All Forum Posts by: Shane H.

Kim are any of the folks driving in from Topeka active on Biggerpockets?

@Jason Biegert @Daniel Carman @Dave Clauson @Angel Hagen @Dustin Hawks @Collyn Hoffman @Christopher Stemler @Chris Trupiano @Kim Tucker 

I @ anyone I could that had replied to this thread.  I'm in Topeka now and interested in meeting with folks.  Could drop by my business or meet for coffee.  Blackbird's seems to be a nice place for a meeting.  Still learning the city.

Hoping to expand my network here.  After having to relocate quickly and become a renter for the first time in my life I realize there is a gigantic hole in the market here and it's ripe for opportunity.  My experience so far is Topeka is full of bad landlords with low quality overpriced rentals, not to mention the differences in RE prices from Wichita.  I'm a bit shellshocked at the lack of anything quality sub 200k.  Much less the poor quality housing we looked at for 1200 or less to rent.  

Sorry for ranting a bit - I'm shell shocked from the differences in Topeka vs Wichita, but where there is a problem there is an opportunity.

Also could someone local to the area explain to me why even on 200-300k houses I'm seeing cheap LOW quality 4x8 sheets of siding being installed on homes and some new construction homes at that?  I've been completely appalled that is happening here?  No one know how to install LP smart lap or James Hardi cement siding?

Lets meet up and make Topeka a better housing market - it needs some energy and life injected into it!!!

(If anyone could help me - we have an empty office space in need of a bit of attention that could use some sprucing up and would make a nice meeting space.  (Walkout basement that backs up to a park)  Anyways a suggestion.  

How do I go about this?

My wife and I closed on this business effective Oct 1 and it's been a whirlwind experience, from quitting my dayjob to the realization we are moving, to owing over $1m in debt etc etc.  I was completely overwhelmed last week, the first week as the business owner, had a few bumps in the road but feeling much better this week.  Anyways, back on topic - the rest I can detail in another post when I have time to reflect as I owe a lot of what has happened to biggerpockets.

So to the reason for this post - the executive director of this facility is nothing short of amazing,  After a rough first 3 days due to the shock of the sale she kicked it into high gear and is really the key to how this place runs and runs well.  Before we bought the place and during due diligence we did check on her and received nothing but great remarks and since the purchase I've heard nothing but good things and after being there 6 days I can see how valuable she is.

What I'd like to do is offer her 5% of the company (per purchase price equivalent to giving her appx $65k) however vest it over 5 or 6 years (taking the idea from Dale Hensel and running with it...ha @Dale Hensel )   So how he had structured it before per a podcast I caught, is you earn 1% after one year however it's given to you at the end of year two and so on.

Any other ideas on how to structure this or present it?   Someone recently told me to wait a year or two to present it to her, however I've heard and seen enough my gut is telling me I can do it far sooner than that.  I'd like her to feel like an owner of the business and feel she deserves a stake which frankly if the performance keeps up she does deserve it.

A consultant I am hiring for business coaching has suggested a bonus system which I think will be pretty great and will tie in with the financial management tool he has used for other similar businesses so I plan to offer that to her as well.  

@Amanda Serrioz welcome 

If you want to stay in your residence as a few others have noted you could do a cash out refi, get a Home Equity Loan, or get a Home Equity Line of Credit 

I have a HELOC and used Fidelity - they were pretty simple to work with -- the interest rate you'll get on the HELOC will be determined by the max LTV the HELOC would take you up to -- IE if you have a HELOC and you're only at 60% LTV with the heloc and your primary mortgage you'll get the best rates - the highest ones are 80%, 90% 95% etc. However it's still far less than you'd pay private money and if you can cycle that money over and over again you can put it to good use.

I agree - over by the W YMCA at Central and Ridge has been a pretty bad area for a lot of years.  I dont know the history of the area but I'm guessing maybe some of the housing was built and was income controlled.  Not sure but about the only thing that ever made sense for me.

Welcome @Jason Lavender

Do you still own your own painting company?  Do any stain/wood finishing work?

Hello,

What I'm looking for - financing in 1st lien position on a duplex that my wife and I will use as a primary residence.

Why I'm looking - Wife and I are purchasing an existing assisted living business - transaction is set to close at the end of this month.  We have a small portfolio of rentals here in Wichita, KS in a partnership but plan to relocate to the city this business is located in.  (Still in KS and one of the larger cities)  We plan to add our present single family primary residence to the rental portfolio.

We've identified a duplex there not far away from the business - looking for private financing as I realize going from being a W2 employee to Self Employed will be a challenge for most banks.  This could be a short term deal - ie financing in place for a year or two then we could refinance the conventional route, or hey if it works for everyone involved leave it in place.  I'm flexible.

The rent from one half of the duplex would cover 90 + % of the mortgage/ins/taxes on the place I've identified if there were hypothetically 0 down on the property  - so this is a no brainer.  Property I've found was built in 2005 and is in a nicer neighborhood for this town - has not sold due to being a tad overpriced for an investor but makes sense for someone living in it.

Once we've vetted each other I'd be glad to share any information needed to underwrite the deal and go into more details.

Loan size $180-190k.

@Aaron Jones

Depending on the area of town when you are ready to sell message me - I could recommend a realtor or two.  There's a few who specialize in certain price points, parts of town etc...and can steer you along the way

@Bryce Brown

Bryce I'm still looking myself - I have a consult with someone who's posted a lot over in the tax firms and is out of state.  Will see how it goes.

Nice to see you on here.  Lots of good info in the podcasts.

I believe this one sold quite a while ago.  

Welcome Charles