All Forum Posts by: Shane H.

@Paul Slaght welcome and be careful up there in Junction - if the new president decides to make major military cuts or we get in a new war etc with your proximity to Ft Riley the rentals up there could be cyclical.  I havent studied the area much but what little I do know is it operates on a different wavelength to some extent due to the amount of military personnel there.

I believe with the drawdown of troops from overseas areas around Junction 2-5 years ago were on a building boom - not sure if it's still happening like that or not.

@Ed L.

Sounds like an amazing price Ed - we'd have to pay probably $3-5k in Wichita -- the price varies by part of town and how deep they have to dig down - some housing additions/plats are shallower than others here depending on the lay of the land.

Anyways as others have said must not be deep at all.

Welcome @Don Carbon  lots of Wichitans on here.  Sorry about the layoff.

@Steve Swanston

Welcome from your neighbor to the north.  Anything I can help with up here feel free to reach out.

@Huynhnhu Tran

Knock on wood I have not had to complete an eviction yet, however when the time arises I'd use Eviction One -- a service affiliated with Toomey Pilgreen Lawfirm in town.

Welcome to Biggerpockets @Ryan DeLeon

Hi Maureen - sent you a message.  I'm sure you'll get some good advice in this thread.

Hello all,

I'm getting ready to list a duplex I've owned since 2006 in Wichita, KS.  I'd say it's located in a B grade area -- most homes and duplexes surrounding this property were built appx 1978 to 1984 if I had to venture a guess.  A prominent local home builder/developer Nies Homes (look them up on the web) built the majority of the multi family properties surrounding this one and still owns a # of them in the neighborhood today.   (I'd say there's appx 5-7% multi family properties in the neighborhood consisting of nice 4 plexes and duplexes, the rest are single family -- a couple apartment complexes are on the edge of the neighborhood but in my view are separate.

I put the price range of $190k to 210k as there are still 3-4 major capital improvements left that I have not completed --- I can sell as is --- $190k - or complete the rest of them and sell what should be a worry free property for a # of years for $210k

Cap improvements left:

9 windows and 2 patio doors (all original - working on getting quotes to have them replaced)
1 HVAC system is original - still working fine but at 35 years old you never know when it will go
front porch steps need to be tore out and replaced as they have settled a bit
Exterior paint (holding off on this until the windows are replaced)  I would repaint with Porter Paints Acri-Shield -- I've used it on my house and it's held up EXTREMELY well -- I've got the colors picked out and they look good and are very neutral.

#'s at a glance

$21480               Yearly Gross rent
   1900                Property tax
     900                Insurance
    1200                Lawn Care (this varies but is appx this much year over year - I provide this per my lease)

You'd need to build in your own cap ex figures and vacancy expenses and management if you do not plan on managing yourself.  On that note I'd love to continue managing the property for the new owner if they would so desire for a 9% fee.  I've already established the relationships with the tenants and everything could continue business as usual.  I use Buildium as my property management platform, so the only thing that would change would be I'd take a management fee and the rest of the rent would be electronically deposited to you.

Location:

Appx 1 mile from WalMart Neighborhood Grocery, Dillons (Kroger chain here) & WalGreens
Appx 1 mile from the main gate to McConnell AFB (the majority the new refueling tanker fleet will be stationed here and millions upon millions have been spent building new hangers for the planes, our AFB is here to stay for the foreseeable long term...the majority of the present tanker fleet is already stationed here along with a Guard unit responsible for IT/Drone activity)

Appx 1 mile from US 54 / Kellogg -- the main East/West Highway

Beech Elementary school located in the neighborhood

Bike Paths/Jogging paths just outside the neighborhood that ties you into the main city trail system

Starbucks and a host of other chains/restaurants nearby

I'd be more than happy to provide more info, please let me know if you're interested and I'll do my best to provide what info you are looking for.  I'm not providing the exact address as I do not want anyone disturbing my tenants - so for now if you'd like to see the appx location, google 2100 N White Oak Cir; Wichita, KS 67207   If you are a serious buyer you will be provided with the exact address and all financials.

Thanks for looking

If the deeds/loans are in your name that seems awfully high.  Check Capital one 360, Wells, BofA or any of the larger national banks - they'll probably have the most competitive rates for a 30 yr mortgage.

(I'm guessing you have the mortgages/deeds in your name as you typcally will not get 30 yr financing going commercial.)  If you decide to go commercial, go with a local bank and the rates will probably be around 4.6 for 15 or max 20 yr amortization with a rate locked in for 5 years then adjustable after that.

@Nathan Waters  I've used online payments with Buildium since middle of 2010 or so.  Have had a great experience with it.

I'm to the point I dont take checks, cash or money orders.  If someone wants to pay me that way there is a $25 or 50 surcharge depending on how I have it in the lease.  It actually will cost me money (.50 cents per transaction for money coming in then .50 for money going out to my account) to have them payonline but it is so worth it for less hassle and transparency of when payments have been made/received etc.

If there was someone who I thought was a great potential tenant who wanted to move in one of my properties and did not want to pay online....I'd probably rethink the surcharge policy, but have not run across that yet.

The $99 they charge to set it up if utilized properly will pay for itself in less hassle and time wasted.  You'll just need to prep your tenants and "train" them (hate to use that word but at a loss for what else to use here) to pay online.  You'll need to sell them on the process as well but it shouldn't be too hard to do so.  Then going forward anyone new you'll just set the expectations that the way they pay rent is online.