All Forum Posts by: Shane H.

John, thanks for the post and details....Congrats on the deal!

I'm a complete greenhorn to syndication, so reading this thread with interest.  Could you elaborate on the 80/20 split?   I'm using an assumption on my end - I'm guessing 80% of profits to investors, you'd get 20 --- and performance bump??     What figure are you basing the performance bump on?   

And you mentioned being paid on the front end/during and after sale....?    If you are not wanting to post specifics I understand, just trying to wrap my head around the structure of such a deal.   If anyone else has a search topic I should use or a post to point to I'd be grateful for the info.

Regards from KS

@Gary Ennis

That place looks great!

Looks like you have quite a few upcoming weekends booked.  Have always wanted to do something like this in FL, NYC or Vegas, however figured if I"m not onsite to take care of mgmt, unless I had some economies of scale working for me with a few in each area, probably would not make financial sense.

@Roger Laughary

If you bought this house in Wichita I'd put it in.  Our weather hits all the extremes, I think most good quality people expect cent/heat & air.  Maybe not 20 years ago, but now yes.

In that rent range you will need to be very selective on your tenants, the more amenities you can offer and the more you can weed out people over the phone etc, the better off you'll be.  Good renters are going to look for perks and amenities.  Dont scare them off by having window ac units or an old crappy wall furnace.  I'd spend a little more money to attract a high quality tenant as I believe in the long run that initial investment will end up costing you less by NOT having to settle for someone who will tear up or destroy your property, evictions, etc.

I'd definitely spend the coin if you plan on keeping it.  I'd just go basic on the heating/air unit and have someone pick you up a decent commercial unit (something that would be installed at apts like Concord brand) at Washer Specialites near downtown or one of the supply houses in town or someone who can even sell you a used compressor for outside, and all new stuff inside etc. I'm sure this will cut the cost of the install. (Make sure you do not go cheap and undersize your ac unit, you'll regret it later in maintenance calls or complaints of it not cooling the house off enough when it's triple digits and 75% humidity)

 If you need any wiring done, check out Bybee Electric - they'll get it done quickly and efficiently.  Probably not bottom dollar, however, reasonably priced and they stick to their word.  

Congrats on the purchase.

Welcome @Logan Stump

 from a fellow Husker Fan and neighbor to the south in Wichita.

GBR!

@Benjamin Jamison

Welcome Benjamin -- BiggerPockets will be a great resource. One other suggestion would be to attend the local Wichita REIA meetings typically held once a month, first Saturday of the month, they are free -- just had one this past Saturday. Lots of good networking opportunities and information to be had by attending.

Feel free to reach out with any questions and would be glad to help in any way.

http://www.meetup.com/Wichita-Real-Estate-Investors/

For anyone following this forum - the monthly Wichita REIA meeting will be tomorrow 11Am

In a private office near downtown - 417 E Gilbert

@Joshua Diaz

  I second Elizabeth's endorsement of Buildium - have used it for 5 years now and love it.  You can custom make your own rental app through their site.  Great accounting features, online payments, financial reports and great customer service.

Welcome @Cory Wo

Fellow Wichitan here.

I'd recommend Frank Ojile -- Near downtown in the office building at Waco/Murdock

Or Larry Toomey who is also downtown.  

Mr Toomey has given a presentation to the local REIA a couple months ago and his name comes up often on the list as a referral....same can be said for Frank. I'm sure either would be able to solve your issue.

@Scott K.   Sorry for all your drama, doesnt sound fun.

Appears you have it figured out, but I was going to 2nd and 3rd what the others had said - include both names, thats what we do when paying insurance claims - sometimes one party gets upset if they are not on good terms with the other party and vice versa, however legally if the policy is in both their names both need to be paid, I'd assume the same principle would easily apply to a lease document.   Run into this situation with divorced couples, or boyfriend/girlfriend who had polices together and then split, but not removing one or the other etc.  If you just make the check out to one, might open yourself up to trouble with the other claiming they never saw any of the money.

I'd definitely document who you gave the check to, how it's made out etc...

I second @Larry P. comment

I'm sure a smaller local bank would be glad to have your business provided everything checks out per their underwriting guidelines.