’t know where to start since all the residential properties in my portfolio aren’t as good as the commercial ones. Maybe that’s because there are far fewer residential properties than commercial ones on my portfolio.

I spent the last 10 years investing in properties for my own use, vacation properties in California, Nevada, France, Portugal and South America. Those are also paid for but most of them are vacant for family use or for me to use. I’ve grown emotionally attached to a couple of those properties too.

Since I’m not mortgaging anything, I am just thinking of the buying potential I would have if I did decide to leverage some of those properties and start diversifying.

But I don’t know where to start. I looked into apartment buildings to buy or build (using prefab technology), or should I go with buying residential homes in different markets?

I’m also not so comfortable in taking a 5 million dollars loan and going on a buying spree. Because I don’t want to jeopardize something that has proven to work for decades over something that I’m not sure of. So maybe I should just buy one or 2 properties at a time and pay them off like in a year and then get more, that’s a strategy I’m considering.

I know I wasted 10 years not doing my research or buying what I should have bought to diversify but I guess I thought I would never have to worry about living without the security of those sources of income. Until the lockdowns came along and showed me that I’m not as safe as I thought I was.

I fired 3 financial advisors over the last 10 years for their incompetence that has cost me money. The last one I fired was less than a month ago. So this time I want to do it on my own.

In the last 10 years I also wasted too much money on silly things like cars, golden visas and fake friends.

What would be the safest route, market, strategy to leverage what I’ve got with the smallest risk possible to what I already have?

If it ain’t broke don’t fix it, but the lights just flickered.

Kind regards