All Forum Posts by: Kristi Kandel
Kristi Kandel has started 49 posts and replied 357 times.
Post: Rehab done with no permits!
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Taniya Lovejoy:
Quote from @Jeremy England:
Sounds like it may be expensive Getting all those new permits and inspections. Just depends on how much you are paying for the property to begin with. As an investor, and not an owner occupant, you may also be required to hire a GC if any structural changes need to be done in order to get the property where you need it to be. You say there is not enough height in the ceiling, could mean you need to create height. Means paying to have the roof altered. All things can be corrected with money, so it just depends on what kind of deal you are getting. 5k won't cut it.
@Taniya Lovejoy If you have a contractor lined up who can redo the work in compliance with AHJ codes and you have their pricing I'd do it. Have the contractor walk the property and talk to the inspectors. Talk to the permit offices and get all applications, fees, processes, etc. defined.
If you're trying to buy it and then find the contractor you'll likely find yourself with many more lessons learned on how to do the deal differently next time.
Post: $750,000 in back taxes due
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Anthony Ives:
Quote from @Rick Baggenstoss:
@Anthony Ives. How did your friend come by the land? Is $750k correct, that's a hefty price tag as if the basis was $0 and short term gain. What did you do with the land while you had it?
I believe it was inherited many years prior, but not 100%
The taxes would be based on the difference between the valuation of the land at the time of inheritance vs the sale price. He might be able to get creative on those appraisals but just not paying at all is going to cause extra scrutiny all around. If you're gonna pull a fast one maybe leave the country first and make sure it's worth it ;)
Post: 1st pool built at a House Hack / luxury rental property in Ft Myers Beach, FL!
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
I decided to move forward with the new pool following hurricane Ian in 2022 as I’m confident our community will continue to rebuild and become an even more thriving tourist destination in the years to come!
I’ve managed hundreds of commercial new construction development projects (almost all took less time than this pool), but every type of construction has it’s own nuances. I learned a TON about managing the pool construction process & contractors and now am stoked to enjoy this beauty!
It will make a heck of a rental in the future once more businesses reopen when I leave FL each winter to enjoy fresh pow in Tahoe!
Post: Here's to Mondays
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Account Closed:
Good morning!
Ah, Mondays, right? They always have a story to tell, especially after a bustling weekend of hosting guests at our STR properties. Just between us, today I'm dealing with the aftermath of a stay that didn't quite go as planned. It's a rarity, but every so often, guests come through who forget that ‘treat this place like your own home' also means ‘with respect.'
I walked into a bit of a scene this morning: dishes doing a balancing act in the sink, a stain on the rug, trash tucked into every knook and cranny, all amentities missing, and vomit in the tub. Not the best start to the week, but we’ve got this. Here’s my go-to plan for when things get a bit topsy-turvy:
- Deep Breath and Document: First off, I stay cool and collected. I snap pictures and jot down notes – they're the trusty sidekicks for any STR host.
- Reach Out: Next step, I ping the guests on the platform’s chat. It’s all about being courteous yet firm, pointing out the ‘oopsies’ and gently nudging them to remember our agreement on house rules.
- Resolution Time: If the guests go radio silent or aren’t playing ball, I head over to the resolution center. Got to love a well-documented claim; it really speaks volumes when you need to address these hiccups.
- Clean Up Squad: I get our cleaning wizards on the job ASAP. They're the unsung heroes who get the place spick and span in no time, ensuring the next guests walk into a home that’s as welcoming as ever.
- Reflect: I take a hot minute to ponder – could I have spotted this earlier? Any loopholes in my screening process? It's all about fine-tuning for the future.
- Review Honestly: After the dust settles, I leave a fair review. It's all about keeping it real for the community, helping fellow hosts know what’s what.
- Onward and Upward: Finally, I shake it off and set my sights on the positives. I think about all the fantastic guests who've left smiles and stars in their wake. It's all about learning, improving, and looking forward to welcoming more wonderful travelers.
Hosting's got its twists and turns, but it’s mostly an adventure I wouldn’t trade for the world. So, here's to making new stories, better experiences, and to all the Mondays yet to come – may they be as bright as our guests' reviews!
Post: Help! Land lease for truck parking
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Santos Gloria:
Thanks for the reply @Todd Faulk
I own the land out right, I had other plans for it that fell through so for now this seems like a good option. I did hear about environmental issues like that, I'll have to look into it. The current owner does have the trucks stored somewhere else and is on a month to month lease. I'm meeting with him tommorow, so I'll see how much info he's willing to share. Thanks for the tip on calling other moving companies.
For the potential for "future contamination" you'd include a clause in the lease that addresses it and puts the liability & future remediation to restore the site on the Tenant. You ensure that via their insurance and it listing the LL as additionally insured.
Post: Best use of property/lot in Fayetteville TN 37334
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Edgar Juarez Ruiz:
I have this lot in Fayetteville Tn, roughly 1.5hrs from Nashville. I was planning in building a duplex with the option of selling. I did think of keeping it, but with current rates and the area it does not seem to work... Also, What if I could build 2 townhouses ? so I can sell it separately, is that even an option? or maybe instead of 2 townhouses maybe built 3 to 4 townhouses. Would the townhouses need HOA? Or should i just keep it simple with a duplex. property is located in clay avenue
If I want to build something else beside a duplex or single house, it might take a couple months to get approved by the city. Is it worth the wait? I have talk to Realtors in the area and well their answer is not analytical. (They just do not know )
I highly appreciate your answers!
The zoning will dictate a lot of the answers.
1. Waiting a couple months for planning approval is normal for development.
2. Ensure the power, water, sewer, gas, telecommunications all have capacity for the increased density and utility services.
3. If you have a shared roof & walls and separate ownership you need some type of agreement for how to maintain the shared costs. That doesn't mean you need a HOA. Each state will have their own requirements surrounding that.
The answer comes down to the numbers. What underwriting makes any, none or all of the options feasible in this market? That alone will likely dictate your path forward.
Post: ADU on 4 unit CA
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Tony Cavalli:
Hey fellow investors! Has anyone completed and re-appraised/refi'd a property that they added an ADU on a small multifamily (2-4 units) in California? I have a deal where I want to do this but I'm concerned about how the bank and appraisal company will appraise the property. Based on GRM/Cap rate it should significantly increase the value of the property BUT its not a commercial property. I'm concerned they will lean more on the neighborhood sale comps vs the income because its a 4 unit (residential). Hmmmmm....
100% talk to your lenders and get their input on how they view the asset and how they would lend on it. Separately, the appraisal is going to be challenging if there aren't "comps" so you'll want to prepare the rental data and comps to help them. I wouldn't count on lenders and appraisers being able to see the full potential YET but a buyer for that type will understand it.
Post: Resources to research Industrial space lease rates and CAM charges?
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Todd Caschette:
I have inherited an Industrial manufacturing building in Colorado that leases space to a family member's manufacturing business.
My father, being the owner of both the building and the mfg business, had been providing the space at very generous rates.
Now, the current lease is expiring and we need to raise the rent closer to market rates.
We are not using a broker for this transaction so we don't have someone with real-time access to the market rates.
Are there any free resources for mom/pop CRE owners that can help me ascertain current market lease rates and CAM charges?
Thank you in advance,
TC
You don't need to use a broker to get current going rates. Call some brokers up, describe your space as the type of space you or your client is looking for and get their opinion. OR be straight up with a broker, tell them you're not using a middle man and just took over the biz and you want to know what the current market rates are. Any broker versed in industrial can give you current feedback fairly quickly and if you need to pay for their time pay for their time.
Search on loopnet or other databases as if you were the Tenant to see what rates are.
Post: What are the top 3 things you do as a landlord to get your property leased
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @John McKee:
I have a corner lot with high traffic counts in Salem, VA. Small 2K building. What are the top 3 things I should be doing to lease this puppy!
What's the zoning? What are the allowed uses? Who are you targeting? Who would be a synergistic fit to the area? Who in town might benefit from expansion / relocation.
The more you paint the entire picture / dream for a Tenant/operator showing exactly WHO is your target audience the more they can "see" themselves on that space. Making them do the work loses a lot of the audience as they get bogged down in everyday life.
Post: Dollar General sale
- Developer
- Fort Myers Beach, FL
- Posts 380
- Votes 195
Quote from @Nicole Moss:
There is a potential DG for sale in a rural area. It is heavily used. cap is 5.36. Its about 700K is this a good deal. I keep hearing bad things. About 6.5 years left on contract
I've built those and Family Dollar Stores ground up across the country since 2009. The are simple metal buildings that sometimes are dressed up with stucco (depending on the city), with two bathrooms, 8000 SF ish and fairly minimal interior work. They have parking lots to support the necessary parking and serve as the grocery stores for a lot of communities across the country.
They cost 1.1-3M to build ground up (depending on the part of the country) and could be repositioned to another use like O'Reilly, Light manufacturing, maybe storage (depending on zoning), etc.
I'd see 1. are there any other grocery stores in the market 2. are there any options on the lease left or is there truly only 6.5 years left 3. does DG want to extend 4. is there already a family dollar in town and if not maybe they'd be willing to take over in this market
It really just depends on how much work you want to put into buying it.