Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Kaleb Carsten

Kaleb Carsten has started 15 posts and replied 82 times.

Post: Build and hold 8 Plex help

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21

Average in Mitchell is $375-$775 highest renting unit is $850

Post: Build and hold 8 Plex help

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21

I looked into zoning it will cost about $250 for the variance to allow it.

Post: Build and hold 8 Plex help

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21

Hey BP,

I need some help analysing a potential deal. I have a property in South Dakota that I'm looking to purchase.

This deal would be purchasing an existing sfr on a double lot, tearing it down and building an 8-plex with 8 garages.

Purchase price =35k

Contact estimated =$575 for tearing down and construction.

Leaving some leeway for error I was estimating $635k all in for construction of the property.

For the rental portion I am seeing 

5-1br/1ba units renting at $700

3-2br/1ba units renting at $1000

9 garages renting at $50 each

Coin op washer and dryer $90 

Total monthly income $7,040

Expenses 

Taxes =$12,500

Insurance=$2,000 (my estimation have not gotten a quote)

Property management= 10%

Vacancy =10%

I'm not sure if I missed anything but it looked like a good deal in my head. Any advice?

Post: Looking for a Real Estate Agent in Sioux Falls, SD

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21

@Kyle Koehn that's who I'd recommend too!

Post: Tenant wants to add an additional 220 outlet?

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21

@carroll Lee this is the one he was looking at.

https://www.coffeecrafters.com/product/the-artisan-3-e-roasting-bean-cooling-system/

Post: Tenant wants to add an additional 220 outlet?

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21

@Joe Splitrock This property is in Mitchell SD almost in the heart on the city.  I hadn't considered the food grade inspections that is a very good point that.   I'll be letting the tenant know this afternoon that we will not be able to allow the business in the unit.

Post: Tenant wants to add an additional 220 outlet?

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21

Thank You landlords for the advice!  You just confirmed what I was thinking

Post: Tenant wants to add an additional 220 outlet?

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21
Hey BP, Rookie landlord question for you all. I just signed a new lease with my first tenant! However less than a month later the tenant is asking me if he can hire a electrician to install a new additional 220 outlet so that he can install a coffee bean roaster (he wants to open up his own coffee shop in a few years and is trying to build up some capital by selling his own roasted beans). Right away I'm thinking this isn't a good idea because the current electric work was done before I purchased the duplex two years ago and I don't know who the previous landlord had do it. I also don't know if it would disturb the other tenant. I let my partners know what was going on to keep them in the loop and they think I should let him do it. My partners are not landlords and never have been. So I figured I should ask the experts Should I let the tenant hire an electrician to add an additional outlet? Should I get quotes from a few licensed electricians and hire them to do it and send the tenant the bill?

Post: Sioux Falls RE Agent Wanted

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21

I like Katie Clapper from Applause Reality. 

Post: New BP Member and Podcast Addict!

Kaleb CarstenPosted
  • Investor
  • Mitchell, SD
  • Posts 86
  • Votes 21

Welcome to BiggerPockets Daniel,

Buy and Hold Buy and Hold the great strategy to reach financial independence.

1 2 3 4 5 6 7