All Forum Posts by: James Milne

I dove in a little deeper on those Gold properties. The HOA basically kills it. 180/mo/unit, so you are looking at $21,600/year. According to their pro-forma statements and current rents, that's about a 1% CoC. Pass.

Good morning. Apologies for the tardy reply. Wichita is a small city, and doesn't have the rampant crime of a Detroit, Chicago, or St. Louis. Haysville is a lower-end suburb that has mediocre schools and slightly higher than average crime and narcotics rates in the city. That being said, part of our business plan and vision is to help gentrify lower end neighborhoods, so I have lots of property in much worse places in town than Haysville. Good property management, and more specifically good ownership is key. Sometimes doing the right thing is more important than a few dollars.

I've analyzed the properties on Gold several times as they've been on the market for a while. I've never gone down to actually see them, but they are on the cusp of my financial targets. My largest concern based on the marketing package is the value add I can bring to the property, and the HOA fee's which aren't apparent in the marketing. In my opinion if you could get the 10-pack in the 600-615 range (assuming due diligence irons out), then they could hit that 10% CoC as-is. The current asking price has been dropped recently, it's around 695k right now, so that's a bit of a drop. I'm in the processes of picking up a 20-pack of studio's around the same threshold. Let me know if you need an introduction to Jeff Englert or Nathan Farha (the selling brokers). Good guys. Someone will bite on this one soon.

Also Park City is hot right now, Amazon is building a facility there.  

Sure thing, happy to connect and talk. 

Brett, we do flips and rehabs and have several lenders in the area that specialize in ARV "style" loans. DM me if you want to chat.

 A Cut Above lawn and landscape out of Andover is run by my partner Andrew. He's cheap, fair, and runs a good crew. 

@Robert Daniels sure, I’m in Andover and have bought 13 doors since September. Happy to talk.

I purchased a 4-plex at auction, it's stripped mostly down to the studs. I need a couple of recommendations for contractors to reconfigure the floor plan and build out the units. 

Market is fairly hot(but inflated) right now. Rentals are going pretty quick and we are buying everything we can. I lost one this morning that someone paid a silly amount over asking for a 4-plex. 

@Joe Mathew finding deals is the hardest part, glad you found a good property! The market here in town is very competitive right now. Most of the solid multi-family properties we find are gone in less than 24 hours and usually overpriced. As always, networking and finding those off-market deals is key. Most realtors that I work with will bring their investors deals first before they are listed. 

@Javen Harris I was born and raised in KC (OP), moved down to Wichita about 11 years ago. I'm up there all the time, happy to connect. 

@Toby Khan let me know when you're in town, happy to meet up.

@Kevin M Dobyns I'm in for any evening or weekend.