All Forum Posts by: Kaleb Carsten
Kaleb Carsten has started 15 posts and replied 82 times.
Post: Build and hold 8 Plex help

- 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

- 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

- 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

- 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?

- 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?

- 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?

- 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?

- Investor
- Mitchell, SD
- Posts 86
- Votes 21
Post: Sioux Falls RE Agent Wanted

- Investor
- Mitchell, SD
- Posts 86
- Votes 21
I like Katie Clapper from Applause Reality.
Post: New BP Member and Podcast Addict!

- Investor
- Mitchell, SD
- Posts 86
- Votes 21
Welcome to BiggerPockets Daniel,
Buy and Hold Buy and Hold the great strategy to reach financial independence.