34: Rental Rundown: Kenmore's Insights on Tri-Cities Growth

01/17/24 • 28 min

WSREIP: Your Gateway to Real Estate Success in Washington State

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Summary

Kenmore Property Management, based in the Tri-Cities area, discusses current trends, industries, and growth in the region. They differentiate themselves through their team environment and specialized professionals. The company primarily manages third-party rental properties, but also has plans to expand their own portfolio. They utilize technology, such as AppFolio, to streamline the leasing process. Kenmore Team Property Management focuses on supporting homeowners and ensuring their properties are well taken care of. They provide insights into investment opportunities in the Tri-Cities and highlight the importance of updates like stainless steel appliances and hard surface flooring. The company has plans for future growth and aims to provide excellent service to their clients.

Takeaways

The Tri-Cities area is experiencing growth in industries such as agriculture, wine, medical, and technology. Investors looking to expand their portfolio in the Tri-Cities should consider areas like West Pasco, South Richland, West Richland, and West Kennewick. Upgrading appliances to stainless steel and installing hard surface flooring can attract tenants and increase rental value. Kenmore Property Management differentiates itself through its team environment, specialized professionals, and use of technology. The company aims to provide excellent service to homeowners and plans to expand its own rental property portfolio.

Chapters

00:00 Introduction to Kenmore Property Management 01:15 Current Trends in the Tri-Cities Area 03:15 Industries and Growth in the Tri-Cities 07:37 Differentiation of Kenmore Property Management 08:24 Ownership of Rental Properties 09:07 Role of Technology in Property Management 10:21 Supporting Homeowners and Property Care 11:14 Investment Opportunities in the Tri-Cities 16:27 Working with Out-of-State Investors 17:37 Tenant Trends and Property Updates 20:40 Future Growth of Kenmore Property Management 21:20 Contacting Kenmore Team Property Management

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Summary

Takeaways

Chapters

Previous Episode

33: Building a real estate portfolio of over 80 units since 1989 in Pullman, Washington

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Summary

John Chapman shares his real estate investing journey, starting in 1989 in the Pullman area. He began investing in rental properties to secure his family's financial future and has since grown his portfolio to over 85 units. John emphasizes the importance of property management and customer service, as well as staying current with technology to streamline operations. He also discusses the learning curve involved in building rental properties, including zoning and financing considerations. John's key advice for new investors is to start with a duplex and live in one unit while renting out the other (house hacking). He also highlights the benefits of networking and finding off-market deals. Looking ahead, John plans to continue managing his properties and eventually pass them on to his children.

https://anitasrentals.com/

Takeaways

Start with a duplex and live in one unit while renting out the other (House Hacking)
Build relationships with contractors and other property owners in your community
Stay current with technology to streamline property management
Consider the learning curve involved in building rental properties, including zoning and financing
Persistence is key in real estate investing
Explore opportunities in smaller markets outside of major cities
Have a long-term vision and exit strategy for your real estate portfolio

Chapters

00:00 Introduction and Background 03:09 Property Management and Scaling 08:00 Importance of Customer Service and Technology 12:26 Learning Curve in Building Rental Properties 21:20 Lessons for New Real Estate Investors 27:42 Future Plans and Exit Strategy

Next Episode

35: The Ins and Outs of 1031 Exchanges with Sloan Kimball

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Episode Summary: In this episode of the Washington State Real Estate Investing Podcast, Jeff Utecht welcomes Sloan Kimball, CEO of Northwest Exchange, to demystify the complexities of 1031 exchanges. Sloan, with his deep roots in real estate and financial expertise, unravels the concept, benefits, and strategic application of 1031 exchanges for real estate investors looking to grow their portfolios without the burden of capital gains taxes.

Key Points Discussed:

Sloan's Journey: From a CFO to CEO of Northwest Exchange, Sloan shares his transition into the realm of real estate investment and 1031 exchanges.

Understanding 1031 Exchanges: Sloan breaks down the mechanics of 1031 exchanges, explaining its significance in deferring capital gains taxes and its historical context.

Strategic Advantages: The conversation highlights how 1031 exchanges serve as a powerful tool for real estate investors, allowing for the seamless transition of investments from one property to another while keeping the capital gains tax at bay.

Navigational Tips: Sloan offers invaluable advice on navigating the intricacies of 1031 exchanges, including the critical roles of timing, property identification, and maintaining investment property status.

Common Misconceptions: The duo addresses widespread misconceptions and challenges investors face, shedding light on the practical aspects and potential pitfalls in executing a 1031 exchange.

Future and Advice: Sloan provides insights into the evolving landscape of real estate investing and the enduring relevance of 1031 exchanges. He also shares practical advice for both seasoned and first-time investors contemplating utilizing 1031 exchanges.

Closing Thoughts: Sloan Kimball’s expertise and Jeff Utecht’s curiosity unravel the complexities of 1031 exchanges, providing listeners with a comprehensive understanding and actionable insights. For anyone looking to leverage real estate investments, this episode is a treasure trove of knowledge, demystifying the process and highlighting the strategic benefits of 1031 exchanges.

Contact Information: - For more insights on 1031 exchanges, visit Northwest Exchange at nwexchange.com.

This episode is a must-listen for real estate investors aiming to optimize their investment strategies and navigate the tax implications with confidence.